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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
+12.23%
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
$7.22B
AUM Growth
+$1.75B
Cap. Flow
+$972M
Cap. Flow %
13.47%
Top 10 Hldgs %
64.17%
Holding
162
New
96
Increased
6
Reduced
25
Closed
26

Top Buys

Rank Stock Value
1
WTW icon
Willis Towers Watson
WTW
+$497M
2
GDDY icon
GoDaddy
GDDY
+$486M
3
HUN icon
Huntsman Corp
HUN
+$210M
4
ENOV icon
Enovis
ENOV
+$190M
5
CVLT icon
Commault Systems
CVLT
+$14.3M

Top Sells

Rank Stock Value
1
BOX icon
Box
BOX
+$289M
2
MMSI icon
Merit Medical Systems
MMSI
+$150M
3
ON icon
ON Semiconductor
ON
+$43.6M
4
IWM icon
iShares Russell 2000 ETF
IWM
+$25.7M
5
CTVA icon
Corteva
CTVA
+$13.3M

Sector Composition

Rank Sector Weight
1 Technology 29.76%
2 Materials 17.41%
3 Healthcare 16.65%
4 Financials 12.62%
5 Industrials 8.14%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
HUN icon
1
Huntsman Corp
HUN
$1.75B
$629M 8.71%
18,026,236
+6,428,092
+55% +$210M
GDDY icon
2
GoDaddy
GDDY
$12.3B
$576M 7.99%
+6,791,399
New +$486M
ACM icon
3
Aecom
ACM
$8.34B
$560M 7.76%
7,236,629
-95,341
-1% -$6.69M
ON icon
4
ON Semiconductor
ON
$28.9B
$514M 7.12%
7,567,681
-770,000
-9% -$43.6M
WTW icon
5
Willis Towers Watson
WTW
$31.8B
$499M 6.91%
+2,100,894
New +$497M
GEN icon
6
Gen Digital
GEN
$17.3B
$434M 6.01%
16,704,454
– –
CTVA icon
7
Corteva
CTVA
$54.6B
$421M 5.83%
8,900,508
-291,322
-3% -$13.3M
PZZA icon
8
Papa John's
PZZA
$788M
$368M 5.1%
2,759,360
– –
CERN
9
DELISTED
Cerner Corp
CERN
$318M 4.41%
3,427,257
+181,146
+6% +$13.8M
ACIW icon
10
ACI Worldwide
ACIW
$5.24B
$312M 4.32%
8,987,486
– –
IWM icon
11
iShares Russell 2000 ETF
IWM
$81.9B
$308M 4.27%
1,384,380
-113,620
-8% -$25.7M
CVLT icon
12
Commault Systems
CVLT
$5.55B
$296M 4.1%
4,289,375
+210,000
+5% +$14.3M
MGLN
13
DELISTED
Magellan Health Services, Inc.
MGLN
$225M 3.12%
2,369,100
– –
ELAN icon
14
Elanco Animal Health
ELAN
$12B
$218M 3.02%
7,685,555
+373,843
+5% +$11.6M
CYXT
15
DELISTED
Cyxtera Technologies, Inc. Class A Common Stock
CYXT
$208M 2.89%
16,526,315
– –
GCP
16
DELISTED
GCP Applied Technologies Inc.
GCP
$207M 2.87%
6,540,000
– –
GDOT icon
17
Green Dot
GDOT
$766M
$192M 2.66%
5,294,110
– –
ENOV icon
18
Enovis
ENOV
$1.5B
$180M 2.5%
+2,277,006
New +$190M
MD icon
19
Pediatrix Medical
MD
$2.16B
$161M 2.23%
5,915,000
– –
MMSI icon
20
Merit Medical Systems
MMSI
$5.42B
$81.1M 1.12%
1,302,152
-2,239,448
-63% -$150M
EHTH icon
21
eHealth
EHTH
$39.4M
$52.2M 0.72%
2,048,117
– –
IRRX.U
22
DELISTED
Integrated Rail and Resources Acquisition Corp. Units, each consisting of one share of Class A common stock and one half of one redeemable warrant
IRRX.U
$10.7M 0.15%
+1,065,897
New +$10.7M
WPCB
23
DELISTED
Warburg Pincus Capital Corporation I-B
WPCB
$7.88M 0.11%
807,272
-39,813
-5% -$390K
ONYX
24
DELISTED
Onyx Acquisition Co. I Class A Ordinary Shares
ONYX
$7.63M 0.11%
+769,600
New +$7.62M
BRKHU
25
DELISTED
BurTech Acquisition Corp. Unit
BRKHU
$7.51M 0.1%
+750,000
New +$7.49M
1
2 3 4 5

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Jeffrey Smith's Q4 2021 Portfolio in Review

As of Q4 2021, Jeffrey Smith held 162 positions worth $7.22B, up 32% from $5.46B the previous quarter. Its ten largest holdings account for 64% of the portfolio.

Jeffrey Smith deployed $972M of net new capital in Q4 2021, opening 96 new positions and adding to 6 existing holdings. Its largest new stake was Willis Towers Watson: 2,100,894 shares worth $499M.

By sector, the portfolio is most concentrated in Technology at 30% of assets, down from 31% a quarter earlier, followed by Materials and Healthcare.

On the sell side, the largest reduction was Merit Medical Systems, an estimated $150M trimmed.

  • Jeffrey Smith's largest Q4 2021 buy was Willis Towers Watson: 2,100,894 shares worth $499M.
  • Jeffrey Smith added most to Huntsman Corp in Q4 2021, an estimated $210M increase.
  • Jeffrey Smith's biggest Q4 2021 reduction was Merit Medical Systems, cutting an estimated $150M.
  • Jeffrey Smith fully exited Box in Q4 2021, selling an estimated $289M.
  • Jeffrey Smith's ten largest holdings make up 64% of its $7.22B portfolio in Q4 2021.
  • Jeffrey Smith opened 96 new positions and closed 26 in Q4 2021.
  • Jeffrey Smith's portfolio value rose 32% quarter-over-quarter to $7.22B.

Based on Starboard Value's 13F filing for Q4 2021, filed 14 Feb 2022.