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 |
SPLK
Splunk Inc
SPLK
|
+$260M |
| 2 |
Rogers Corp
ROG
|
+$148M |
| 3 |
Acacia Research
ACTG
|
+$63.4M |
| 4 |
RB Global
RBA
|
+$14.8M |
| 5 |
Humana
HUM
|
+$12.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Papa John's
PZZA
|
+$184M |
| 2 |
Aecom
ACM
|
+$137M |
| 3 |
iShares Russell 2000 ETF
IWM
|
+$95.6M |
| 4 |
Salesforce
CRM
|
+$83.6M |
| 5 |
Pediatrix Medical
MD
|
+$81.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 51.1% |
| 2 | Industrials | 19.89% |
| 3 | Financials | 15.49% |
| 4 | Healthcare | 8.51% |
| 5 | Consumer Discretionary | 1.18% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
GoDaddy
GDDY
$12.3B
| $782M | 15.67% |
10,059,453
-173,602
| -2% | -$13.4M |
|
|
2
Salesforce
CRM
$171B
| $506M | 10.14% |
2,530,983
-494,999
| -16% | -$83.6M |
|
|
3
Aecom
ACM
$8.34B
| $454M | 9.1% |
5,386,000
-1,588,316
| -23% | -$137M |
|
|
SPLK
4
DELISTED
Splunk Inc
SPLK
| $439M | 8.81% |
4,583,000
+2,716,120
| +145% | +$260M |
|
5
Willis Towers Watson
WTW
$31.8B
| $423M | 8.48% |
1,819,397
-106,094
| -6% | -$25.6M |
|
|
6
Humana
HUM
$45.5B
| $388M | 7.79% |
800,000
+25,000
| +3% | +$12.4M |
|
7
Gen Digital
GEN
$17.3B
| $325M | 6.51% |
18,914,794
| – | – |
|
8
Vertiv
VRT
$101B
| $241M | 4.82% |
16,818,581
-83,320
| -0.5% | -$1.22M |
|
9
WIX.com
WIX
$3.43B
| $197M | 3.95% |
1,972,076
-350,000
| -15% | -$30.8M |
|
10
Mercury Systems
MRCY
$5.49B
| $193M | 3.87% |
3,772,291
| – | – |
|
|
11
Rogers Corp
ROG
$2.26B
| $168M | 3.37% |
+1,028,200
| New | +$148M |
|
12
iShares Russell 2000 Value ETF
IWN
$14.6B
| $123M | 2.47% |
900,000
| – | – |
|
13
Green Dot
GDOT
$766M
| $91M | 1.82% |
5,294,110
| – | – |
|
14
Commault Systems
CVLT
$5.55B
| $90.1M | 1.81% |
1,588,554
+42,554
| +3% | +$2.53M |
|
|
15
Acacia Research
ACTG
$440M
| $77.2M | 1.55% |
20,000,000
+15,000,000
| +300% | +$63.4M |
|
|
16
Papa John's
PZZA
$788M
| $43.6M | 0.87% |
582,432
-2,176,928
| -79% | -$184M |
|
17
Enovis
ENOV
$1.5B
| $18.9M | 0.38% |
353,165
| – | – |
|
18
ON Semiconductor
ON
$28.9B
| $16.5M | 0.33% |
200,000
-750,000
| -79% | -$57M |
|
|
19
RB Global
RBA
$16.1B
| $14.1M | 0.28% |
+251,163
| New | +$14.8M |
|
20
iShares Russell Mid-Cap ETF
IWR
$57.7B
| $10.5M | 0.21% |
150,000
| – | – |
|
21
LivePerson
LPSN
$34.9M
| $10.4M | 0.21% |
157,333
-309,667
| -66% | -$49.6M |
|
|
SVII
22
DELISTED
Spring Valley Acquisition Corp II
SVII
| $8.79M | 0.18% |
850,000
| – | – |
|
|
TGR
23
DELISTED
Kimbell Tiger Acquisition Corporation
TGR
| $7.9M | 0.16% |
750,000
| – | – |
|
|
IVCA
24
DELISTED
Investcorp India Acquisition Corp
IVCA
| $7.89M | 0.16% |
750,000
| – | – |
|
|
HCMA
25
DELISTED
HCM Acquisition Corp Class A Ordinary Shares
HCMA
| $7.83M | 0.16% |
750,000
| – | – |
|
Similar funds
Jeffrey Smith's Q1 2023 Portfolio in Review
As of Q1 2023, Jeffrey Smith held 155 positions worth $4.99B, down 4.4% from $5.22B the previous quarter. Its ten largest holdings account for 79% of the portfolio.
Jeffrey Smith withdrew a net $321M in Q1 2023, closing 49 positions and reducing 9 holdings. Its most notable exit was iShares Russell 2000 ETF, an estimated $95.6M position sold in full.
By sector, the portfolio is most concentrated in Technology at 51% of assets, up from 42% a quarter earlier, followed by Industrials and Financials.
Against the trend, Jeffrey Smith opened a new position in Rogers Corp worth $168M.
- Jeffrey Smith's largest Q1 2023 buy was Rogers Corp: 1,028,200 shares worth $168M.
- Jeffrey Smith added most to Splunk Inc in Q1 2023, an estimated $260M increase.
- Jeffrey Smith's biggest Q1 2023 reduction was Papa John's, cutting an estimated $184M.
- Jeffrey Smith fully exited iShares Russell 2000 ETF in Q1 2023, selling an estimated $95.6M.
- Jeffrey Smith's ten largest holdings make up 79% of its $4.99B portfolio in Q1 2023.
- Jeffrey Smith opened 5 new positions and closed 49 in Q1 2023.
- Jeffrey Smith's portfolio value fell 4.4% quarter-over-quarter to $4.99B.
Based on Starboard Value's 13F filing for Q1 2023, filed 12 May 2023.