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 |
Salesforce
CRM
|
+$442M |
| 2 |
Vertiv
VRT
|
+$225M |
| 3 |
SPLK
Splunk Inc
SPLK
|
+$151M |
| 4 |
GoDaddy
GDDY
|
+$148M |
| 5 |
iShares Russell 2000 Value ETF
IWN
|
+$42.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Commault Systems
CVLT
|
+$131M |
| 2 |
Huntsman Corp
HUN
|
+$126M |
| 3 |
ON Semiconductor
ON
|
+$99.8M |
| 4 |
Humana
HUM
|
+$93.6M |
| 5 |
Willis Towers Watson
WTW
|
+$70.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 41.73% |
| 2 | Industrials | 19.95% |
| 3 | Financials | 18.07% |
| 4 | Healthcare | 10% |
| 5 | Consumer Discretionary | 4.58% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
GoDaddy
GDDY
$12.3B
| $766M | 14.67% |
10,233,055
+1,973,118
| +24% | +$148M |
|
2
Aecom
ACM
$8.34B
| $592M | 11.35% |
6,974,316
| – | – |
|
|
3
Willis Towers Watson
WTW
$31.8B
| $471M | 9.02% |
1,925,491
-306,718
| -14% | -$70.1M |
|
4
Gen Digital
GEN
$17.3B
| $405M | 7.77% |
18,914,794
-289,660
| -2% | -$6.4M |
|
|
5
Salesforce
CRM
$171B
| $401M | 7.69% |
+3,025,982
| New | +$442M |
|
|
6
Humana
HUM
$45.5B
| $397M | 7.61% |
775,000
-178,000
| -19% | -$93.6M |
|
|
7
Vertiv
VRT
$101B
| $231M | 4.42% |
+16,901,901
| New | +$225M |
|
8
Papa John's
PZZA
$788M
| $227M | 4.35% |
2,759,360
| – | – |
|
9
WIX.com
WIX
$3.43B
| $178M | 3.42% |
2,322,076
-245,890
| -10% | -$19.9M |
|
10
Mercury Systems
MRCY
$5.49B
| $169M | 3.23% |
3,772,291
| – | – |
|
|
SPLK
11
DELISTED
Splunk Inc
SPLK
| $161M | 3.08% |
+1,866,880
| New | +$151M |
|
|
12
iShares Russell 2000 Value ETF
IWN
$14.6B
| $125M | 2.39% |
900,000
+300,000
| +50% | +$42.4M |
|
|
13
Commault Systems
CVLT
$5.55B
| $97.2M | 1.86% |
1,546,000
-2,109,000
| -58% | -$131M |
|
14
iShares Russell 2000 ETF
IWM
$81.9B
| $90.6M | 1.74% |
519,380
+200,000
| +63% | +$35.6M |
|
15
Green Dot
GDOT
$766M
| $83.8M | 1.6% |
5,294,110
| – | – |
|
16
Pediatrix Medical
MD
$2.16B
| $81.3M | 1.56% |
5,473,971
-441,029
| -7% | -$7.2M |
|
17
LivePerson
LPSN
$34.9M
| $71M | 1.36% |
467,000
| – | – |
|
|
18
ON Semiconductor
ON
$28.9B
| $59.3M | 1.14% |
950,000
-1,497,000
| -61% | -$99.8M |
|
|
CYXT
19
DELISTED
Cyxtera Technologies, Inc. Class A Common Stock
CYXT
| $39.9M | 0.76% |
20,767,571
| – | – |
|
20
Acacia Research
ACTG
$440M
| $21.1M | 0.4% |
+5,000,000
| New | +$19.6M |
|
21
Enovis
ENOV
$1.5B
| $18.9M | 0.36% |
353,165
-224,835
| -39% | -$11.6M |
|
22
iShares Russell Mid-Cap ETF
IWR
$57.7B
| $10.1M | 0.19% |
+150,000
| New | +$10.1M |
|
|
IRRX
23
DELISTED
Integrated Rail and Resources Acquisition Corp.
IRRX
| $9.66M | 0.19% |
937,845
| – | – |
|
|
SVII
24
DELISTED
Spring Valley Acquisition Corp II
SVII
| $8.61M | 0.17% |
+850,000
| New | +$8.59M |
|
|
IVCA
25
DELISTED
Investcorp India Acquisition Corp
IVCA
| $7.75M | 0.15% |
750,000
| – | – |
|
Similar funds
Jeffrey Smith's Q4 2022 Portfolio in Review
As of Q4 2022, Jeffrey Smith held 183 positions worth $5.22B, up 15% from $4.55B the previous quarter. Its ten largest holdings account for 74% of the portfolio.
Jeffrey Smith deployed $477M of net new capital in Q4 2022, opening 6 new positions and adding to 4 existing holdings. Its largest new stake was Salesforce: 3,025,982 shares worth $401M.
By sector, the portfolio is most concentrated in Technology at 42% of assets, up from 36% a quarter earlier, followed by Industrials and Financials.
On the sell side, the largest reduction was Commault Systems, an estimated $131M trimmed.
- Jeffrey Smith's largest Q4 2022 buy was Salesforce: 3,025,982 shares worth $401M.
- Jeffrey Smith added most to GoDaddy in Q4 2022, an estimated $148M increase.
- Jeffrey Smith's biggest Q4 2022 reduction was Commault Systems, cutting an estimated $131M.
- Jeffrey Smith fully exited Huntsman Corp in Q4 2022, selling an estimated $126M.
- Jeffrey Smith's ten largest holdings make up 74% of its $5.22B portfolio in Q4 2022.
- Jeffrey Smith opened 6 new positions and closed 35 in Q4 2022.
- Jeffrey Smith's portfolio value rose 15% quarter-over-quarter to $5.22B.
Based on Starboard Value's 13F filing for Q4 2022, filed 14 Feb 2023.