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 |
Bloomin' Brands
BLMN
|
+$222M |
| 2 |
Algonquin Power & Utilities
AQN
|
+$183M |
| 3 |
Acacia Research
ACTG
|
+$157M |
| 4 |
iShares Russell 2000 Value ETF
IWN
|
+$93.2M |
| 5 |
iShares Russell Mid-Cap ETF
IWR
|
+$20.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
SPLK
Splunk Inc
SPLK
|
+$432M |
| 2 |
Vertiv
VRT
|
+$390M |
| 3 |
Willis Towers Watson
WTW
|
+$120M |
| 4 |
ABCM
Abcam PLC
ABCM
|
+$112M |
| 5 |
Aecom
ACM
|
+$76.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 47.1% |
| 2 | Industrials | 18.38% |
| 3 | Healthcare | 10.57% |
| 4 | Utilities | 8.86% |
| 5 | Consumer Discretionary | 5.25% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
GoDaddy
GDDY
$12.3B
| $742M | 19.01% |
9,962,287
-78,150
| -0.8% | -$5.77M |
|
2
Humana
HUM
$45.5B
| $409M | 10.48% |
841,000
-44,000
| -5% | -$20.7M |
|
3
Salesforce
CRM
$171B
| $351M | 8.99% |
1,730,451
-277,625
| -14% | -$60M |
|
|
4
Algonquin Power & Utilities
AQN
$4.39B
| $346M | 8.86% |
58,400,000
+24,261,350
| +71% | +$183M |
|
5
WIX.com
WIX
$3.43B
| $341M | 8.74% |
3,716,000
-69,000
| -2% | -$6.16M |
|
6
Gen Digital
GEN
$17.3B
| $329M | 8.43% |
18,608,904
-305,890
| -2% | -$5.97M |
|
|
7
Aecom
ACM
$8.34B
| $240M | 6.15% |
2,889,000
-892,000
| -24% | -$76.9M |
|
|
8
Acacia Research
ACTG
$440M
| $223M | 5.72% |
61,123,595
+41,123,595
| +206% | +$157M |
|
|
9
iShares Russell 2000 Value ETF
IWN
$14.6B
| $210M | 5.38% |
1,550,000
+650,000
| +72% | +$93.2M |
|
|
10
Bloomin' Brands
BLMN
$996M
| $205M | 5.25% |
+8,341,000
| New | +$222M |
|
|
11
Vertiv
VRT
$101B
| $153M | 3.93% |
4,120,599
-11,824,290
| -74% | -$390M |
|
12
Mercury Systems
MRCY
$5.49B
| $85.6M | 2.19% |
2,308,800
-527,200
| -19% | -$19.4M |
|
13
Green Dot
GDOT
$766M
| $73.7M | 1.89% |
5,294,110
| – | – |
|
14
Rogers Corp
ROG
$2.26B
| $71.7M | 1.84% |
545,519
-228,481
| -30% | -$34.1M |
|
|
15
iShares Russell Mid-Cap ETF
IWR
$57.7B
| $29.4M | 0.75% |
425,000
+275,000
| +183% | +$20.1M |
|
16
RB Global
RBA
$16.1B
| $15.7M | 0.4% |
251,163
| – | – |
|
|
SVII
17
DELISTED
Spring Valley Acquisition Corp II
SVII
| $9.15M | 0.23% |
850,000
| – | – |
|
|
ISRL
18
DELISTED
Israel Acquisitions Corp
ISRL
| $5.28M | 0.14% |
500,000
| – | – |
|
|
CNTM
19
DELISTED
ConnectM Technology Solutions, Inc. Common Stock
CNTM
| $3.99M | 0.1% |
375,000
| – | – |
|
|
ALCY
20
DELISTED
Alchemy Investments Acquisition Corp 1
ALCY
| $3.62M | 0.09% |
350,000
| – | – |
|
|
DECA
21
DELISTED
Denali Capital Acquisition Corp. Class A Ordinary Shares
DECA
| $3.29M | 0.08% |
300,000
| – | – |
|
|
KVAC
22
DELISTED
Keen Vision Acquisition Corp
KVAC
| $3.05M | 0.08% |
+300,000
| New | +$3.05M |
|
23
Commault Systems
CVLT
$5.55B
| – | – |
-122,000
| Closed | -$8.86M |
|
|
IVCA
24
DELISTED
Investcorp India Acquisition Corp
IVCA
| – | – |
-750,000
| Closed | -$8.03M |
|
25
LivePerson
LPSN
$34.9M
| – | – |
-157,333
| Closed | -$10.7M |
|
Similar funds
Jeffrey Smith's Q3 2023 Portfolio in Review
As of Q3 2023, Jeffrey Smith held 50 positions worth $3.9B, down 16% from $4.63B the previous quarter. Its ten largest holdings account for 87% of the portfolio.
Jeffrey Smith withdrew a net $768M in Q3 2023, closing 25 positions and reducing 9 holdings. Its most notable exit was Splunk Inc, an estimated $432M position sold in full.
By sector, the portfolio is most concentrated in Technology at 47% of assets, down from 52% a quarter earlier, followed by Industrials and Healthcare.
Against the trend, Jeffrey Smith opened a new position in Bloomin' Brands worth $205M.
- Jeffrey Smith's largest Q3 2023 buy was Bloomin' Brands: 8,341,000 shares worth $205M.
- Jeffrey Smith added most to Algonquin Power & Utilities in Q3 2023, an estimated $183M increase.
- Jeffrey Smith's biggest Q3 2023 reduction was Vertiv, cutting an estimated $390M.
- Jeffrey Smith fully exited Splunk Inc in Q3 2023, selling an estimated $432M.
- Jeffrey Smith's ten largest holdings make up 87% of its $3.9B portfolio in Q3 2023.
- Jeffrey Smith opened 2 new positions and closed 25 in Q3 2023.
- Jeffrey Smith's portfolio value fell 16% quarter-over-quarter to $3.9B.
Based on Starboard Value's 13F filing for Q3 2023, filed 14 Nov 2023.