Starboard Value Portfolio holdings
Starboard Value is an activist hedge fund that took control of Olive Garden owner Darden Restaurants in 2014, replacing its entire board. Jeffrey Smith, the firm's chief executive and chief investment officer, founded Starboard in 2002 with Mark Mitchell inside Ramius Capital, and it went independent in 2011 after years as Cowen's hedge fund. Peter Feld joined in 2005 and, with Smith, controls the business. The firm targets US public companies it believes are deeply undervalued, and prefers to work with their management and boards on a new strategic plan, moving more forcefully if management refuses to act. Other targets have included Smithfield Foods, Yahoo and Macy's, and pension funds, government entities and other institutional investors hold accounts it manages directly.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
ODP
ODP
|
+$169M |
| 2 |
CPWR
COMPUWARE CORP
CPWR
|
+$108M |
| 3 |
IDTI
Integrated Device Technology I
IDTI
|
+$96M |
| 4 |
Calgon Carbon Corp
CCC
|
+$92.7M |
| 5 |
Adeia
ADEA
|
+$82M |
Top Sells
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 34.96% |
| 2 | Technology | 30.65% |
| 3 | Materials | 13.51% |
| 4 | Consumer Discretionary | 12.49% |
| 5 | Consumer Staples | 4.31% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
CALL
DELISTED
SMITHFIELD FOODS,INC
SFD
| $199M | 13.91% |
+6,079,800
| New | +$172M |
2013 Q2
0 quarters
|
|
|
2
DELISTED
ODP
ODP
| $163M | 11.38% |
+4,210,000
| New | +$169M |
2013 Q2
0 quarters
|
|
|
IDTI
3
DELISTED
Integrated Device Technology I
IDTI
| $99.2M | 6.93% |
+12,500,000
| New | +$96M |
2013 Q2
0 quarters
|
|
|
CPWR
4
DELISTED
COMPUWARE CORP
CPWR
| $98.2M | 6.86% |
+9,889,500
| New | +$108M |
2013 Q2
0 quarters
|
|
|
5
DELISTED
Calgon Carbon Corp
CCC
| $89.5M | 6.25% |
+5,365,000
| New | +$92.7M |
2013 Q2
0 quarters
|
|
|
TQNT
6
DELISTED
TRIQUINT SEMICONDUCTOR INC
TQNT
| $88.4M | 6.18% |
+12,760,000
| New | +$77.3M |
2013 Q2
0 quarters
|
|
7
DELISTED
WAUSAU PAPER CORP.
WPP
| $85.5M | 5.97% |
+7,500,000
| New | +$81.3M |
2013 Q2
0 quarters
|
|
|
8
Adeia
ADEA
$1.71B
| $84.8M | 5.92% |
+15,403,500
| New | +$82M |
2013 Q2
0 quarters
|
|
9
NVIDIA
NVDA
$4.51T
| $61.8M | 4.32% |
+176,000,000
| New | +$60.8M |
2013 Q2
0 quarters
|
|
|
10
DELISTED
SMITHFIELD FOODS,INC
SFD
| $61.7M | 4.31% |
+1,882,500
| New | +$53.3M |
2013 Q2
0 quarters
|
|
11
Progress Software
PRGS
$1.78B
| $48.5M | 3.39% |
+2,109,183
| New | +$47.6M |
2013 Q2
0 quarters
|
|
12
iShares Russell 2000 ETF
IWM
$74.2B
| $44.1M | 3.08% |
+455,000
| New | +$43.5M |
2013 Q2
0 quarters
|
|
13
Quantum Corp
QMCO
$570M
| $35.2M | 2.46% |
+160,594
| New | +$35.9M |
2013 Q2
0 quarters
|
|
|
ELX
14
DELISTED
EMULEX CORP
ELX
| $33.9M | 2.37% |
+5,205,271
| New | +$32.7M |
2013 Q2
0 quarters
|
|
|
SEAC
15
DELISTED
Seachange International Inc
SEAC
| $30.1M | 2.1% |
+128,660
| New | +$28.6M |
2013 Q2
0 quarters
|
|
16
BWX Technologies
BWXT
$11B
| $28.5M | 1.99% |
+1,324,988
| New | +$26.9M |
2013 Q2
0 quarters
|
|
17
Extreme Networks
EXTR
$3.15B
| $26.8M | 1.87% |
+7,786,000
| New | +$26M |
2013 Q2
0 quarters
|
|
|
DSPG
18
DELISTED
DSP Group Inc
DSPG
| $18.5M | 1.29% |
+2,222,079
| New | +$17.7M |
2013 Q2
0 quarters
|
|
|
FOE
19
DELISTED
Ferro Corporation
FOE
| $18.4M | 1.29% |
+2,650,000
| New | +$18.4M |
2013 Q2
0 quarters
|
|
20
Great Elm Group
GEG
$65.3M
| $16.5M | 1.15% |
+709,417
| New | +$16.8M |
2013 Q2
0 quarters
|
|
21
Regis Corp
RGS
$60.6M
| $15.9M | 1.11% |
+48,530
| New | +$17.4M |
2013 Q2
0 quarters
|
|
|
KEG
22
DELISTED
KEY ENERGY SERVICES INC
KEG
| $13.4M | 0.94% |
+2,250,000
| New | +$13.4M |
2013 Q2
0 quarters
|
|
23
iShares Russell 2000 Value ETF
IWN
$13.7B
| $6.86M | 0.48% |
+79,899
| New | +$6.77M |
2013 Q2
0 quarters
|
|
|
UTIW
24
DELISTED
UTI WORLDWIDE INC
UTIW
| $5.76M | 0.4% |
+350,000
| New | +$5.3M |
2013 Q2
0 quarters
|
|
Similar funds
Starboard Value's Q2 2013 Portfolio in Review
Q2 2013 is the first quarter with a 13F filing on record for Starboard Value, which disclosed 25 positions worth $1.43B. Its ten largest holdings account for 72% of the portfolio.
Its largest position is ODP: 4,210,000 shares worth $163M.
By sector, the portfolio is most concentrated in Miscellaneous at 35% of assets, followed by Technology and Materials.
- Starboard Value's largest Q2 2013 buy was ODP: 4,210,000 shares worth $163M.
- Starboard Value's ten largest holdings make up 72% of its $1.43B portfolio in Q2 2013.
- Starboard Value disclosed 25 positions in Q2 2013, its first 13F filing on record.
Based on Starboard Value's 13F filing for Q2 2013, filed 8 Aug 2013.