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 |
Papa John's
PZZA
|
+$336M |
| 2 |
CERN
Cerner Corp
CERN
|
+$71.2M |
| 3 |
WPCB
Warburg Pincus Capital Corporation I-B
WPCB
|
+$8.34M |
| 4 |
iShares Russell 2000 ETF
IWM
|
+$8.32M |
| 5 |
Box
BOX
|
+$6.22M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Corteva
CTVA
|
+$132M |
| 2 |
Gen Digital
GEN
|
+$110M |
| 3 |
iShares Russell 2000 Value ETF
IWN
|
+$38.7M |
| 4 |
Aecom
ACM
|
+$24.8M |
| 5 |
Commault Systems
CVLT
|
+$19.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 35.32% |
| 2 | Healthcare | 24.09% |
| 3 | Materials | 11.33% |
| 4 | Industrials | 9.57% |
| 5 | Financials | 8.38% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Aecom
ACM
$8.34B
| $471M | 9.24% |
7,431,970
-379,302
| -5% | -$24.8M |
|
|
2
Gen Digital
GEN
$17.3B
| $455M | 8.93% |
16,704,454
-4,400,000
| -21% | -$110M |
|
|
3
Corteva
CTVA
$54.6B
| $425M | 8.35% |
9,584,749
-2,848,850
| -23% | -$132M |
|
|
4
Papa John's
PZZA
$788M
| $361M | 7.09% |
+3,459,360
| New | +$336M |
|
5
ACI Worldwide
ACIW
$5.24B
| $334M | 6.55% |
8,987,486
| – | – |
|
6
ON Semiconductor
ON
$28.9B
| $333M | 6.53% |
8,687,681
+116,502
| +1% | +$4.57M |
|
|
7
Box
BOX
$4.56B
| $332M | 6.53% |
13,013,663
+266,976
| +2% | +$6.22M |
|
|
8
Commault Systems
CVLT
$5.55B
| $319M | 6.26% |
4,079,375
-268,648
| -6% | -$19.5M |
|
9
Elanco Animal Health
ELAN
$12B
| $264M | 5.18% |
7,606,712
-223,965
| -3% | -$7.39M |
|
10
Pediatrix Medical
MD
$2.16B
| $255M | 5% |
8,450,000
| – | – |
|
|
CERN
11
DELISTED
Cerner Corp
CERN
| $249M | 4.88% |
3,181,111
+925,000
| +41% | +$71.2M |
|
12
Green Dot
GDOT
$766M
| $248M | 4.87% |
5,294,110
| – | – |
|
13
Merit Medical Systems
MMSI
$5.42B
| $233M | 4.57% |
3,596,898
-141,889
| -4% | -$8.78M |
|
|
MGLN
14
DELISTED
Magellan Health Services, Inc.
MGLN
| $223M | 4.38% |
2,369,100
| – | – |
|
|
GCP
15
DELISTED
GCP Applied Technologies Inc.
GCP
| $152M | 2.99% |
6,540,000
| – | – |
|
|
16
iShares Russell 2000 ETF
IWM
$81.9B
| $133M | 2.6% |
578,000
+37,000
| +7% | +$8.32M |
|
17
eHealth
EHTH
$39.4M
| $111M | 2.18% |
1,898,117
| – | – |
|
18
iShares Russell Mid-Cap ETF
IWR
$57.7B
| $38.8M | 0.76% |
490,000
+40,000
| +9% | +$3.1M |
|
|
19
iShares Russell 2000 Value ETF
IWN
$14.6B
| $17.1M | 0.34% |
103,000
-234,777
| -70% | -$38.7M |
|
20
Comscore
SCOR
$77.1M
| $12.1M | 0.24% |
120,978
-22,500
| -16% | -$1.76M |
|
|
WPCB
21
DELISTED
Warburg Pincus Capital Corporation I-B
WPCB
| $8.26M | 0.16% |
+847,085
| New | +$8.34M |
|
|
LEGA
22
DELISTED
Lead Edge Growth Opportunities, Ltd Class A Ordinary Shares
LEGA
| $5.87M | 0.12% |
+600,000
| New | +$5.86M |
|
|
KAHC
23
DELISTED
KKR Acquisition Holdings I Corp.
KAHC
| $5.84M | 0.11% |
+594,800
| New | +$5.81M |
|
|
SLAM
24
DELISTED
Slam Corp. Class A Ordinary Share
SLAM
| $5.82M | 0.11% |
+601,000
| New | +$5.87M |
|
|
KVSC
25
DELISTED
Khosla Ventures Acquisition Co. III Class A Common Stock
KVSC
| $4.93M | 0.1% |
500,000
+150,000
| +43% | +$1.5M |
|
Similar funds
Jeffrey Smith's Q2 2021 Portfolio in Review
As of Q2 2021, Jeffrey Smith held 83 positions worth $5.09B, up 8.7% from $4.69B the previous quarter. Its ten largest holdings account for 70% of the portfolio.
Jeffrey Smith deployed $455M of net new capital in Q2 2021, opening 45 new positions and adding to 11 existing holdings. Its largest new stake was Papa John's: 3,459,360 shares worth $361M.
By sector, the portfolio is most concentrated in Technology at 35% of assets, down from 37% a quarter earlier, followed by Healthcare and Materials.
On the sell side, the largest reduction was Corteva, an estimated $132M trimmed.
- Jeffrey Smith's largest Q2 2021 buy was Papa John's: 3,459,360 shares worth $361M.
- Jeffrey Smith added most to Cerner Corp in Q2 2021, an estimated $71.2M increase.
- Jeffrey Smith's biggest Q2 2021 reduction was Corteva, cutting an estimated $132M.
- Jeffrey Smith fully exited Warburg Pincus Capital Corporation I-B Units, each consisting of one Class A ordinary share, and one-fifth of one redeemable warrant in Q2 2021, selling an estimated $8.48M.
- Jeffrey Smith's ten largest holdings make up 70% of its $5.09B portfolio in Q2 2021.
- Jeffrey Smith opened 45 new positions and closed 10 in Q2 2021.
- Jeffrey Smith's portfolio value rose 8.7% quarter-over-quarter to $5.09B.
Based on Starboard Value's 13F filing for Q2 2021, filed 13 Aug 2021.