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 |
Humana
HUM
|
+$405M |
| 2 |
Mercury Systems
MRCY
|
+$213M |
| 3 |
Kohl's
KSS
|
+$188M |
| 4 |
LivePerson
LPSN
|
+$173M |
| 5 |
GoDaddy
GDDY
|
+$115M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
MGLN
Magellan Health Services, Inc.
MGLN
|
+$225M |
| 2 |
Corteva
CTVA
|
+$148M |
| 3 |
CERN
Cerner Corp
CERN
|
+$108M |
| 4 |
ACI Worldwide
ACIW
|
+$91.6M |
| 5 |
ON Semiconductor
ON
|
+$57.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 29.09% |
| 2 | Healthcare | 16.23% |
| 3 | Materials | 15.65% |
| 4 | Financials | 13.94% |
| 5 | Industrials | 10.66% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
GoDaddy
GDDY
$12.3B
| $691M | 9.15% |
8,250,420
+1,459,021
| +21% | +$115M |
|
2
Huntsman Corp
HUN
$1.75B
| $620M | 8.21% |
16,517,818
-1,508,418
| -8% | -$56.8M |
|
3
Aecom
ACM
$8.34B
| $545M | 7.23% |
7,096,629
-140,000
| -2% | -$10.3M |
|
4
Willis Towers Watson
WTW
$31.8B
| $506M | 6.7% |
2,140,868
+39,974
| +2% | +$9.15M |
|
5
Gen Digital
GEN
$17.3B
| $443M | 5.87% |
16,704,454
| – | – |
|
|
6
Humana
HUM
$45.5B
| $421M | 5.59% |
+968,200
| New | +$405M |
|
|
7
ON Semiconductor
ON
$28.9B
| $414M | 5.49% |
6,617,681
-950,000
| -13% | -$57.9M |
|
|
8
Corteva
CTVA
$54.6B
| $345M | 4.57% |
5,996,329
-2,904,179
| -33% | -$148M |
|
9
Papa John's
PZZA
$788M
| $291M | 3.85% |
2,759,360
| – | – |
|
10
iShares Russell 2000 ETF
IWM
$81.9B
| $270M | 3.58% |
1,314,380
-70,000
| -5% | -$14.3M |
|
11
Commault Systems
CVLT
$5.55B
| $255M | 3.37% |
3,836,525
-452,850
| -11% | -$29.8M |
|
|
CYXT
12
DELISTED
Cyxtera Technologies, Inc. Class A Common Stock
CYXT
| $254M | 3.36% |
20,767,571
+4,241,256
| +26% | +$49.8M |
|
|
13
Mercury Systems
MRCY
$5.49B
| $231M | 3.06% |
+3,583,749
| New | +$213M |
|
|
CERN
14
DELISTED
Cerner Corp
CERN
| $211M | 2.8% |
2,257,406
-1,169,851
| -34% | -$108M |
|
|
GCP
15
DELISTED
GCP Applied Technologies Inc.
GCP
| $205M | 2.72% |
6,540,000
| – | – |
|
|
16
Kohl's
KSS
$2B
| $201M | 2.67% |
+3,331,145
| New | +$188M |
|
|
17
ACI Worldwide
ACIW
$5.24B
| $197M | 2.61% |
6,242,281
-2,745,205
| -31% | -$91.6M |
|
18
Elanco Animal Health
ELAN
$12B
| $180M | 2.39% |
6,900,555
-785,000
| -10% | -$20.9M |
|
19
Enovis
ENOV
$1.5B
| $163M | 2.17% |
2,386,937
+109,931
| +5% | +$7.83M |
|
|
20
LivePerson
LPSN
$34.9M
| $156M | 2.07% |
+427,000
| New | +$173M |
|
21
Green Dot
GDOT
$766M
| $145M | 1.93% |
5,294,110
| – | – |
|
22
Pediatrix Medical
MD
$2.16B
| $139M | 1.84% |
5,915,000
| – | – |
|
23
Merit Medical Systems
MMSI
$5.42B
| $57.7M | 0.77% |
867,638
-434,514
| -33% | -$26.1M |
|
24
eHealth
EHTH
$39.4M
| $27.8M | 0.37% |
2,243,117
+195,000
| +10% | +$3.36M |
|
|
ETAC
25
DELISTED
E.Merge Technology Acquisition Corp. Class A Common Stock
ETAC
| $14.3M | 0.19% |
+1,446,500
| New | +$14.3M |
|
Similar funds
Jeffrey Smith's Q1 2022 Portfolio in Review
As of Q1 2022, Jeffrey Smith held 226 positions worth $7.54B, up 4.5% from $7.22B the previous quarter. Its ten largest holdings account for 60% of the portfolio.
Jeffrey Smith deployed $786M of net new capital in Q1 2022, opening 90 new positions and adding to 8 existing holdings. Its largest new stake was Humana: 968,200 shares worth $421M.
By sector, the portfolio is most concentrated in Technology at 29% of assets, down from 30% a quarter earlier, followed by Healthcare and Materials.
On the sell side, the largest reduction was Corteva, an estimated $148M trimmed.
- Jeffrey Smith's largest Q1 2022 buy was Humana: 968,200 shares worth $421M.
- Jeffrey Smith added most to GoDaddy in Q1 2022, an estimated $115M increase.
- Jeffrey Smith's biggest Q1 2022 reduction was Corteva, cutting an estimated $148M.
- Jeffrey Smith fully exited Magellan Health Services, Inc. in Q1 2022, selling an estimated $225M.
- Jeffrey Smith's ten largest holdings make up 60% of its $7.54B portfolio in Q1 2022.
- Jeffrey Smith opened 90 new positions and closed 56 in Q1 2022.
- Jeffrey Smith's portfolio value rose 4.5% quarter-over-quarter to $7.54B.
Based on Starboard Value's 13F filing for Q1 2022, filed 13 May 2022.