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Jeffrey Smith Starboard Value

AUM $4.52B
1-Year Est. Return 19.34%
 

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.

This Fund
S&P 500
This Quarter Est. Return
+11.14%
1 Year Est. Return
+19.34%
3 Year Est. Return
+55.97%
5 Year Est. Return
+85.4%
10 Year Est. Return
+430.11%
AUM
$4.69B
AUM Growth
+$754M
Cap. Flow
+$453M
Cap. Flow %
9.67%
Top 10 Hldgs %
74.64%
Holding
39
New
21
Increased
6
Reduced
7
Closed
1

Top Buys

Rank Stock Value
1
ELAN icon
Elanco Animal Health
ELAN
+$241M
2
EHTH icon
eHealth
EHTH
+$121M
3
GDOT icon
Green Dot
GDOT
+$46.2M
4
BOX icon
Box
BOX
+$34.5M
5
WPCB.U
Warburg Pincus Capital Corporation I-B Units, each consisting of one Class A ordinary share, and one-fifth of one redeemable warrant
WPCB.U
+$8.56M

Top Sells

Rank Stock Value
1
CTVA icon
Corteva
CTVA
+$88.5M
2
AAP icon
Advance Auto Parts
AAP
+$45.8M
3
ACIW icon
ACI Worldwide
ACIW
+$26.7M
4
ON icon
ON Semiconductor
ON
+$17.9M
5
MMSI icon
Merit Medical Systems
MMSI
+$14.1M

Sector Composition

Rank Sector Weight
1 Technology 36.94%
2 Healthcare 22.47%
3 Materials 15.8%
4 Industrials 10.75%
5 Financials 8.53%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CTVA icon
1
Corteva
CTVA
$54.6B
$580M 12.37%
12,433,599
-2,000,000
-14% -$88.5M
ACM icon
2
Aecom
ACM
$8.34B
$501M 10.69%
7,811,272
+39,280
+0.5% +$2.24M
GEN icon
3
Gen Digital
GEN
$17.3B
$449M 9.58%
21,104,454
+274,186
+1% +$5.75M
ON icon
4
ON Semiconductor
ON
$28.9B
$357M 7.61%
8,571,179
-466,502
-5% -$17.9M
ACIW icon
5
ACI Worldwide
ACIW
$5.24B
$342M 7.3%
8,987,486
-678,367
-7% -$26.7M
BOX icon
6
Box
BOX
$4.56B
$293M 6.25%
12,746,687
+1,769,842
+16% +$34.5M
CVLT icon
7
Commault Systems
CVLT
$5.55B
$280M 5.98%
4,348,023
-121,233
-3% -$7.7M
GDOT icon
8
Green Dot
GDOT
$766M
$242M 5.17%
5,294,110
+885,864
+20% +$46.2M
ELAN icon
9
Elanco Animal Health
ELAN
$12B
$231M 4.92%
+7,830,677
New +$241M
MMSI icon
10
Merit Medical Systems
MMSI
$5.42B
$224M 4.78%
3,738,787
-245,298
-6% -$14.1M
MGLN
11
DELISTED
Magellan Health Services, Inc.
MGLN
$221M 4.71%
2,369,100
– –
MD icon
12
Pediatrix Medical
MD
$2.16B
$215M 4.59%
8,450,000
– –
CERN
13
DELISTED
Cerner Corp
CERN
$162M 3.46%
2,256,111
-35,526
-2% -$2.67M
GCP
14
DELISTED
GCP Applied Technologies Inc.
GCP
$160M 3.43%
6,540,000
– –
EHTH icon
15
eHealth
EHTH
$39.4M
$138M 2.95%
+1,898,117
New +$121M
IWM icon
16
iShares Russell 2000 ETF
IWM
$81.9B
$120M 2.55%
541,000
+10,000
+2% +$2.18M
IWN icon
17
iShares Russell 2000 Value ETF
IWN
$14.6B
$53.9M 1.15%
337,777
– –
IWR icon
18
iShares Russell Mid-Cap ETF
IWR
$57.7B
$33.3M 0.71%
450,000
-100,000
-18% -$7.23M
SCOR icon
19
Comscore
SCOR
$77.1M
$10.5M 0.22%
143,478
+76,249
+113% +$5.37M
WPCB.U
20
DELISTED
Warburg Pincus Capital Corporation I-B Units, each consisting of one Class A ordinary share, and one-fifth of one redeemable warrant
WPCB.U
$8.48M 0.18%
+850,000
New +$8.56M
SLAMU
21
DELISTED
Slam Corp. Unit
SLAMU
$5.96M 0.13%
+601,000
New +$6.06M
KAHC.U
22
DELISTED
KKR Acquisition Holdings I Corp. Units, each consisting of one share of Class A Common Stock and one-fourth of one redeemable warrant
KAHC.U
$5.95M 0.13%
+594,800
New +$5.96M
MAAC
23
DELISTED
Montes Archimedes Acquisition Corp. Class A Common Stock
MAAC
$5.3M 0.11%
+541,615
New +$5.5M
ATMR.U
24
DELISTED
Altimar Acquisition Corp II Units
ATMR.U
$5.1M 0.11%
+500,000
New +$5.14M
SKIL icon
25
Skillsoft
SKIL
$74.3M
$5M 0.11%
+25,000
New +$5.11M
1
2

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Jeffrey Smith's Q1 2021 Portfolio in Review

As of Q1 2021, Jeffrey Smith held 39 positions worth $4.69B, up 19% from $3.93B the previous quarter. Its ten largest holdings account for 75% of the portfolio.

Jeffrey Smith deployed $453M of net new capital in Q1 2021, opening 21 new positions and adding to 6 existing holdings. Its largest new stake was Elanco Animal Health: 7,830,677 shares worth $231M.

By sector, the portfolio is most concentrated in Technology at 37% of assets, down from 39% a quarter earlier, followed by Healthcare and Materials.

On the sell side, the largest reduction was Corteva, an estimated $88.5M trimmed.

  • Jeffrey Smith's largest Q1 2021 buy was Elanco Animal Health: 7,830,677 shares worth $231M.
  • Jeffrey Smith added most to Green Dot in Q1 2021, an estimated $46.2M increase.
  • Jeffrey Smith's biggest Q1 2021 reduction was Corteva, cutting an estimated $88.5M.
  • Jeffrey Smith fully exited Advance Auto Parts in Q1 2021, selling an estimated $45.8M.
  • Jeffrey Smith's ten largest holdings make up 75% of its $4.69B portfolio in Q1 2021.
  • Jeffrey Smith opened 21 new positions and closed 1 in Q1 2021.
  • Jeffrey Smith's portfolio value rose 19% quarter-over-quarter to $4.69B.

Based on Starboard Value's 13F filing for Q1 2021, filed 14 May 2021.