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 |
MWV
MEADWESTVACO CORP
MWV
|
+$379M |
| 2 |
TIBX
TIBCO SOFTWARE INC
TIBX
|
+$85.8M |
| 3 |
BWX Technologies
BWXT
|
+$55.6M |
| 4 |
Darden Restaurants
DRI
|
+$47.8M |
| 5 |
FDO
FAMILY DOLLAR STORES
FDO
|
+$42.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
The Aaron's Company Inc Class A
AAN.A
|
+$69.6M |
| 2 |
Calgon Carbon Corp
CCC
|
+$23.4M |
| 3 |
PLCM
POLYCOM INC
PLCM
|
+$22.2M |
| 4 |
RFMD
RF MICRO DEVICES INC
RFMD
|
+$22.1M |
| 5 |
IDTI
Integrated Device Technology I
IDTI
|
+$14.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 30.07% |
| 2 | Consumer Discretionary | 25.66% |
| 3 | Materials | 23.07% |
| 4 | Technology | 8.83% |
| 5 | Industrials | 7.11% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
PUT
iShares Russell 2000 ETF
IWM
$74.9B
| $451M | 17.67% |
3,793,800
+1,153,800
| +44% | +$131M |
2013 Q4
2 quarters
|
|
|
MWV
2
DELISTED
MEADWESTVACO CORP
MWV
| $414M | 16.23% |
+9,350,000
| New | +$379M |
2014 Q2
0 quarters
|
|
|
3
Darden Restaurants
DRI
$24.9B
| $380M | 14.9% |
9,190,134
+1,079,607
| +13% | +$47.8M |
2013 Q4
2 quarters
|
|
4
DELISTED
ODP
ODP
| $264M | 10.34% |
4,632,391
| – | – |
2013 Q2
4 quarters
|
|
|
5
BWX Technologies
BWXT
$12B
| $119M | 4.68% |
5,137,650
+2,341,650
| +84% | +$55.6M |
2013 Q2
4 quarters
|
|
6
Adeia
ADEA
$2.36B
| $105M | 4.11% |
17,955,000
| – | – |
2013 Q2
4 quarters
|
|
|
TIBX
7
DELISTED
TIBCO SOFTWARE INC
TIBX
| $86.7M | 3.4% |
+4,300,000
| New | +$85.8M |
2014 Q2
0 quarters
|
|
8
DELISTED
WAUSAU PAPER CORP.
WPP
| $81.2M | 3.18% |
7,500,000
| – | – |
2013 Q2
4 quarters
|
|
|
IDTI
9
DELISTED
Integrated Device Technology I
IDTI
| $75M | 2.94% |
4,850,000
-1,150,000
| -19% | -$14.8M |
2013 Q2
4 quarters
|
|
10
Curtiss-Wright
CW
$17.6B
| $62M | 2.43% |
945,000
+10,000
| +1% | +$656K |
2013 Q3
3 quarters
|
|
|
TQNT
11
DELISTED
TRIQUINT SEMICONDUCTOR INC
TQNT
| $61.8M | 2.42% |
3,911,478
-550,000
| -12% | -$8.15M |
2013 Q2
4 quarters
|
|
|
12
DELISTED
Calgon Carbon Corp
CCC
| $56.4M | 2.21% |
2,525,000
-1,100,000
| -30% | -$23.4M |
2013 Q2
4 quarters
|
|
|
FDO
13
DELISTED
FAMILY DOLLAR STORES
FDO
| $46.3M | 1.82% |
+700,000
| New | +$42.2M |
2014 Q2
0 quarters
|
|
|
RLD
14
DELISTED
REALD INC COM STK
RLD
| $45.3M | 1.78% |
3,550,000
+1,300,000
| +58% | +$15.1M |
2014 Q1
1 quarter
|
|
|
CPWR
15
DELISTED
COMPUWARE CORP
CPWR
| $45.2M | 1.77% |
4,710,525
-390,375
| -8% | -$3.81M |
2013 Q2
4 quarters
|
|
16
LSB Industries
LXU
$829M
| $37.1M | 1.45% |
1,157,000
-292,500
| -20% | -$8.71M |
2013 Q4
2 quarters
|
|
17
Quantum Corp
QMCO
$720M
| $31.3M | 1.23% |
160,594
| – | – |
2013 Q2
4 quarters
|
|
|
MCRL
18
DELISTED
MICREL INC
MCRL
| $25.4M | 1% |
+2,250,000
| New | +$24.3M |
2014 Q2
0 quarters
|
|
19
Great Elm Group
GEG
$63.9M
| $23.9M | 0.94% |
892,024
+104,167
| +13% | +$2.68M |
2013 Q2
4 quarters
|
|
|
DSPG
20
DELISTED
DSP Group Inc
DSPG
| $13.9M | 0.55% |
1,640,000
| – | – |
2013 Q2
4 quarters
|
|
21
DELISTED
Newfield Exploration
NFX
| $9.9M | 0.39% |
+225,000
| New | +$8.07M |
2014 Q2
0 quarters
|
|
22
DELISTED
ENTROPIC COMMUNICATIONS INC COM STK (DE)
ENTR
| $9.16M | 0.36% |
2,750,000
-200,000
| -7% | -$703K |
2013 Q3
3 quarters
|
|
|
AVP
23
DELISTED
Avon Products, Inc.
AVP
| $8.77M | 0.34% |
+600,000
| New | +$8.65M |
2014 Q2
0 quarters
|
|
|
PLCM
24
DELISTED
POLYCOM INC
PLCM
| $6.26M | 0.25% |
500,000
-1,750,000
| -78% | -$22.2M |
2013 Q3
3 quarters
|
|
|
XOXO
25
DELISTED
Xo Group Inc
XOXO
| $6.23M | 0.24% |
+510,000
| New | +$5.68M |
2014 Q2
0 quarters
|
|
Similar funds
Starboard Value's Q2 2014 Portfolio in Review
As of Q2 2014, Starboard Value held 31 positions worth $2.55B, up 40% from $1.83B the previous quarter. Its ten largest holdings account for 80% of the portfolio.
Starboard Value deployed $411M of net new capital in Q2 2014, opening 7 new positions and adding to 6 existing holdings. Its largest new stake was MEADWESTVACO CORP: 9,350,000 shares worth $414M.
By sector, the portfolio is most concentrated in Miscellaneous at 30% of assets, down from 31% a quarter earlier, followed by Consumer Discretionary and Materials.
On the sell side, the largest reduction was Calgon Carbon Corp, an estimated $23.4M trimmed.
- Starboard Value's largest Q2 2014 buy was MEADWESTVACO CORP: 9,350,000 shares worth $414M.
- Starboard Value added most to BWX Technologies in Q2 2014, an estimated $55.6M increase.
- Starboard Value's biggest Q2 2014 reduction was Calgon Carbon Corp, cutting an estimated $23.4M.
- Starboard Value fully exited The Aaron's Company Inc Class A in Q2 2014, selling an estimated $69.6M.
- Starboard Value's ten largest holdings make up 80% of its $2.55B portfolio in Q2 2014.
- Starboard Value opened 7 new positions and closed 2 in Q2 2014.
- Starboard Value's portfolio value rose 40% quarter-over-quarter to $2.55B.
Based on Starboard Value's 13F filing for Q2 2014, filed 14 Aug 2014.