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 |
Staples Inc
SPLS
|
+$221M |
| 2 |
Clean Harbors
CLH
|
+$65.8M |
| 3 |
Alibaba
BABA
|
+$41.1M |
| 4 |
Insperity
NSP
|
+$35.8M |
| 5 |
LSB Industries
LXU
|
+$32.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
AOL
AOL INC COMMON STOCK
AOL
|
+$74.5M |
| 2 |
IDTI
Integrated Device Technology I
IDTI
|
+$50.8M |
| 3 |
Adeia
ADEA
|
+$31.2M |
| 4 |
Edgewell Personal Care
EPC
|
+$23M |
| 5 |
KRA
Kraton Corporation
KRA
|
+$22.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 31.51% |
| 2 | Miscellaneous | 30.72% |
| 3 | Materials | 14.23% |
| 4 | Energy | 8.84% |
| 5 | Industrials | 6.12% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
PUT
iShares Russell 2000 ETF
IWM
$77.3B
| $810M | 18.36% |
6,770,000
+2,976,200
| +78% | +$340M |
2013 Q4
4 quarters
|
|
2
Darden Restaurants
DRI
$25.8B
| $682M | 15.46% |
13,015,997
| – | – |
2013 Q4
4 quarters
|
|
|
MWV
3
DELISTED
MEADWESTVACO CORP
MWV
| $448M | 10.16% |
10,093,836
+743,836
| +8% | +$32.2M |
2014 Q2
2 quarters
|
|
|
YHOO
4
DELISTED
Yahoo Inc
YHOO
| $390M | 8.84% |
7,724,420
| – | – |
2014 Q3
1 quarter
|
|
5
DELISTED
ODP
ODP
| $379M | 8.59% |
4,421,231
-211,160
| -5% | -$13.4M |
2013 Q2
6 quarters
|
|
|
6
CALL
DELISTED
Staples Inc
SPLS
| $299M | 6.79% |
+16,525,000
| New | +$231M |
2014 Q4
0 quarters
|
|
|
7
DELISTED
Staples Inc
SPLS
| $287M | 6.51% |
+15,836,574
| New | +$221M |
2014 Q4
0 quarters
|
|
|
8
Adeia
ADEA
$1.84B
| $134M | 3.04% |
14,175,000
-3,780,000
| -21% | -$31.2M |
2013 Q2
6 quarters
|
|
9
BWX Technologies
BWXT
$11.4B
| $118M | 2.68% |
5,452,200
+873,750
| +19% | +$18.3M |
2013 Q2
6 quarters
|
|
|
MCRL
10
DELISTED
MICREL INC
MCRL
| $98.4M | 2.23% |
6,782,000
| – | – |
2014 Q2
2 quarters
|
|
11
DELISTED
WAUSAU PAPER CORP.
WPP
| $85.3M | 1.93% |
7,500,000
| – | – |
2013 Q2
6 quarters
|
|
|
12
CALL
DELISTED
ODP
ODP
| $69.5M | 1.57% |
+810,000
| New | +$51.5M |
2014 Q4
0 quarters
|
|
|
13
Clean Harbors
CLH
$15.5B
| $64.9M | 1.47% |
+1,350,000
| New | +$65.8M |
2014 Q4
0 quarters
|
|
|
RLD
14
DELISTED
REALD INC COM STK
RLD
| $58.4M | 1.32% |
4,950,000
| – | – |
2014 Q1
3 quarters
|
|
|
15
LSB Industries
LXU
$840M
| $54.2M | 1.23% |
2,242,500
+1,267,500
| +130% | +$32.4M |
2013 Q4
4 quarters
|
|
|
FDO
16
DELISTED
FAMILY DOLLAR STORES
FDO
| $47.5M | 1.08% |
600,000
+300,000
| +100% | +$23.5M |
2014 Q2
2 quarters
|
|
17
Quantum Corp
QMCO
$658M
| $45.2M | 1.03% |
160,594
| – | – |
2013 Q2
6 quarters
|
|
18
Curtiss-Wright
CW
$17.3B
| $42.7M | 0.97% |
605,000
-45,000
| -7% | -$3.1M |
2013 Q3
5 quarters
|
|
|
19
Alibaba
BABA
$235B
| $41.6M | 0.94% |
+400,000
| New | +$41.1M |
2014 Q4
0 quarters
|
|
20
DELISTED
Calgon Carbon Corp
CCC
| $40.1M | 0.91% |
1,930,000
-595,000
| -24% | -$12.1M |
2013 Q2
6 quarters
|
|
|
ISSI
21
DELISTED
INTEGRATED SILICON SOLUTN INC
ISSI
| $39.8M | 0.9% |
2,399,150
+1,549,150
| +182% | +$22.2M |
2014 Q3
1 quarter
|
|
|
22
Insperity
NSP
$1.9B
| $38.5M | 0.87% |
+2,270,000
| New | +$35.8M |
2014 Q4
0 quarters
|
|
|
IDTI
23
DELISTED
Integrated Device Technology I
IDTI
| $37.2M | 0.84% |
1,900,000
-2,950,000
| -61% | -$50.8M |
2013 Q2
6 quarters
|
|
|
24
Edgewell Personal Care
EPC
$1.32B
| $24.4M | 0.55% |
256,310
-249,565
| -49% | -$23M |
2014 Q3
1 quarter
|
|
25
Great Elm Group
GEG
$66.6M
| $10.7M | 0.24% |
892,024
| – | – |
2013 Q2
6 quarters
|
|
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Starboard Value's Q4 2014 Portfolio in Review
As of Q4 2014, Starboard Value held 35 positions worth $4.41B, up 53% from $2.88B the previous quarter. Its ten largest holdings account for 83% of the portfolio.
Starboard Value deployed $184M of net new capital in Q4 2014, opening 6 new positions and adding to 7 existing holdings. Its largest new stake was Staples Inc: 15,836,574 shares worth $287M.
By sector, the portfolio is most concentrated in Consumer Discretionary at 32% of assets, up from 29% a quarter earlier, followed by Miscellaneous and Materials.
On the sell side, the largest reduction was AOL INC COMMON STOCK, an estimated $74.5M trimmed.
- Starboard Value's largest Q4 2014 buy was Staples Inc: 15,836,574 shares worth $287M.
- Starboard Value added most to LSB Industries in Q4 2014, an estimated $32.4M increase.
- Starboard Value's biggest Q4 2014 reduction was AOL INC COMMON STOCK, cutting an estimated $74.5M.
- Starboard Value fully exited Kraton Corporation in Q4 2014, selling an estimated $22.6M.
- Starboard Value's ten largest holdings make up 83% of its $4.41B portfolio in Q4 2014.
- Starboard Value opened 6 new positions and closed 5 in Q4 2014.
- Starboard Value's portfolio value rose 53% quarter-over-quarter to $4.41B.
Based on Starboard Value's 13F filing for Q4 2014, filed 17 Feb 2015.