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 |
PLCM
POLYCOM INC
PLCM
|
+$29.7M |
| 2 |
Curtiss-Wright
CW
|
+$17M |
| 3 |
iShares Russell 2000 Value ETF
IWN
|
+$14.9M |
| 4 |
ELX
EMULEX CORP
ELX
|
+$14.3M |
| 5 |
QLGC
QLOGIC CORP
QLGC
|
+$14.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
SMITHFIELD FOODS,INC
SFD
|
+$63M |
| 2 |
Progress Software
PRGS
|
+$46.7M |
| 3 |
TQNT
TRIQUINT SEMICONDUCTOR INC
TQNT
|
+$34.3M |
| 4 |
Extreme Networks
EXTR
|
+$26.9M |
| 5 |
FOE
Ferro Corporation
FOE
|
+$18.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 33.27% |
| 2 | Miscellaneous | 28.9% |
| 3 | Consumer Discretionary | 17.48% |
| 4 | Materials | 15.34% |
| 5 | Industrials | 3.74% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
DELISTED
ODP
ODP
| $203M | 16.33% |
4,210,000
| – | – |
2013 Q2
1 quarter
|
|
|
IDTI
2
DELISTED
Integrated Device Technology I
IDTI
| $118M | 9.46% |
12,500,000
| – | – |
2013 Q2
1 quarter
|
|
|
CPWR
3
DELISTED
COMPUWARE CORP
CPWR
| $104M | 8.31% |
9,629,250
-260,250
| -3% | -$2.74M |
2013 Q2
1 quarter
|
|
4
DELISTED
WAUSAU PAPER CORP.
WPP
| $97.4M | 7.83% |
7,500,000
| – | – |
2013 Q2
1 quarter
|
|
5
DELISTED
Calgon Carbon Corp
CCC
| $93.5M | 7.51% |
4,925,000
-440,000
| -8% | -$7.87M |
2013 Q2
1 quarter
|
|
6
Adeia
ADEA
$1.79B
| $90.9M | 7.3% |
17,766,000
+2,362,500
| +15% | +$12.5M |
2013 Q2
1 quarter
|
|
|
TQNT
7
DELISTED
TRIQUINT SEMICONDUCTOR INC
TQNT
| $67.2M | 5.39% |
8,270,000
-4,490,000
| -35% | -$34.3M |
2013 Q2
1 quarter
|
|
8
NVIDIA
NVDA
$3.93T
| $62.2M | 5% |
160,000,000
-16,000,000
| -9% | -$5.95M |
2013 Q2
1 quarter
|
|
|
ELX
9
DELISTED
EMULEX CORP
ELX
| $54.7M | 4.39% |
7,050,000
+1,844,729
| +35% | +$14.3M |
2013 Q2
1 quarter
|
|
10
iShares Russell 2000 ETF
IWM
$76.4B
| $50.6M | 4.07% |
475,000
+20,000
| +4% | +$2.07M |
2013 Q2
1 quarter
|
|
11
Quantum Corp
QMCO
$607M
| $35.5M | 2.85% |
160,594
| – | – |
2013 Q2
1 quarter
|
|
|
PLCM
12
DELISTED
POLYCOM INC
PLCM
| $31.1M | 2.5% |
+2,850,000
| New | +$29.7M |
2013 Q3
0 quarters
|
|
13
BWX Technologies
BWXT
$11.3B
| $27.8M | 2.23% |
1,153,350
-171,638
| -13% | -$3.89M |
2013 Q2
1 quarter
|
|
|
SEAC
14
DELISTED
Seachange International Inc
SEAC
| $25.3M | 2.03% |
110,250
-18,410
| -14% | -$4.24M |
2013 Q2
1 quarter
|
|
|
15
iShares Russell 2000 Value ETF
IWN
$14B
| $22.4M | 1.8% |
244,899
+165,000
| +207% | +$14.9M |
2013 Q2
1 quarter
|
|
|
16
Curtiss-Wright
CW
$17.1B
| $18.8M | 1.51% |
+400,000
| New | +$17M |
2013 Q3
0 quarters
|
|
17
Great Elm Group
GEG
$66.6M
| $15.8M | 1.27% |
762,857
+53,440
| +8% | +$1.19M |
2013 Q2
1 quarter
|
|
|
DSPG
18
DELISTED
DSP Group Inc
DSPG
| $15.3M | 1.23% |
2,165,000
-57,079
| -3% | -$423K |
2013 Q2
1 quarter
|
|
19
DELISTED
ENTROPIC COMMUNICATIONS INC COM STK (DE)
ENTR
| $14.7M | 1.18% |
+3,375,000
| New | +$14.1M |
2013 Q3
0 quarters
|
|
20
Regis Corp
RGS
$58.5M
| $14.2M | 1.14% |
48,530
| – | – |
2013 Q2
1 quarter
|
|
|
QLGC
21
DELISTED
QLOGIC CORP
QLGC
| $14.2M | 1.14% |
+1,300,000
| New | +$14.3M |
2013 Q3
0 quarters
|
|
|
22
Progress Software
PRGS
$1.79B
| $6.46M | 0.52% |
250,000
-1,859,183
| -88% | -$46.7M |
2013 Q2
1 quarter
|
|
|
23
Extreme Networks
EXTR
$3.51B
| $6.09M | 0.49% |
1,166,000
-6,620,000
| -85% | -$26.9M |
2013 Q2
1 quarter
|
|
|
ELX
24
CALL
DELISTED
EMULEX CORP
ELX
| $1.94M | 0.16% |
+250,000
| New | +$1.94M |
2013 Q3
0 quarters
|
|
|
FOE
25
DELISTED
Ferro Corporation
FOE
| – | – |
-2,650,000
| Closed | -$18.4M | – |
|
Similar funds
Starboard Value's Q3 2013 Portfolio in Review
As of Q3 2013, Starboard Value held 30 positions worth $1.24B, down 13% from $1.43B the previous quarter. Its ten largest holdings account for 76% of the portfolio.
Starboard Value withdrew a net $171M in Q3 2013, closing 5 positions and reducing 9 holdings. Its most notable exit was SMITHFIELD FOODS,INC, an estimated $63M position sold in full.
By sector, the portfolio is most concentrated in Technology at 33% of assets, up from 31% a quarter earlier, followed by Miscellaneous and Consumer Discretionary.
Against the trend, Starboard Value opened a new position in POLYCOM INC worth $31.1M.
- Starboard Value's largest Q3 2013 buy was POLYCOM INC: 2,850,000 shares worth $31.1M.
- Starboard Value added most to iShares Russell 2000 Value ETF in Q3 2013, an estimated $14.9M increase.
- Starboard Value's biggest Q3 2013 reduction was Progress Software, cutting an estimated $46.7M.
- Starboard Value fully exited SMITHFIELD FOODS,INC in Q3 2013, selling an estimated $63M.
- Starboard Value's ten largest holdings make up 76% of its $1.24B portfolio in Q3 2013.
- Starboard Value opened 5 new positions and closed 5 in Q3 2013.
- Starboard Value's portfolio value fell 13% quarter-over-quarter to $1.24B.
Based on Starboard Value's 13F filing for Q3 2013, filed 12 Nov 2013.