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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
+2.62%
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
$1.83B
AUM Growth
-$190M
Cap. Flow
-$292M
Cap. Flow %
-15.96%
Top 10 Hldgs %
77.82%
Holding
27
New
3
Increased
5
Reduced
10
Closed
3

Top Buys

Rank Stock Value
1
AAN.A
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
ODP
+$13.8M
5
LXU icon
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
CCC
Calgon Carbon Corp
CCC
+$23.5M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 30.84%
2 Industrials 10.69%
3 Technology 8.63%
4 Materials 7.51%
5 Real Estate 1.38%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
DRI icon
1
Darden Restaurants
DRI
$24.3B
$368M 20.14%
8,110,527
– –
IWM icon
2
PUT
iShares Russell 2000 ETF
IWM
$79.2B
$307M 16.8%
2,640,000
– –
ODP
3
DELISTED
ODP
ODP
$191M 10.47%
4,632,391
+287,391
+7% +$13.8M
ADEA icon
4
Adeia
ADEA
$2.55B
$112M 6.14%
17,955,000
+189,000
+1% +$1.03M
WPP
5
DELISTED
WAUSAU PAPER CORP.
WPP
$95.5M 5.22%
7,500,000
– –
CCC
6
DELISTED
Calgon Carbon Corp
CCC
$79.1M 4.33%
3,625,000
-1,150,000
-24% -$23.5M
IDTI
7
DELISTED
Integrated Device Technology I
IDTI
$73.4M 4.01%
6,000,000
-5,534,557
-48% -$62.7M
AAN.A
8
DELISTED
The Aaron's Company Inc Class A
AAN.A
$69.6M 3.81%
+2,300,000
New +$69.6M
BWXT icon
9
BWX Technologies
BWXT
$14.4B
$66.4M 3.63%
2,796,000
-559,200
-17% -$13.5M
TQNT
10
DELISTED
TRIQUINT SEMICONDUCTOR INC
TQNT
$59.7M 3.27%
4,461,478
-8,245,522
-65% -$85.7M
CW icon
11
Curtiss-Wright
CW
$25.1B
$59.4M 3.25%
935,000
-225,000
-19% -$14.2M
CPWR
12
DELISTED
COMPUWARE CORP
CPWR
$51.5M 2.82%
5,100,900
-3,227,100
-39% -$32.6M
LXU icon
13
LSB Industries
LXU
$824M
$41.7M 2.28%
1,449,500
+344,500
+31% +$9.28M
QMCO icon
14
Quantum Corp
QMCO
$411M
$31.3M 1.72%
160,594
– –
PLCM
15
DELISTED
POLYCOM INC
PLCM
$30.9M 1.69%
2,250,000
-4,400,000
-66% -$55.2M
RLD
16
DELISTED
REALD INC COM STK
RLD
$25.1M 1.38%
+2,250,000
New +$22.5M
RFMD
17
DELISTED
RF MICRO DEVICES INC
RFMD
$22.1M 1.21%
+2,803,741
New +$17.3M
GEG icon
18
Great Elm Group
GEG
$68.7M
$20.5M 1.12%
787,857
+25,000
+3% +$465K
DSPG
19
DELISTED
DSP Group Inc
DSPG
$14.2M 0.78%
1,640,000
-260,000
-14% -$2.36M
ENTR
20
DELISTED
ENTROPIC COMMUNICATIONS INC COM STK (DE)
ENTR
$12.1M 0.66%
2,950,000
+325,000
+12% +$1.41M
IWM icon
21
iShares Russell 2000 ETF
IWM
$79.2B
$10.1M 0.55%
87,000
-133,000
-60% -$15.3M
RGS icon
22
Regis Corp
RGS
$68.2M
$4.39M 0.24%
16,030
-32,500
-67% -$8.9M
NVDA icon
23
NVIDIA
NVDA
$4.61T
– –
-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

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SCM
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LNWTC
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SCM
Smead Capital Management Phoenix, Arizona $4.6B AUM 27.56% 1-Year Est. Return
AG
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ANTB
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DWM
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LPPI
Local Pensions Partnership Investment London, United Kingdom $4.63B AUM 13.51% 1-Year Est. Return
DK
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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 $292M 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 Consumer Discretionary at 31% of assets, down from 32% a quarter earlier, followed by Industrials 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.