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Starboard Value Portfolio holdings

AUM $4.57B
1-Year Est. Return 4.97%
This Fund
S&P 500
This Quarter Est. Return
+8.68%
1 Year Est. Return
+4.97%
3 Year Est. Return
+42.2%
5 Year Est. Return
+68.31%
10 Year Est. Return
+364.91%
AUM
$2.02B
AUM Growth
+$773M
Cap. Flow
+$594M
Cap. Flow %
29.45%
Top 10 Hldgs %
79.77%
Holding
29
New
3
Increased
5
Reduced
8
Closed
5

Top Buys

Rank Stock Value
1
DRI icon
Darden Restaurants
DRI
+$375M
2
BWXT icon
BWX Technologies
BWXT
+$51.6M
3
PLCM
POLYCOM INC
PLCM
+$41M
4
CW icon
Curtiss-Wright
CW
+$39.4M
5
TQNT
TRIQUINT SEMICONDUCTOR INC
TQNT
+$35.4M

Top Sells

Rank Stock Value
1
ELX
EMULEX CORP
ELX
+$44.7M
2
NVDA icon
NVIDIA
NVDA
+$42.6M
3
IWM icon
iShares Russell 2000 ETF
IWM
+$28.2M
4
SEAC
Seachange International Inc
SEAC
+$25.3M
5
IWN icon
iShares Russell 2000 Value ETF
IWN
+$22.4M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 31.62%
2 Technology 8.39%
3 Industrials 7.64%
4 Materials 6.44%
5 Financials 0.63%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
DRI icon
1
Darden Restaurants
DRI
$24.2B
$394M 19.53%
+8,110,527
New +$375M
IWM icon
2
PUT
iShares Russell 2000 ETF
IWM
$79.4B
$305M 15.09%
+2,640,000
New +$292M
ODP
3
DELISTED
ODP
ODP
$230M 11.39%
4,345,000
+135,000
+3% +$7.15M
IDTI
4
DELISTED
Integrated Device Technology I
IDTI
$117M 5.82%
11,534,557
-965,443
-8% -$9.61M
TQNT
5
DELISTED
TRIQUINT SEMICONDUCTOR INC
TQNT
$106M 5.25%
12,707,000
+4,437,000
+54% +$35.4M
CCC
6
DELISTED
Calgon Carbon Corp
CCC
$98.2M 4.87%
4,775,000
-150,000
-3% -$2.99M
WPP
7
DELISTED
WAUSAU PAPER CORP.
WPP
$95.1M 4.71%
7,500,000
– –
ADEA icon
8
Adeia
ADEA
$2.59B
$92.6M 4.59%
17,766,000
– –
CPWR
9
DELISTED
COMPUWARE CORP
CPWR
$89.7M 4.44%
8,328,000
-1,301,250
-14% -$13.6M
BWXT icon
10
BWX Technologies
BWXT
$14.7B
$82.1M 4.07%
3,355,200
+2,201,850
+191% +$51.6M
PLCM
11
DELISTED
POLYCOM INC
PLCM
$74.7M 3.7%
6,650,000
+3,800,000
+133% +$41M
CW icon
12
Curtiss-Wright
CW
$25.2B
$72.2M 3.58%
1,160,000
+760,000
+190% +$39.4M
LXU icon
13
LSB Industries
LXU
$834M
$34.9M 1.73%
+1,105,000
New +$28.6M
QMCO icon
14
Quantum Corp
QMCO
$446M
$30.8M 1.53%
160,594
– –
IWM icon
15
iShares Russell 2000 ETF
IWM
$79.4B
$25.4M 1.26%
220,000
-255,000
-54% -$28.2M
NVDA icon
16
NVIDIA
NVDA
$4.66T
$20M 0.99%
50,000,000
-110,000,000
-69% -$42.6M
DSPG
17
DELISTED
DSP Group Inc
DSPG
$18.4M 0.91%
1,900,000
-265,000
-12% -$2.16M
RGS icon
18
Regis Corp
RGS
$67.5M
$14.1M 0.7%
48,530
– –
GEG icon
19
Great Elm Group
GEG
$67.7M
$12.6M 0.63%
762,857
– –
ENTR
20
DELISTED
ENTROPIC COMMUNICATIONS INC COM STK (DE)
ENTR
$12.3M 0.61%
2,625,000
-750,000
-22% -$3.42M
ELX
21
DELISTED
EMULEX CORP
ELX
$7.34M 0.36%
1,025,000
-6,025,000
-85% -$44.7M
ELX
22
CALL
DELISTED
EMULEX CORP
ELX
$1.79M 0.09%
250,000
– –
EXTR icon
23
Extreme Networks
EXTR
$3.86B
– –
-1,166,000
Closed -$6.09M
IWN icon
24
iShares Russell 2000 Value ETF
IWN
$14.4B
– –
-244,899
Closed -$22.4M
PRGS icon
25
Progress Software
PRGS
$1.74B
– –
-250,000
Closed -$6.46M
1
2

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ANTB
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Starboard Value's Q4 2013 Portfolio in Review

As of Q4 2013, Starboard Value held 29 positions worth $2.02B, up 62% from $1.24B the previous quarter. Its ten largest holdings account for 80% of the portfolio.

Starboard Value deployed $594M of net new capital in Q4 2013, opening 3 new positions and adding to 5 existing holdings. Its largest new stake was Darden Restaurants: 8,110,527 shares worth $394M.

By sector, the portfolio is most concentrated in Consumer Discretionary at 32% of assets, up from 17% a quarter earlier, followed by Technology and Industrials.

On the sell side, the largest reduction was EMULEX CORP, an estimated $44.7M trimmed.

  • Starboard Value's largest Q4 2013 buy was Darden Restaurants: 8,110,527 shares worth $394M.
  • Starboard Value added most to BWX Technologies in Q4 2013, an estimated $51.6M increase.
  • Starboard Value's biggest Q4 2013 reduction was EMULEX CORP, cutting an estimated $44.7M.
  • Starboard Value fully exited Seachange International Inc in Q4 2013, selling an estimated $25.3M.
  • Starboard Value's ten largest holdings make up 80% of its $2.02B portfolio in Q4 2013.
  • Starboard Value opened 3 new positions and closed 5 in Q4 2013.
  • Starboard Value's portfolio value rose 62% quarter-over-quarter to $2.02B.

Based on Starboard Value's 13F filing for Q4 2013, filed 12 Feb 2014.