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 |
WIX.com
WIX
|
+$177M |
| 2 |
iShares Russell 2000 Value ETF
IWN
|
+$86.7M |
| 3 |
BOAS
BOA Acquisition Corp.
BOAS
|
+$4.27M |
| 4 |
CNTM
ConnectM Technology Solutions, Inc. Common Stock
CNTM
|
+$3.7M |
| 5 |
ACAC
Acri Capital Acquisition Corp
ACAC
|
+$3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
GCP
GCP Applied Technologies Inc.
GCP
|
+$205M |
| 2 |
ON Semiconductor
ON
|
+$204M |
| 3 |
Elanco Animal Health
ELAN
|
+$113M |
| 4 |
ACI Worldwide
ACIW
|
+$99.2M |
| 5 |
Huntsman Corp
HUN
|
+$89.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 36.35% |
| 2 | Financials | 22.27% |
| 3 | Industrials | 14.46% |
| 4 | Healthcare | 14.02% |
| 5 | Consumer Discretionary | 4.51% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
GoDaddy
GDDY
$12.3B
| $585M | 12.87% |
8,259,937
-116,871
| -1% | -$8.8M |
|
2
Aecom
ACM
$8.34B
| $477M | 10.48% |
6,974,316
-50,629
| -0.7% | -$3.59M |
|
3
Humana
HUM
$45.5B
| $462M | 10.17% |
953,000
-7,000
| -0.7% | -$3.4M |
|
4
Willis Towers Watson
WTW
$31.8B
| $449M | 9.86% |
2,232,209
-13,302
| -0.6% | -$2.74M |
|
5
Gen Digital
GEN
$17.3B
| $387M | 8.5% |
19,204,454
| – | – |
|
|
6
WIX.com
WIX
$3.43B
| $201M | 4.42% |
+2,567,966
| New | +$177M |
|
7
Commault Systems
CVLT
$5.55B
| $194M | 4.26% |
3,655,000
-147,375
| -4% | -$8.36M |
|
8
Papa John's
PZZA
$788M
| $193M | 4.25% |
2,759,360
| – | – |
|
9
Mercury Systems
MRCY
$5.49B
| $153M | 3.37% |
3,772,291
-170,769
| -4% | -$8.95M |
|
|
10
ON Semiconductor
ON
$28.9B
| $153M | 3.35% |
2,447,000
-3,170,681
| -56% | -$204M |
|
|
11
Huntsman Corp
HUN
$1.75B
| $126M | 2.77% |
5,129,000
-3,180,696
| -38% | -$89.4M |
|
12
Green Dot
GDOT
$766M
| $100M | 2.21% |
5,294,110
| – | – |
|
13
Pediatrix Medical
MD
$2.16B
| $97.7M | 2.15% |
5,915,000
| – | – |
|
|
CYXT
14
DELISTED
Cyxtera Technologies, Inc. Class A Common Stock
CYXT
| $84.7M | 1.86% |
20,767,571
| – | – |
|
|
15
iShares Russell 2000 Value ETF
IWN
$14.6B
| $77.4M | 1.7% |
+600,000
| New | +$86.7M |
|
16
LivePerson
LPSN
$34.9M
| $66M | 1.45% |
467,000
| – | – |
|
17
iShares Russell 2000 ETF
IWM
$81.9B
| $52.7M | 1.16% |
319,380
+5,000
| +2% | +$912K |
|
18
Enovis
ENOV
$1.5B
| $26.6M | 0.59% |
578,000
-330,748
| -36% | -$17.9M |
|
|
19
ACI Worldwide
ACIW
$5.24B
| $25.4M | 0.56% |
1,213,000
-3,988,153
| -77% | -$99.2M |
|
|
IRRX
20
DELISTED
Integrated Rail and Resources Acquisition Corp.
IRRX
| $9.44M | 0.21% |
937,845
| – | – |
|
21
eHealth
EHTH
$39.4M
| $8.6M | 0.19% |
2,198,117
| – | – |
|
|
TGR
22
DELISTED
Kimbell Tiger Acquisition Corporation
TGR
| $7.6M | 0.17% |
750,000
| – | – |
|
|
HCMA
23
DELISTED
HCM Acquisition Corp Class A Ordinary Shares
HCMA
| $7.58M | 0.17% |
750,000
| – | – |
|
|
IVCA
24
DELISTED
Investcorp India Acquisition Corp
IVCA
| $7.56M | 0.17% |
750,000
| – | – |
|
|
PPYA
25
DELISTED
Papaya Growth Opportunity Corp. I Class A Common Stock
PPYA
| $7.52M | 0.17% |
750,000
| – | – |
|
Similar funds
Jeffrey Smith's Q3 2022 Portfolio in Review
As of Q3 2022, Jeffrey Smith held 188 positions worth $4.55B, down 17% from $5.5B the previous quarter. Its ten largest holdings account for 72% of the portfolio.
Jeffrey Smith withdrew a net $946M in Q3 2022, closing 11 positions and reducing 11 holdings. Its most notable exit was GCP Applied Technologies Inc., an estimated $205M position sold in full.
By sector, the portfolio is most concentrated in Technology at 36% of assets, up from 33% a quarter earlier, followed by Financials and Industrials.
Against the trend, Jeffrey Smith opened a new position in WIX.com worth $201M.
- Jeffrey Smith's largest Q3 2022 buy was WIX.com: 2,567,966 shares worth $201M.
- Jeffrey Smith added most to Atlantic Coastal Acquisition Corp. Class A Common Stock in Q3 2022, an estimated $2.94M increase.
- Jeffrey Smith's biggest Q3 2022 reduction was ON Semiconductor, cutting an estimated $204M.
- Jeffrey Smith fully exited GCP Applied Technologies Inc. in Q3 2022, selling an estimated $205M.
- Jeffrey Smith's ten largest holdings make up 72% of its $4.55B portfolio in Q3 2022.
- Jeffrey Smith opened 5 new positions and closed 11 in Q3 2022.
- Jeffrey Smith's portfolio value fell 17% quarter-over-quarter to $4.55B.
Based on Starboard Value's 13F filing for Q3 2022, filed 14 Nov 2022.