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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
-0.1%
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
$5.46B
AUM Growth
+$371M
Cap. Flow
+$479M
Cap. Flow %
8.77%
Top 10 Hldgs %
64.94%
Holding
96
New
23
Increased
13
Reduced
13
Closed
30

Top Buys

Rank Stock Value
1
HUN icon
Huntsman Corp
HUN
+$305M
2
IWM icon
iShares Russell 2000 ETF
IWM
+$204M
3
CYXT
Cyxtera Technologies, Inc. Class A Common Stock
CYXT
+$155M
4
EHTH icon
eHealth
EHTH
+$6.99M
5
DSAQ.U
Direct Selling Acquisition Corp. Units, each consisting of one share of Class A common stock and one-half of redeemable warrant
DSAQ.U
+$6.04M

Top Sells

Rank Stock Value
1
PZZA icon
Papa John's
PZZA
+$84.7M
2
MD icon
Pediatrix Medical
MD
+$77.2M
3
IWR icon
iShares Russell Mid-Cap ETF
IWR
+$37.2M
4
BOX icon
Box
BOX
+$19.6M
5
IWN icon
iShares Russell 2000 Value ETF
IWN
+$17.1M

Sector Composition

Rank Sector Weight
1 Technology 31.12%
2 Healthcare 20.47%
3 Materials 15.98%
4 Industrials 8.85%
5 Financials 7.5%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ACM icon
1
Aecom
ACM
$8.34B
$463M 8.47%
7,331,970
-100,000
-1% -$6.37M
GEN icon
2
Gen Digital
GEN
$17.3B
$423M 7.74%
16,704,454
– –
CTVA icon
3
Corteva
CTVA
$54.6B
$387M 7.08%
9,191,830
-392,919
-4% -$17M
ON icon
4
ON Semiconductor
ON
$28.9B
$382M 6.98%
8,337,681
-350,000
-4% -$15M
PZZA icon
5
Papa John's
PZZA
$788M
$350M 6.41%
2,759,360
-700,000
-20% -$84.7M
HUN icon
6
Huntsman Corp
HUN
$1.75B
$343M 6.28%
+11,598,144
New +$305M
IWM icon
7
iShares Russell 2000 ETF
IWM
$81.9B
$328M 6%
1,498,000
+920,000
+159% +$204M
CVLT icon
8
Commault Systems
CVLT
$5.55B
$307M 5.62%
4,079,375
– –
BOX icon
9
Box
BOX
$4.56B
$289M 5.29%
12,213,663
-800,000
-6% -$19.6M
ACIW icon
10
ACI Worldwide
ACIW
$5.24B
$276M 5.06%
8,987,486
– –
GDOT icon
11
Green Dot
GDOT
$766M
$266M 4.88%
5,294,110
– –
MMSI icon
12
Merit Medical Systems
MMSI
$5.42B
$254M 4.65%
3,541,600
-55,298
-2% -$3.75M
ELAN icon
13
Elanco Animal Health
ELAN
$12B
$233M 4.27%
7,311,712
-295,000
-4% -$9.9M
CERN
14
DELISTED
Cerner Corp
CERN
$229M 4.19%
3,246,111
+65,000
+2% +$5.02M
MGLN
15
DELISTED
Magellan Health Services, Inc.
MGLN
$224M 4.1%
2,369,100
– –
MD icon
16
Pediatrix Medical
MD
$2.16B
$168M 3.08%
5,915,000
-2,535,000
-30% -$77.2M
CYXT
17
DELISTED
Cyxtera Technologies, Inc. Class A Common Stock
CYXT
$153M 2.8%
+16,526,315
New +$155M
GCP
18
DELISTED
GCP Applied Technologies Inc.
GCP
$143M 2.62%
6,540,000
– –
EHTH icon
19
eHealth
EHTH
$39.4M
$82.9M 1.52%
2,048,117
+150,000
+8% +$6.99M
SCOR icon
20
Comscore
SCOR
$77.1M
$9.44M 0.17%
120,978
– –
WPCB
21
DELISTED
Warburg Pincus Capital Corporation I-B
WPCB
$8.28M 0.15%
847,085
– –
DSAQ.U
22
DELISTED
Direct Selling Acquisition Corp. Units, each consisting of one share of Class A common stock and one-half of redeemable warrant
DSAQ.U
$6.05M 0.11%
+600,000
New +$6.04M
LEGA
23
DELISTED
Lead Edge Growth Opportunities, Ltd Class A Ordinary Shares
LEGA
$5.88M 0.11%
600,000
– –
SLAM
24
DELISTED
Slam Corp. Class A Ordinary Share
SLAM
$5.86M 0.11%
601,000
– –
KAHC
25
DELISTED
KKR Acquisition Holdings I Corp.
KAHC
$5.8M 0.11%
594,800
– –
1
2 3 4

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Jeffrey Smith's Q3 2021 Portfolio in Review

As of Q3 2021, Jeffrey Smith held 96 positions worth $5.46B, up 7.3% from $5.09B the previous quarter. Its ten largest holdings account for 65% of the portfolio.

Jeffrey Smith deployed $479M of net new capital in Q3 2021, opening 23 new positions and adding to 13 existing holdings. Its largest new stake was Huntsman Corp: 11,598,144 shares worth $343M.

By sector, the portfolio is most concentrated in Technology at 31% of assets, down from 35% a quarter earlier, followed by Healthcare and Materials.

On the sell side, the largest reduction was Papa John's, an estimated $84.7M trimmed.

  • Jeffrey Smith's largest Q3 2021 buy was Huntsman Corp: 11,598,144 shares worth $343M.
  • Jeffrey Smith added most to iShares Russell 2000 ETF in Q3 2021, an estimated $204M increase.
  • Jeffrey Smith's biggest Q3 2021 reduction was Papa John's, cutting an estimated $84.7M.
  • Jeffrey Smith fully exited iShares Russell 2000 Value ETF in Q3 2021, selling an estimated $17.1M.
  • Jeffrey Smith's ten largest holdings make up 65% of its $5.46B portfolio in Q3 2021.
  • Jeffrey Smith opened 23 new positions and closed 30 in Q3 2021.
  • Jeffrey Smith's portfolio value rose 7.3% quarter-over-quarter to $5.46B.

Based on Starboard Value's 13F filing for Q3 2021, filed 12 Nov 2021.