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 |
Kenvue
KVUE
|
+$497M |
| 2 |
Pfizer
PFE
|
+$417M |
| 3 |
Healthcare Realty
HR
|
+$355M |
| 4 |
iShares Core S&P Mid-Cap ETF
IJH
|
+$254M |
| 5 |
Match Group
MTCH
|
+$175M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Salesforce
CRM
|
+$282M |
| 2 |
Autodesk
ADSK
|
+$240M |
| 3 |
iShares Russell 2000 Value ETF
IWN
|
+$226M |
| 4 |
WIX.com
WIX
|
+$198M |
| 5 |
Humana
HUM
|
+$60.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 38.36% |
| 2 | Communication Services | 16.93% |
| 3 | Healthcare | 9.9% |
| 4 | Consumer Staples | 8.46% |
| 5 | Real Estate | 6.19% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
GoDaddy
GDDY
$12.3B
| $559M | 10.1% |
2,830,100
-303,993
| -10% | -$55.6M |
|
2
Gen Digital
GEN
$17.3B
| $480M | 8.68% |
17,516,604
| – | – |
|
|
3
Match Group
MTCH
$9.38B
| $479M | 8.67% |
14,656,970
+5,100,824
| +53% | +$175M |
|
|
4
Kenvue
KVUE
$36.6B
| $468M | 8.46% |
+21,914,000
| New | +$497M |
|
|
5
Pfizer
PFE
$160B
| $408M | 7.38% |
+15,368,658
| New | +$417M |
|
|
6
Healthcare Realty
HR
$6.65B
| $342M | 6.19% |
+20,183,460
| New | +$355M |
|
7
Alight
ALIT
$379M
| $327M | 5.91% |
2,361,400
+191,650
| +9% | +$28.1M |
|
|
8
Autodesk
ADSK
$53.6B
| $307M | 5.55% |
1,038,000
-814,000
| -44% | -$240M |
|
9
Algonquin Power & Utilities
AQN
$4.39B
| $291M | 5.26% |
65,316,000
+3,175,000
| +5% | +$15.3M |
|
10
Acacia Research
ACTG
$440M
| $265M | 4.8% |
61,123,595
| – | – |
|
11
News Corp Class B
NWS
$18.7B
| $258M | 4.67% |
8,482,000
-250,000
| -3% | -$7.54M |
|
|
12
iShares Core S&P Mid-Cap ETF
IJH
$126B
| $247M | 4.47% |
+3,965,268
| New | +$254M |
|
13
News Corp Class A
NWSA
$16.4B
| $198M | 3.59% |
7,201,393
| – | – |
|
|
14
Salesforce
CRM
$171B
| $187M | 3.38% |
559,264
-882,584
| -61% | -$282M |
|
|
15
WIX.com
WIX
$3.43B
| $180M | 3.26% |
840,000
-1,037,000
| -55% | -$198M |
|
16
Fortrea Holdings
FTRE
$1.75B
| $139M | 2.52% |
7,478,000
-922,000
| -11% | -$18M |
|
17
Riot Platforms
RIOT
$7.44B
| $130M | 2.35% |
+12,704,035
| New | +$138M |
|
18
Bloomin' Brands
BLMN
$996M
| $103M | 1.86% |
8,441,000
| – | – |
|
19
Rogers Corp
ROG
$2.26B
| $81.7M | 1.48% |
804,000
| – | – |
|
20
Green Dot
GDOT
$766M
| $49M | 0.89% |
4,604,381
-414,000
| -8% | -$4.57M |
|
21
RB Global
RBA
$16.1B
| $22.7M | 0.41% |
251,163
| – | – |
|
|
22
Humana
HUM
$45.5B
| – | – |
-191,000
| Closed | -$60.5M |
|
|
23
PUT
Humana
HUM
$45.5B
| – | – |
-60,000
| Closed | -$666K |
|
|
24
iShares Russell 2000 Value ETF
IWN
$14.6B
| – | – |
-1,355,000
| Closed | -$226M |
|
Similar funds
Jeffrey Smith's Q4 2024 Portfolio in Review
As of Q4 2024, Jeffrey Smith held 25 positions worth $5.53B, up 18% from $4.7B the previous quarter. Its ten largest holdings account for 71% of the portfolio.
Jeffrey Smith deployed $779M of net new capital in Q4 2024, opening 5 new positions and adding to 3 existing holdings. Its largest new stake was Kenvue: 21,914,000 shares worth $468M.
By sector, the portfolio is most concentrated in Technology at 38% of assets, down from 55% a quarter earlier, followed by Communication Services and Healthcare.
On the sell side, the largest reduction was Salesforce, an estimated $282M trimmed.
- Jeffrey Smith's largest Q4 2024 buy was Kenvue: 21,914,000 shares worth $468M.
- Jeffrey Smith added most to Match Group in Q4 2024, an estimated $175M increase.
- Jeffrey Smith's biggest Q4 2024 reduction was Salesforce, cutting an estimated $282M.
- Jeffrey Smith fully exited iShares Russell 2000 Value ETF in Q4 2024, selling an estimated $226M.
- Jeffrey Smith's ten largest holdings make up 71% of its $5.53B portfolio in Q4 2024.
- Jeffrey Smith opened 5 new positions and closed 3 in Q4 2024.
- Jeffrey Smith's portfolio value rose 18% quarter-over-quarter to $5.53B.
Based on Starboard Value's 13F filing for Q4 2024, filed 14 Feb 2025.