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 |
Gen Digital
GEN
|
+$61.5M |
| 2 |
Willis Towers Watson
WTW
|
+$22.4M |
| 3 |
Mercury Systems
MRCY
|
+$21.4M |
| 4 |
LivePerson
LPSN
|
+$11.3M |
| 5 |
GoDaddy
GDDY
|
+$9.61M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Corteva
CTVA
|
+$289M |
| 2 |
Huntsman Corp
HUN
|
+$277M |
| 3 |
CERN
Cerner Corp
CERN
|
+$211M |
| 4 |
iShares Russell 2000 ETF
IWM
|
+$184M |
| 5 |
Kohl's
KSS
|
+$137M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 32.68% |
| 2 | Financials | 18.93% |
| 3 | Healthcare | 14.95% |
| 4 | Industrials | 13.46% |
| 5 | Materials | 9.2% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
GoDaddy
GDDY
$12.3B
| $583M | 10.59% |
8,376,808
+126,388
| +2% | +$9.61M |
|
2
Aecom
ACM
$8.34B
| $458M | 8.33% |
7,024,945
-71,684
| -1% | -$5.01M |
|
3
Humana
HUM
$45.5B
| $449M | 8.17% |
960,000
-8,200
| -0.8% | -$3.65M |
|
|
4
Willis Towers Watson
WTW
$31.8B
| $443M | 8.05% |
2,245,511
+104,643
| +5% | +$22.4M |
|
|
5
Gen Digital
GEN
$17.3B
| $422M | 7.66% |
19,204,454
+2,500,000
| +15% | +$61.5M |
|
6
ON Semiconductor
ON
$28.9B
| $283M | 5.14% |
5,617,681
-1,000,000
| -15% | -$55.7M |
|
|
7
Mercury Systems
MRCY
$5.49B
| $254M | 4.61% |
3,943,060
+359,311
| +10% | +$21.4M |
|
8
Commault Systems
CVLT
$5.55B
| $239M | 4.35% |
3,802,375
-34,150
| -0.9% | -$2.12M |
|
|
9
Huntsman Corp
HUN
$1.75B
| $236M | 4.28% |
8,309,696
-8,208,122
| -50% | -$277M |
|
|
CYXT
10
DELISTED
Cyxtera Technologies, Inc. Class A Common Stock
CYXT
| $236M | 4.28% |
20,767,571
| – | – |
|
11
Papa John's
PZZA
$788M
| $230M | 4.19% |
2,759,360
| – | – |
|
|
GCP
12
DELISTED
GCP Applied Technologies Inc.
GCP
| $205M | 3.72% |
6,540,000
| – | – |
|
13
ACI Worldwide
ACIW
$5.24B
| $135M | 2.45% |
5,201,153
-1,041,128
| -17% | -$28M |
|
14
Green Dot
GDOT
$766M
| $133M | 2.42% |
5,294,110
| – | – |
|
15
Pediatrix Medical
MD
$2.16B
| $124M | 2.26% |
5,915,000
| – | – |
|
16
Elanco Animal Health
ELAN
$12B
| $113M | 2.04% |
5,731,575
-1,168,980
| -17% | -$27.7M |
|
|
17
LivePerson
LPSN
$34.9M
| $99.1M | 1.8% |
467,000
+40,000
| +9% | +$11.3M |
|
|
18
Corteva
CTVA
$54.6B
| $55.1M | 1% |
1,017,794
-4,978,535
| -83% | -$289M |
|
|
19
iShares Russell 2000 ETF
IWM
$81.9B
| $53.2M | 0.97% |
314,380
-1,000,000
| -76% | -$184M |
|
20
Enovis
ENOV
$1.5B
| $50M | 0.91% |
908,748
-1,478,189
| -62% | -$95.3M |
|
21
Merit Medical Systems
MMSI
$5.42B
| $31.5M | 0.57% |
579,658
-287,980
| -33% | -$17.6M |
|
22
eHealth
EHTH
$39.4M
| $20.5M | 0.37% |
2,198,117
-45,000
| -2% | -$458K |
|
|
23
Kohl's
KSS
$2B
| $19.1M | 0.35% |
535,029
-2,796,116
| -84% | -$137M |
|
|
IRRX
24
DELISTED
Integrated Rail and Resources Acquisition Corp.
IRRX
| $9.35M | 0.17% |
937,845
| – | – |
|
|
HCMA
25
DELISTED
HCM Acquisition Corp Class A Ordinary Shares
HCMA
| $7.53M | 0.14% |
750,000
| – | – |
|
Similar funds
Jeffrey Smith's Q2 2022 Portfolio in Review
As of Q2 2022, Jeffrey Smith held 197 positions worth $5.5B, down 27% from $7.54B the previous quarter. Its ten largest holdings account for 65% of the portfolio.
Jeffrey Smith withdrew a net $1B in Q2 2022, closing 14 positions and reducing 13 holdings. Its most notable exit was Cerner Corp, an estimated $211M position sold in full.
By sector, the portfolio is most concentrated in Technology at 33% of assets, up from 29% a quarter earlier, followed by Financials and Healthcare.
Against the trend, Jeffrey Smith opened a new position in Investcorp India Acquisition Corp worth $7.46M.
- Jeffrey Smith's largest Q2 2022 buy was Investcorp India Acquisition Corp: 750,000 shares worth $7.46M.
- Jeffrey Smith added most to Gen Digital in Q2 2022, an estimated $61.5M increase.
- Jeffrey Smith's biggest Q2 2022 reduction was Corteva, cutting an estimated $289M.
- Jeffrey Smith fully exited Cerner Corp in Q2 2022, selling an estimated $211M.
- Jeffrey Smith's ten largest holdings make up 65% of its $5.5B portfolio in Q2 2022.
- Jeffrey Smith opened 27 new positions and closed 14 in Q2 2022.
- Jeffrey Smith's portfolio value fell 27% quarter-over-quarter to $5.5B.
Based on Starboard Value's 13F filing for Q2 2022, filed 12 Aug 2022.