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 |
The Aaron's Company Inc Class A
AAN.A
|
+$69.6M |
| 2 |
RLD
REALD INC COM STK
RLD
|
+$22.5M |
| 3 |
RFMD
RF MICRO DEVICES INC
RFMD
|
+$17.3M |
| 4 |
ODP
ODP
|
+$13.8M |
| 5 |
LSB Industries
LXU
|
+$9.28M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TQNT
TRIQUINT SEMICONDUCTOR INC
TQNT
|
+$85.7M |
| 2 |
IDTI
Integrated Device Technology I
IDTI
|
+$62.7M |
| 3 |
PLCM
POLYCOM INC
PLCM
|
+$55.2M |
| 4 |
CPWR
COMPUWARE CORP
CPWR
|
+$32.6M |
| 5 |
Calgon Carbon Corp
CCC
|
+$23.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 31.49% |
| 2 | Consumer Discretionary | 30.84% |
| 3 | Technology | 12.65% |
| 4 | Materials | 11.84% |
| 5 | Industrials | 10.69% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Darden Restaurants
DRI
$25.9B
| $368M | 20.14% |
8,110,527
| – | – |
2013 Q4
1 quarter
|
|
2
PUT
iShares Russell 2000 ETF
IWM
$77.1B
| $307M | 16.8% |
2,640,000
| – | – |
2013 Q4
1 quarter
|
|
|
3
DELISTED
ODP
ODP
| $191M | 10.47% |
4,632,391
+287,391
| +7% | +$13.8M |
2013 Q2
3 quarters
|
|
4
Adeia
ADEA
$1.79B
| $112M | 6.14% |
17,955,000
+189,000
| +1% | +$1.03M |
2013 Q2
3 quarters
|
|
5
DELISTED
WAUSAU PAPER CORP.
WPP
| $95.5M | 5.22% |
7,500,000
| – | – |
2013 Q2
3 quarters
|
|
|
6
DELISTED
Calgon Carbon Corp
CCC
| $79.1M | 4.33% |
3,625,000
-1,150,000
| -24% | -$23.5M |
2013 Q2
3 quarters
|
|
|
IDTI
7
DELISTED
Integrated Device Technology I
IDTI
| $73.4M | 4.01% |
6,000,000
-5,534,557
| -48% | -$62.7M |
2013 Q2
3 quarters
|
|
|
8
DELISTED
The Aaron's Company Inc Class A
AAN.A
| $69.6M | 3.81% |
+2,300,000
| New | +$69.6M |
2014 Q1
0 quarters
|
|
9
BWX Technologies
BWXT
$11.3B
| $66.4M | 3.63% |
2,796,000
-559,200
| -17% | -$13.5M |
2013 Q2
3 quarters
|
|
|
TQNT
10
DELISTED
TRIQUINT SEMICONDUCTOR INC
TQNT
| $59.7M | 3.27% |
4,461,478
-8,245,522
| -65% | -$85.7M |
2013 Q2
3 quarters
|
|
11
Curtiss-Wright
CW
$17.1B
| $59.4M | 3.25% |
935,000
-225,000
| -19% | -$14.2M |
2013 Q3
2 quarters
|
|
|
CPWR
12
DELISTED
COMPUWARE CORP
CPWR
| $51.4M | 2.82% |
5,100,900
-3,227,100
| -39% | -$32.6M |
2013 Q2
3 quarters
|
|
|
13
LSB Industries
LXU
$823M
| $41.7M | 2.28% |
1,449,500
+344,500
| +31% | +$9.28M |
2013 Q4
1 quarter
|
|
14
Quantum Corp
QMCO
$607M
| $31.3M | 1.72% |
160,594
| – | – |
2013 Q2
3 quarters
|
|
|
PLCM
15
DELISTED
POLYCOM INC
PLCM
| $30.9M | 1.69% |
2,250,000
-4,400,000
| -66% | -$55.2M |
2013 Q3
2 quarters
|
|
|
RLD
16
DELISTED
REALD INC COM STK
RLD
| $25.1M | 1.38% |
+2,250,000
| New | +$22.5M |
2014 Q1
0 quarters
|
|
|
RFMD
17
DELISTED
RF MICRO DEVICES INC
RFMD
| $22.1M | 1.21% |
+2,803,741
| New | +$17.3M |
2014 Q1
0 quarters
|
|
18
Great Elm Group
GEG
$66.6M
| $20.5M | 1.12% |
787,857
+25,000
| +3% | +$465K |
2013 Q2
3 quarters
|
|
|
DSPG
19
DELISTED
DSP Group Inc
DSPG
| $14.2M | 0.78% |
1,640,000
-260,000
| -14% | -$2.36M |
2013 Q2
3 quarters
|
|
20
DELISTED
ENTROPIC COMMUNICATIONS INC COM STK (DE)
ENTR
| $12.1M | 0.66% |
2,950,000
+325,000
| +12% | +$1.41M |
2013 Q3
2 quarters
|
|
|
21
iShares Russell 2000 ETF
IWM
$77.1B
| $10.1M | 0.55% |
87,000
-133,000
| -60% | -$15.3M |
2013 Q2
3 quarters
|
|
22
Regis Corp
RGS
$58.5M
| $4.39M | 0.24% |
16,030
-32,500
| -67% | -$8.9M |
2013 Q2
3 quarters
|
|
23
NVIDIA
NVDA
$3.93T
| – | – |
-50,000,000
| Closed | -$20M | – |
|
|
ELX
24
CALL
DELISTED
EMULEX CORP
ELX
| – | – |
-250,000
| Closed | -$1.79M | – |
|
|
ELX
25
DELISTED
EMULEX CORP
ELX
| – | – |
-1,025,000
| Closed | -$7.34M | – |
|
Similar funds
Starboard Value's Q1 2014 Portfolio in Review
As of Q1 2014, Starboard Value held 27 positions worth $1.83B, down 9.4% from $2.02B the previous quarter. Its ten largest holdings account for 78% of the portfolio.
Starboard Value withdrew a net $290M in Q1 2014, closing 3 positions and reducing 10 holdings. Its most notable exit was NVIDIA, an estimated $20M position sold in full.
By sector, the portfolio is most concentrated in Miscellaneous at 31% of assets, down from 35% a quarter earlier, followed by Consumer Discretionary and Technology.
Against the trend, Starboard Value opened a new position in The Aaron's Company Inc Class A worth $69.6M.
- Starboard Value's largest Q1 2014 buy was The Aaron's Company Inc Class A: 2,300,000 shares worth $69.6M.
- Starboard Value added most to ODP in Q1 2014, an estimated $13.8M increase.
- Starboard Value's biggest Q1 2014 reduction was TRIQUINT SEMICONDUCTOR INC, cutting an estimated $85.7M.
- Starboard Value fully exited NVIDIA in Q1 2014, selling an estimated $20M.
- Starboard Value's ten largest holdings make up 78% of its $1.83B portfolio in Q1 2014.
- Starboard Value opened 3 new positions and closed 3 in Q1 2014.
- Starboard Value's portfolio value fell 9.4% quarter-over-quarter to $1.83B.
Based on Starboard Value's 13F filing for Q1 2014, filed 12 May 2014.