Jeffrey Smith Starboard Value
Jeffrey Smith is the CEO of Starboard Value, one of the most active and successful activist investment firms of the past decade. Starboard is known for detailed operational white papers, board campaigns, and efforts to improve margins and capital allocation at portfolio companies. Smith’s firm is a regular presence in corporate governance and activist-investing news.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
ON Semiconductor
ON
|
+$252M |
| 2 |
Gen Digital
GEN
|
+$168M |
| 3 |
ACI Worldwide
ACIW
|
+$160M |
| 4 |
Corteva
CTVA
|
+$97.3M |
| 5 |
iShares Russell 2000 ETF
IWM
|
+$39.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$517M |
| 2 |
Advance Auto Parts
AAP
|
+$201M |
| 3 |
iShares Russell 2000 Value ETF
IWN
|
+$75.3M |
| 4 |
Merit Medical Systems
MMSI
|
+$24.8M |
| 5 |
CERN
Cerner Corp
CERN
|
+$6.27M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 39.39% |
| 2 | Healthcare | 20.46% |
| 3 | Materials | 18.15% |
| 4 | Industrials | 9.84% |
| 5 | Financials | 6.26% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Corteva
CTVA
$54.6B
| $559M | 14.21% |
14,433,599
+2,723,270
| +23% | +$97.3M |
|
|
2
Gen Digital
GEN
$17.3B
| $433M | 11.01% |
20,830,268
+8,341,481
| +67% | +$168M |
|
3
Aecom
ACM
$8.34B
| $387M | 9.84% |
7,771,992
+39,996
| +0.5% | +$1.91M |
|
|
4
ACI Worldwide
ACIW
$5.24B
| $371M | 9.45% |
9,665,853
+4,763,030
| +97% | +$160M |
|
|
5
ON Semiconductor
ON
$28.9B
| $296M | 7.52% |
+9,037,681
| New | +$252M |
|
6
Commault Systems
CVLT
$5.55B
| $247M | 6.29% |
4,469,256
+156,804
| +4% | +$7.33M |
|
7
Green Dot
GDOT
$766M
| $246M | 6.26% |
4,408,246
-18,035
| -0.4% | -$1.02M |
|
|
8
Merit Medical Systems
MMSI
$5.42B
| $221M | 5.62% |
3,984,085
-480,654
| -11% | -$24.8M |
|
9
Pediatrix Medical
MD
$2.16B
| $207M | 5.27% |
8,450,000
| – | – |
|
10
Box
BOX
$4.56B
| $198M | 5.04% |
10,976,845
+1,688,383
| +18% | +$29.4M |
|
|
MGLN
11
DELISTED
Magellan Health Services, Inc.
MGLN
| $196M | 4.99% |
2,369,100
| – | – |
|
|
CERN
12
DELISTED
Cerner Corp
CERN
| $180M | 4.57% |
2,291,637
-84,619
| -4% | -$6.27M |
|
|
GCP
13
DELISTED
GCP Applied Technologies Inc.
GCP
| $155M | 3.93% |
6,540,000
| – | – |
|
|
14
iShares Russell 2000 ETF
IWM
$81.9B
| $104M | 2.65% |
531,000
+225,000
| +74% | +$39.4M |
|
|
15
Advance Auto Parts
AAP
$2.57B
| $45.8M | 1.16% |
290,542
-1,306,379
| -82% | -$201M |
|
|
16
iShares Russell 2000 Value ETF
IWN
$14.6B
| $44.5M | 1.13% |
337,777
-638,000
| -65% | -$75.3M |
|
17
iShares Russell Mid-Cap ETF
IWR
$57.7B
| $37.7M | 0.96% |
550,000
+100,000
| +22% | +$6.37M |
|
18
Comscore
SCOR
$77.1M
| $3.35M | 0.09% |
67,229
-81,890
| -55% | -$3.64M |
|
|
19
PUT
iShares Russell 2000 ETF
IWM
$81.9B
| – | – |
-1,005,000
| Closed | -$2.29M |
|
|
20
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| – | – |
-1,544,000
| Closed | -$517M |
|
Similar funds
Jeffrey Smith's Q4 2020 Portfolio in Review
As of Q4 2020, Jeffrey Smith held 20 positions worth $3.93B, up 17% from $3.37B the previous quarter. Its ten largest holdings account for 81% of the portfolio.
Jeffrey Smith's Q4 2020 filing shows 1 new, 8 increased, 6 reduced and 2 closed positions. Its largest new stake was ON Semiconductor: 9,037,681 shares worth $296M. The largest sale was State Street SPDR S&P 500 ETF Trust, an estimated $517M.
By sector, the portfolio is most concentrated in Technology at 39% of assets, up from 22% a quarter earlier, followed by Healthcare and Materials.
- Jeffrey Smith's largest Q4 2020 buy was ON Semiconductor: 9,037,681 shares worth $296M.
- Jeffrey Smith added most to Gen Digital in Q4 2020, an estimated $168M increase.
- Jeffrey Smith's biggest Q4 2020 reduction was Advance Auto Parts, cutting an estimated $201M.
- Jeffrey Smith fully exited State Street SPDR S&P 500 ETF Trust in Q4 2020, selling an estimated $517M.
- Jeffrey Smith's ten largest holdings make up 81% of its $3.93B portfolio in Q4 2020.
- Jeffrey Smith opened 1 new position and closed 2 in Q4 2020.
- Jeffrey Smith's portfolio value rose 17% quarter-over-quarter to $3.93B.
Based on Starboard Value's 13F filing for Q4 2020, filed 16 Feb 2021.