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 |
YHOO
Yahoo Inc
YHOO
|
+$290M |
| 2 |
Darden Restaurants
DRI
|
+$162M |
| 3 |
AOL
AOL INC COMMON STOCK
AOL
|
+$80M |
| 4 |
MCRL
MICREL INC
MCRL
|
+$53M |
| 5 |
Edgewell Personal Care
EPC
|
+$45.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TIBX
TIBCO SOFTWARE INC
TIBX
|
+$86.7M |
| 2 |
TQNT
TRIQUINT SEMICONDUCTOR INC
TQNT
|
+$61.8M |
| 3 |
CPWR
COMPUWARE CORP
CPWR
|
+$45.2M |
| 4 |
FDO
FAMILY DOLLAR STORES
FDO
|
+$29.5M |
| 5 |
Curtiss-Wright
CW
|
+$19.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 29.26% |
| 2 | Miscellaneous | 18.98% |
| 3 | Materials | 18.77% |
| 4 | Technology | 11.51% |
| 5 | Energy | 10.93% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Darden Restaurants
DRI
$26.1B
| $599M | 20.79% |
13,015,997
+3,825,863
| +42% | +$162M |
2013 Q4
3 quarters
|
|
2
PUT
iShares Russell 2000 ETF
IWM
$73.5B
| $415M | 14.4% |
3,793,800
| – | – |
2013 Q4
3 quarters
|
|
|
MWV
3
DELISTED
MEADWESTVACO CORP
MWV
| $383M | 13.29% |
9,350,000
| – | – |
2014 Q2
1 quarter
|
|
|
YHOO
4
DELISTED
Yahoo Inc
YHOO
| $315M | 10.93% |
+7,724,420
| New | +$290M |
2014 Q3
0 quarters
|
|
5
DELISTED
ODP
ODP
| $238M | 8.27% |
4,632,391
| – | – |
2013 Q2
5 quarters
|
|
6
Adeia
ADEA
$1.63B
| $126M | 4.38% |
17,955,000
| – | – |
2013 Q2
5 quarters
|
|
7
BWX Technologies
BWXT
$10.5B
| $90.7M | 3.15% |
4,578,450
-559,200
| -11% | -$12.1M |
2013 Q2
5 quarters
|
|
|
AOL
8
DELISTED
AOL INC COMMON STOCK
AOL
| $86.2M | 2.99% |
+1,918,000
| New | +$80M |
2014 Q3
0 quarters
|
|
|
MCRL
9
DELISTED
MICREL INC
MCRL
| $81.6M | 2.83% |
6,782,000
+4,532,000
| +201% | +$53M |
2014 Q2
1 quarter
|
|
|
IDTI
10
DELISTED
Integrated Device Technology I
IDTI
| $77.4M | 2.69% |
4,850,000
| – | – |
2013 Q2
5 quarters
|
|
11
DELISTED
WAUSAU PAPER CORP.
WPP
| $59.5M | 2.07% |
7,500,000
| – | – |
2013 Q2
5 quarters
|
|
12
DELISTED
Calgon Carbon Corp
CCC
| $48.9M | 1.7% |
2,525,000
| – | – |
2013 Q2
5 quarters
|
|
|
RLD
13
DELISTED
REALD INC COM STK
RLD
| $46.4M | 1.61% |
4,950,000
+1,400,000
| +39% | +$14.1M |
2014 Q1
2 quarters
|
|
|
14
Edgewell Personal Care
EPC
$1.32B
| $46.2M | 1.6% |
+505,875
| New | +$45.3M |
2014 Q3
0 quarters
|
|
|
15
Curtiss-Wright
CW
$16B
| $42.8M | 1.49% |
650,000
-295,000
| -31% | -$19.8M |
2013 Q3
4 quarters
|
|
16
Quantum Corp
QMCO
$540M
| $29.8M | 1.03% |
160,594
| – | – |
2013 Q2
5 quarters
|
|
17
LSB Industries
LXU
$766M
| $26.8M | 0.93% |
975,000
-182,000
| -16% | -$5.42M |
2013 Q4
3 quarters
|
|
|
FDO
18
DELISTED
FAMILY DOLLAR STORES
FDO
| $23.2M | 0.8% |
300,000
-400,000
| -57% | -$29.5M |
2014 Q2
1 quarter
|
|
|
KRA
19
DELISTED
Kraton Corporation
KRA
| $22.6M | 0.79% |
+1,270,000
| New | +$25.8M |
2014 Q3
0 quarters
|
|
20
Great Elm Group
GEG
$65.4M
| $19.9M | 0.69% |
892,024
| – | – |
2013 Q2
5 quarters
|
|
21
DELISTED
The Aaron's Company Inc Class A
AAN.A
| $19.5M | 0.68% |
+800,000
| New | +$19.5M |
2014 Q3
0 quarters
|
|
|
DSPG
22
DELISTED
DSP Group Inc
DSPG
| $11.9M | 0.41% |
1,346,500
-293,500
| -18% | -$2.6M |
2013 Q2
5 quarters
|
|
|
ISSI
23
DELISTED
INTEGRATED SILICON SOLUTN INC
ISSI
| $11.7M | 0.41% |
+850,000
| New | +$12.6M |
2014 Q3
0 quarters
|
|
24
Dollar General
DG
$30.4B
| $9.17M | 0.32% |
+150,000
| New | +$8.98M |
2014 Q3
0 quarters
|
|
|
XOXO
25
DELISTED
Xo Group Inc
XOXO
| $5.94M | 0.21% |
530,000
+20,000
| +4% | +$236K |
2014 Q2
1 quarter
|
|
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Starboard Value's Q3 2014 Portfolio in Review
As of Q3 2014, Starboard Value held 36 positions worth $2.88B, up 13% from $2.55B the previous quarter. Its ten largest holdings account for 84% of the portfolio.
Starboard Value deployed $394M of net new capital in Q3 2014, opening 8 new positions and adding to 5 existing holdings. Its largest new stake was Yahoo Inc: 7,724,420 shares worth $315M.
By sector, the portfolio is most concentrated in Consumer Discretionary at 29% of assets, up from 26% a quarter earlier, followed by Miscellaneous and Materials.
On the sell side, the largest reduction was FAMILY DOLLAR STORES, an estimated $29.5M trimmed.
- Starboard Value's largest Q3 2014 buy was Yahoo Inc: 7,724,420 shares worth $315M.
- Starboard Value added most to Darden Restaurants in Q3 2014, an estimated $162M increase.
- Starboard Value's biggest Q3 2014 reduction was FAMILY DOLLAR STORES, cutting an estimated $29.5M.
- Starboard Value fully exited TIBCO SOFTWARE INC in Q3 2014, selling an estimated $86.7M.
- Starboard Value's ten largest holdings make up 84% of its $2.88B portfolio in Q3 2014.
- Starboard Value opened 8 new positions and closed 7 in Q3 2014.
- Starboard Value's portfolio value rose 13% quarter-over-quarter to $2.88B.
Based on Starboard Value's 13F filing for Q3 2014, filed 14 Nov 2014.