Starboard Value’s Darden Restaurants DRI Stock Holding History

Starboard Value’s Portfolio DRI Stock Details DRI Fund Activity

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2016 Q3	–	Sell	-3,890,000	Closed	-$246M	–	26
2016 Q2	$246M	Sell	3,890,000 -2,725,000	-41%	-$178M	8.72%	4
2016 Q1	$439M	Sell	6,615,000 -5,020,000	-43%	-$318M	15.42%	2
2015 Q4	$740M	Sell	11,635,000 -1,380,997	-11%	-$80.2M	19.96%	2
2015 Q3	$797M	Hold	13,015,997	–	–	17.81%	2
2015 Q2	$827M	Hold	13,015,997	–	–	18.65%	2
2015 Q1	$807M	Hold	13,015,997	–	–	16.78%	2
2014 Q4	$682M	Hold	13,015,997	–	–	15.46%	2
2014 Q3	$599M	Buy	13,015,997 +3,825,863	+42%	+$162M	20.79%	1
2014 Q2	$380M	Buy	9,190,134 +1,079,607	+13%	+$47.8M	14.9%	3
2014 Q1	$368M	Hold	8,110,527	–	–	20.14%	1
2013 Q4	$394M	Buy	+8,110,527	New	+$375M	19.53%	1

Other funds holding DRI

Vanguard Group Malvern, Pennsylvania $6.9T AUM 27.45% 1-Year Est. Return

State Street Boston, Massachusetts $2.9T AUM 29.55% 1-Year Est. Return

Invesco Atlanta, Georgia $1.02T AUM 30.18% 1-Year Est. Return

BFA

BlackRock Fund Advisors San Francisco, California $542B AUM 18.13% 1-Year Est. Return

Bank of New York Mellon New York $544B AUM 28.31% 1-Year Est. Return

BIT

BlackRock Institutional Trust San Francisco, California $675B AUM 16.07% 1-Year Est. Return

ETC

Evercore Trust Company New York $34.6B AUM 25.41% 1-Year Est. Return

Ameriprise Minneapolis, Minnesota $432B AUM 30.22% 1-Year Est. Return

AQR Capital Management Greenwich, Connecticut $218B AUM 29.41% 1-Year Est. Return

Northern Trust Chicago, Illinois $757B AUM 28.64% 1-Year Est. Return

Starboard Value's DRI Position: Q3 2016 in Review

Starboard Value sold out of Darden Restaurants (DRI) in Q3 2016, closing a stake of 3,890,000 shares — an estimated $246M sold.

Starboard Value first reported a position in DRI in Q4 2013 and held it in 11 quarters. The position peaked at $827M in Q2 2015. 527 funds tracked by Wall St. Rank hold DRI as of Q3 2016.

Starboard Value reported no remaining Darden Restaurants position as of Q3 2016 after selling out during the quarter.
Starboard Value sold 3,890,000 Darden Restaurants shares in Q3 2016, an estimated $246M.
Starboard Value first reported a position in Darden Restaurants in Q4 2013 and held it in 11 quarters.
Starboard Value's Darden Restaurants position peaked at $827M in Q2 2015.
527 funds tracked by Wall St. Rank held Darden Restaurants as of Q3 2016.

Based on Starboard Value's 13F filing for Q3 2016, filed 14 Nov 2016.