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 |
Macy's
M
|
+$198M |
| 2 |
Brink's
BCO
|
+$67.3M |
| 3 |
Edgewell Personal Care
EPC
|
+$35.5M |
| 4 |
Alibaba
BABA
|
+$31.7M |
| 5 |
BDBD
BOULDER BRANDS INC
BDBD
|
+$26.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
YHOO
Yahoo Inc
YHOO
|
+$141M |
| 2 |
BWX Technologies
BWXT
|
+$61.8M |
| 3 |
MWV
MEADWESTVACO CORP
MWV
|
+$61.7M |
| 4 |
MCRL
MICREL INC
MCRL
|
+$43.6M |
| 5 |
ISSI
INTEGRATED SILICON SOLUTN INC
ISSI
|
+$38.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 35.87% |
| 2 | Miscellaneous | 33.49% |
| 3 | Materials | 12.35% |
| 4 | Industrials | 9.41% |
| 5 | Energy | 3.15% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
PUT
iShares Russell 2000 ETF
IWM
$74.9B
| $1.07B | 24.22% |
8,600,000
-1,570,000
| -15% | -$196M |
2013 Q4
6 quarters
|
|
2
Darden Restaurants
DRI
$24.9B
| $827M | 18.65% |
13,015,997
| – | – |
2013 Q4
6 quarters
|
|
|
MWV
3
DELISTED
MEADWESTVACO CORP
MWV
| $417M | 9.4% |
8,836,440
-1,257,396
| -12% | -$61.7M |
2014 Q2
4 quarters
|
|
4
DELISTED
ODP
ODP
| $377M | 8.51% |
4,355,361
-65,870
| -1% | -$6.06M |
2013 Q2
8 quarters
|
|
|
5
Macy's
M
$6.3B
| $197M | 4.45% |
+2,924,534
| New | +$198M |
2015 Q2
0 quarters
|
|
6
Insperity
NSP
$1.85B
| $170M | 3.83% |
6,671,952
| – | – |
2014 Q4
2 quarters
|
|
|
YHOO
7
DELISTED
Yahoo Inc
YHOO
| $139M | 3.15% |
3,549,604
-3,274,816
| -48% | -$141M |
2014 Q3
3 quarters
|
|
|
8
Brink's
BCO
$4.23B
| $127M | 2.85% |
4,299,400
+2,224,400
| +107% | +$67.3M |
2015 Q1
1 quarter
|
|
9
DELISTED
Staples Inc
SPLS
| $125M | 2.81% |
8,136,527
-2,120,284
| -21% | -$34.5M |
2014 Q4
2 quarters
|
|
|
10
CALL
DELISTED
Staples Inc
SPLS
| $122M | 2.76% |
8,000,000
-6,225,000
| -44% | -$101M |
2014 Q4
2 quarters
|
|
11
Adeia
ADEA
$2.36B
| $74.1M | 1.67% |
7,371,000
-2,457,000
| -25% | -$25.2M |
2013 Q2
8 quarters
|
|
|
12
CALL
DELISTED
ODP
ODP
| $70.1M | 1.58% |
810,000
| – | – |
2014 Q4
2 quarters
|
|
13
DELISTED
WAUSAU PAPER CORP.
WPP
| $68.8M | 1.55% |
7,500,000
| – | – |
2013 Q2
8 quarters
|
|
14
CALL
Humana
HUM
$49.8B
| $66.9M | 1.51% |
+350,000
| New | +$65M |
2015 Q2
0 quarters
|
|
15
LSB Industries
LXU
$829M
| $61.9M | 1.4% |
1,969,500
-273,000
| -12% | -$8.93M |
2013 Q4
6 quarters
|
|
|
RLD
16
DELISTED
REALD INC COM STK
RLD
| $61M | 1.38% |
4,950,000
| – | – |
2014 Q1
5 quarters
|
|
|
MCRL
17
DELISTED
MICREL INC
MCRL
| $51.3M | 1.16% |
3,689,432
-3,092,568
| -46% | -$43.6M |
2014 Q2
4 quarters
|
|
|
18
Alibaba
BABA
$244B
| $50M | 1.13% |
593,700
+368,700
| +164% | +$31.7M |
2014 Q4
2 quarters
|
|
|
19
BWX Technologies
BWXT
$12B
| $49M | 1.1% |
2,087,074
-2,631,176
| -56% | -$61.8M |
2013 Q2
8 quarters
|
|
20
Curtiss-Wright
CW
$17.6B
| $47.7M | 1.08% |
658,900
+168,900
| +34% | +$12.5M |
2013 Q3
7 quarters
|
|
|
21
Edgewell Personal Care
EPC
$1.32B
| $45.2M | 1.02% |
+343,900
| New | +$35.5M |
2015 Q2
0 quarters
|
|
22
Quantum Corp
QMCO
$720M
| $43.2M | 0.97% |
160,594
| – | – |
2013 Q2
8 quarters
|
|
23
Aecom
ACM
$8.15B
| $24.3M | 0.55% |
+734,200
| New | +$24.2M |
2015 Q2
0 quarters
|
|
|
BDBD
24
DELISTED
BOULDER BRANDS INC
BDBD
| $20.6M | 0.46% |
+2,964,100
| New | +$26.7M |
2015 Q2
0 quarters
|
|
|
ISSI
25
DELISTED
INTEGRATED SILICON SOLUTN INC
ISSI
| $18.3M | 0.41% |
827,441
-1,946,709
| -70% | -$38.5M |
2014 Q3
3 quarters
|
|
Similar funds
Starboard Value's Q2 2015 Portfolio in Review
As of Q2 2015, Starboard Value held 40 positions worth $4.43B, down 7.7% from $4.81B the previous quarter. Its ten largest holdings account for 81% of the portfolio.
Starboard Value's Q2 2015 filing shows 12 new, 3 increased, 14 reduced and 4 closed positions. Its largest new stake was Macy's: 2,924,534 shares worth $197M. The largest sale was Yahoo Inc, an estimated $141M.
By sector, the portfolio is most concentrated in Consumer Discretionary at 36% of assets, up from 30% a quarter earlier, followed by Miscellaneous and Materials.
- Starboard Value's largest Q2 2015 buy was Macy's: 2,924,534 shares worth $197M.
- Starboard Value added most to Brink's in Q2 2015, an estimated $67.3M increase.
- Starboard Value's biggest Q2 2015 reduction was Yahoo Inc, cutting an estimated $141M.
- Starboard Value fully exited Bank of New York Mellon in Q2 2015, selling an estimated $30.2M.
- Starboard Value's ten largest holdings make up 81% of its $4.43B portfolio in Q2 2015.
- Starboard Value opened 12 new positions and closed 4 in Q2 2015.
- Starboard Value's portfolio value fell 7.7% quarter-over-quarter to $4.43B.
Based on Starboard Value's 13F filing for Q2 2015, filed 14 Aug 2015.