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 |
Algonquin Power & Utilities
AQN
|
+$290M |
| 2 |
WIX.com
WIX
|
+$149M |
| 3 |
ABCM
Abcam PLC
ABCM
|
+$79.3M |
| 4 |
Humana
HUM
|
+$42.8M |
| 5 |
ALCY
Alchemy Investments Acquisition Corp 1
ALCY
|
+$3.59M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Willis Towers Watson
WTW
|
+$302M |
| 2 |
Aecom
ACM
|
+$132M |
| 3 |
Salesforce
CRM
|
+$107M |
| 4 |
Commault Systems
CVLT
|
+$95.3M |
| 5 |
SPLK
Splunk Inc
SPLK
|
+$48.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 52.19% |
| 2 | Industrials | 19.69% |
| 3 | Healthcare | 11.05% |
| 4 | Financials | 6.57% |
| 5 | Utilities | 6.11% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
GoDaddy
GDDY
$12.3B
| $754M | 16.3% |
10,040,437
-19,016
| -0.2% | -$1.4M |
|
|
SPLK
2
DELISTED
Splunk Inc
SPLK
| $432M | 9.32% |
4,068,000
-515,000
| -11% | -$48.9M |
|
|
3
Salesforce
CRM
$171B
| $424M | 9.16% |
2,008,076
-522,907
| -21% | -$107M |
|
|
4
Humana
HUM
$45.5B
| $396M | 8.55% |
885,000
+85,000
| +11% | +$42.8M |
|
5
Vertiv
VRT
$101B
| $395M | 8.53% |
15,944,889
-873,692
| -5% | -$15M |
|
6
Gen Digital
GEN
$17.3B
| $351M | 7.58% |
18,914,794
| – | – |
|
|
7
Aecom
ACM
$8.34B
| $320M | 6.92% |
3,781,000
-1,605,000
| -30% | -$132M |
|
|
8
WIX.com
WIX
$3.43B
| $296M | 6.4% |
3,785,000
+1,812,924
| +92% | +$149M |
|
|
9
Algonquin Power & Utilities
AQN
$4.39B
| $282M | 6.09% |
+34,138,650
| New | +$290M |
|
10
iShares Russell 2000 Value ETF
IWN
$14.6B
| $127M | 2.74% |
900,000
| – | – |
|
11
Rogers Corp
ROG
$2.26B
| $125M | 2.71% |
774,000
-254,200
| -25% | -$40.3M |
|
|
12
Willis Towers Watson
WTW
$31.8B
| $120M | 2.59% |
508,880
-1,310,517
| -72% | -$302M |
|
|
ABCM
13
DELISTED
Abcam PLC
ABCM
| $112M | 2.43% |
+4,593,000
| New | +$79.3M |
|
14
Green Dot
GDOT
$766M
| $99.2M | 2.14% |
5,294,110
| – | – |
|
15
Mercury Systems
MRCY
$5.49B
| $98.1M | 2.12% |
2,836,000
-936,291
| -25% | -$40M |
|
16
Acacia Research
ACTG
$440M
| $83.2M | 1.8% |
20,000,000
| – | – |
|
17
RB Global
RBA
$16.1B
| $15.1M | 0.33% |
251,163
| – | – |
|
18
Papa John's
PZZA
$788M
| $13.4M | 0.29% |
182,000
-400,432
| -69% | -$29.7M |
|
19
iShares Russell Mid-Cap ETF
IWR
$57.7B
| $11M | 0.24% |
150,000
| – | – |
|
20
LivePerson
LPSN
$34.9M
| $10.7M | 0.23% |
157,333
| – | – |
|
|
SVII
21
DELISTED
Spring Valley Acquisition Corp II
SVII
| $8.97M | 0.19% |
850,000
| – | – |
|
|
22
Commault Systems
CVLT
$5.55B
| $8.86M | 0.19% |
122,000
-1,466,554
| -92% | -$95.3M |
|
|
IVCA
23
DELISTED
Investcorp India Acquisition Corp
IVCA
| $8.03M | 0.17% |
750,000
| – | – |
|
|
KNSW
24
DELISTED
KnightSwan Acquisition Corporation
KNSW
| $7.93M | 0.17% |
750,000
| – | – |
|
|
ASCB
25
DELISTED
A SPAC II Acquisition Corp. Ordinary Shares
ASCB
| $7.91M | 0.17% |
750,000
| – | – |
|
Similar funds
Jeffrey Smith's Q2 2023 Portfolio in Review
As of Q2 2023, Jeffrey Smith held 110 positions worth $4.63B, down 7.2% from $4.99B the previous quarter. Its ten largest holdings account for 82% of the portfolio.
Jeffrey Smith withdrew a net $555M in Q2 2023, closing 62 positions and reducing 10 holdings. Its most notable exit was Enovis, an estimated $18.9M position sold in full.
By sector, the portfolio is most concentrated in Technology at 52% of assets, up from 51% a quarter earlier, followed by Industrials and Healthcare.
Against the trend, Jeffrey Smith opened a new position in Algonquin Power & Utilities worth $282M.
- Jeffrey Smith's largest Q2 2023 buy was Algonquin Power & Utilities: 34,138,650 shares worth $282M.
- Jeffrey Smith added most to WIX.com in Q2 2023, an estimated $149M increase.
- Jeffrey Smith's biggest Q2 2023 reduction was Willis Towers Watson, cutting an estimated $302M.
- Jeffrey Smith fully exited Enovis in Q2 2023, selling an estimated $18.9M.
- Jeffrey Smith's ten largest holdings make up 82% of its $4.63B portfolio in Q2 2023.
- Jeffrey Smith opened 3 new positions and closed 62 in Q2 2023.
- Jeffrey Smith's portfolio value fell 7.2% quarter-over-quarter to $4.63B.
Based on Starboard Value's 13F filing for Q2 2023, filed 11 Aug 2023.