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 |
Fortrea Holdings
FTRE
|
+$232M |
| 2 |
News Corp Class B
NWS
|
+$198M |
| 3 |
Humana
HUM
|
+$75.5M |
| 4 |
News Corp Class A
NWSA
|
+$36.9M |
| 5 |
iShares Russell 2000 Value ETF
IWN
|
+$35.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
GoDaddy
GDDY
|
+$219M |
| 2 |
Aecom
ACM
|
+$91.7M |
| 3 |
Vertiv
VRT
|
+$64.3M |
| 4 |
Salesforce
CRM
|
+$43.9M |
| 5 |
WIX.com
WIX
|
+$36M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 43.63% |
| 2 | Healthcare | 14.98% |
| 3 | Industrials | 13.05% |
| 4 | Utilities | 8.15% |
| 5 | Communication Services | 5.54% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
GoDaddy
GDDY
$12.3B
| $798M | 16.59% |
7,512,771
-2,449,516
| -25% | -$219M |
|
|
2
Humana
HUM
$45.5B
| $455M | 9.47% |
994,146
+153,146
| +18% | +$75.5M |
|
3
Gen Digital
GEN
$17.3B
| $425M | 8.83% |
18,608,904
| – | – |
|
|
4
WIX.com
WIX
$3.43B
| $411M | 8.55% |
3,343,000
-373,000
| -10% | -$36M |
|
|
5
Salesforce
CRM
$171B
| $404M | 8.41% |
1,536,453
-193,998
| -11% | -$43.9M |
|
6
Algonquin Power & Utilities
AQN
$4.39B
| $392M | 8.15% |
61,991,000
+3,591,000
| +6% | +$21M |
|
|
7
iShares Russell 2000 Value ETF
IWN
$14.6B
| $280M | 5.83% |
1,805,000
+255,000
| +16% | +$35.3M |
|
|
8
Fortrea Holdings
FTRE
$1.75B
| $265M | 5.51% |
+7,595,000
| New | +$232M |
|
9
Acacia Research
ACTG
$440M
| $240M | 4.98% |
61,123,595
| – | – |
|
10
Bloomin' Brands
BLMN
$996M
| $238M | 4.94% |
8,441,000
+100,000
| +1% | +$2.43M |
|
|
11
News Corp Class B
NWS
$18.7B
| $225M | 4.67% |
+8,732,000
| New | +$198M |
|
|
12
Aecom
ACM
$8.34B
| $167M | 3.48% |
1,809,000
-1,080,000
| -37% | -$91.7M |
|
|
13
Vertiv
VRT
$101B
| $125M | 2.61% |
2,609,588
-1,511,011
| -37% | -$64.3M |
|
14
Mercury Systems
MRCY
$5.49B
| $78.4M | 1.63% |
2,145,000
-163,800
| -7% | -$5.91M |
|
15
Rogers Corp
ROG
$2.26B
| $60M | 1.25% |
454,000
-91,519
| -17% | -$11.7M |
|
16
Green Dot
GDOT
$766M
| $52.4M | 1.09% |
5,294,110
| – | – |
|
17
iShares Russell Mid-Cap ETF
IWR
$57.7B
| $44.7M | 0.93% |
575,000
+150,000
| +35% | +$10.7M |
|
|
18
News Corp Class A
NWSA
$16.4B
| $41.7M | 0.87% |
+1,700,000
| New | +$36.9M |
|
19
RB Global
RBA
$16.1B
| $16.8M | 0.35% |
251,163
| – | – |
|
20
PUT
iShares Russell 2000 ETF
IWM
$81.9B
| $11M | 0.23% |
+4,900,000
| New | +$878M |
|
|
SVII
21
DELISTED
Spring Valley Acquisition Corp II
SVII
| $9.19M | 0.19% |
850,000
| – | – |
|
|
ALCY
22
DELISTED
Alchemy Investments Acquisition Corp 1
ALCY
| $3.65M | 0.08% |
350,000
| – | – |
|
|
KVAC
23
DELISTED
Keen Vision Acquisition Corp
KVAC
| $3.1M | 0.06% |
300,000
| – | – |
|
|
24
PUT
Vertiv
VRT
$101B
| $348K | 0.01% |
+2,609,300
| New | +$111M |
|
|
ISRL
25
DELISTED
Israel Acquisitions Corp
ISRL
| – | – |
-500,000
| Closed | -$5.28M |
|
Similar funds
Jeffrey Smith's Q4 2023 Portfolio in Review
As of Q4 2023, Jeffrey Smith held 31 positions worth $4.81B, up 23% from $3.9B the previous quarter. Its ten largest holdings account for 81% of the portfolio.
Jeffrey Smith deployed $1.07B of net new capital in Q4 2023, opening 5 new positions and adding to 5 existing holdings. Its largest new stake was Fortrea Holdings: 7,595,000 shares worth $265M.
By sector, the portfolio is most concentrated in Technology at 44% of assets, down from 47% a quarter earlier, followed by Healthcare and Industrials.
On the sell side, the largest reduction was GoDaddy, an estimated $219M trimmed.
- Jeffrey Smith's largest Q4 2023 buy was Fortrea Holdings: 7,595,000 shares worth $265M.
- Jeffrey Smith added most to Humana in Q4 2023, an estimated $75.5M increase.
- Jeffrey Smith's biggest Q4 2023 reduction was GoDaddy, cutting an estimated $219M.
- Jeffrey Smith fully exited Israel Acquisitions Corp in Q4 2023, selling an estimated $5.28M.
- Jeffrey Smith's ten largest holdings make up 81% of its $4.81B portfolio in Q4 2023.
- Jeffrey Smith opened 5 new positions and closed 3 in Q4 2023.
- Jeffrey Smith's portfolio value rose 23% quarter-over-quarter to $4.81B.
Based on Starboard Value's 13F filing for Q4 2023, filed 14 Feb 2024.