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 |
Insperity
NSP
|
+$103M |
| 2 |
Brink's
BCO
|
+$53.3M |
| 3 |
Somnigroup International
SGI
|
+$37.4M |
| 4 |
Bank of New York Mellon
BNY
|
+$29.2M |
| 5 |
ISSI
INTEGRATED SILICON SOLUTN INC
ISSI
|
+$6.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Staples Inc
SPLS
|
+$93.7M |
| 2 |
FDO
FAMILY DOLLAR STORES
FDO
|
+$47.5M |
| 3 |
Clean Harbors
CLH
|
+$46.6M |
| 4 |
Adeia
ADEA
|
+$44.5M |
| 5 |
YHOO
Yahoo Inc
YHOO
|
+$40.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 36.59% |
| 2 | Consumer Discretionary | 29.92% |
| 3 | Materials | 13.51% |
| 4 | Industrials | 8.47% |
| 5 | Energy | 6.31% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
PUT
iShares Russell 2000 ETF
IWM
$76.4B
| $1.26B | 26.31% |
10,170,000
+3,400,000
| +50% | +$410M |
2013 Q4
5 quarters
|
|
2
Darden Restaurants
DRI
$25.9B
| $807M | 16.78% |
13,015,997
| – | – |
2013 Q4
5 quarters
|
|
|
MWV
3
DELISTED
MEADWESTVACO CORP
MWV
| $503M | 10.47% |
10,093,836
| – | – |
2014 Q2
3 quarters
|
|
4
DELISTED
ODP
ODP
| $407M | 8.46% |
4,421,231
| – | – |
2013 Q2
7 quarters
|
|
|
YHOO
5
DELISTED
Yahoo Inc
YHOO
| $303M | 6.31% |
6,824,420
-900,000
| -12% | -$40.7M |
2014 Q3
2 quarters
|
|
|
6
CALL
DELISTED
Staples Inc
SPLS
| $232M | 4.82% |
14,225,000
-2,300,000
| -14% | -$38.6M |
2014 Q4
1 quarter
|
|
|
7
Insperity
NSP
$1.92B
| $174M | 3.63% |
6,671,952
+4,401,952
| +194% | +$103M |
2014 Q4
1 quarter
|
|
|
8
DELISTED
Staples Inc
SPLS
| $167M | 3.47% |
10,256,811
-5,579,763
| -35% | -$93.7M |
2014 Q4
1 quarter
|
|
9
BWX Technologies
BWXT
$11.3B
| $108M | 2.25% |
4,718,250
-733,950
| -13% | -$15.4M |
2013 Q2
7 quarters
|
|
|
10
Adeia
ADEA
$1.79B
| $105M | 2.18% |
9,828,000
-4,347,000
| -31% | -$44.5M |
2013 Q2
7 quarters
|
|
|
MCRL
11
DELISTED
MICREL INC
MCRL
| $102M | 2.13% |
6,782,000
| – | – |
2014 Q2
3 quarters
|
|
|
12
CALL
DELISTED
ODP
ODP
| $74.5M | 1.55% |
810,000
| – | – |
2014 Q4
1 quarter
|
|
13
DELISTED
WAUSAU PAPER CORP.
WPP
| $71.5M | 1.49% |
7,500,000
| – | – |
2013 Q2
7 quarters
|
|
14
LSB Industries
LXU
$823M
| $71.3M | 1.48% |
2,242,500
| – | – |
2013 Q4
5 quarters
|
|
|
RLD
15
DELISTED
REALD INC COM STK
RLD
| $63.3M | 1.32% |
4,950,000
| – | – |
2014 Q1
4 quarters
|
|
|
16
Brink's
BCO
$4.81B
| $57.3M | 1.19% |
+2,075,000
| New | +$53.3M |
2015 Q1
0 quarters
|
|
|
ISSI
17
DELISTED
INTEGRATED SILICON SOLUTN INC
ISSI
| $49.6M | 1.03% |
2,774,150
+375,000
| +16% | +$6.3M |
2014 Q3
2 quarters
|
|
18
Quantum Corp
QMCO
$607M
| $41.1M | 0.86% |
160,594
| – | – |
2013 Q2
7 quarters
|
|
|
19
Somnigroup International
SGI
$14B
| $39M | 0.81% |
+2,700,000
| New | +$37.4M |
2015 Q1
0 quarters
|
|
20
Curtiss-Wright
CW
$17.1B
| $36.2M | 0.75% |
490,000
-115,000
| -19% | -$8.04M |
2013 Q3
6 quarters
|
|
|
21
Bank of New York Mellon
BNY
$103B
| $30.2M | 0.63% |
+750,000
| New | +$29.2M |
2015 Q1
0 quarters
|
|
|
22
Clean Harbors
CLH
$15.5B
| $25.6M | 0.53% |
450,000
-900,000
| -67% | -$46.6M |
2014 Q4
1 quarter
|
|
23
Alibaba
BABA
$235B
| $18.7M | 0.39% |
225,000
-175,000
| -44% | -$15.8M |
2014 Q4
1 quarter
|
|
24
Great Elm Group
GEG
$66.6M
| $6.12M | 0.13% |
892,024
| – | – |
2013 Q2
7 quarters
|
|
25
Titan International
TWI
$329M
| $5.15M | 0.11% |
550,000
| – | – |
2014 Q3
2 quarters
|
|
Similar funds
Starboard Value's Q1 2015 Portfolio in Review
As of Q1 2015, Starboard Value held 33 positions worth $4.81B, up 9% from $4.41B the previous quarter. Its ten largest holdings account for 85% of the portfolio.
Starboard Value withdrew a net $236M in Q1 2015, closing 5 positions and reducing 10 holdings. Its most notable exit was FAMILY DOLLAR STORES, an estimated $47.5M position sold in full.
By sector, the portfolio is most concentrated in Miscellaneous at 37% of assets, up from 31% a quarter earlier, followed by Consumer Discretionary and Materials.
Against the trend, Starboard Value opened a new position in Brink's worth $57.3M.
- Starboard Value's largest Q1 2015 buy was Brink's: 2,075,000 shares worth $57.3M.
- Starboard Value added most to Insperity in Q1 2015, an estimated $103M increase.
- Starboard Value's biggest Q1 2015 reduction was Staples Inc, cutting an estimated $93.7M.
- Starboard Value fully exited FAMILY DOLLAR STORES in Q1 2015, selling an estimated $47.5M.
- Starboard Value's ten largest holdings make up 85% of its $4.81B portfolio in Q1 2015.
- Starboard Value opened 3 new positions and closed 5 in Q1 2015.
- Starboard Value's portfolio value rose 9% quarter-over-quarter to $4.81B.
Based on Starboard Value's 13F filing for Q1 2015, filed 15 May 2015.