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 |
WestRock Company
WRK
|
+$366M |
| 2 |
Advance Auto Parts
AAP
|
+$296M |
| 3 |
YHOO
Yahoo Inc
YHOO
|
+$123M |
| 4 |
MDAS
MEDASSETS INC COM STK (DE)
MDAS
|
+$113M |
| 5 |
Media General, Inc
MEG
|
+$72.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
MWV
MEADWESTVACO CORP
MWV
|
+$417M |
| 2 |
Staples Inc
SPLS
|
+$115M |
| 3 |
Adeia
ADEA
|
+$56.4M |
| 4 |
MCRL
MICREL INC
MCRL
|
+$51.3M |
| 5 |
Alibaba
BABA
|
+$50M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 42.24% |
| 2 | Miscellaneous | 37.92% |
| 3 | Industrials | 8.22% |
| 4 | Energy | 4.59% |
| 5 | Communication Services | 1.67% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
PUT
iShares Russell 2000 ETF
IWM
$74.2B
| $1.41B | 31.45% |
12,900,000
+4,300,000
| +50% | +$510M |
2013 Q4
7 quarters
|
|
2
Darden Restaurants
DRI
$25.6B
| $797M | 17.81% |
13,015,997
| – | – |
2013 Q4
7 quarters
|
|
|
3
Advance Auto Parts
AAP
$2.75B
| $324M | 7.23% |
+1,707,376
| New | +$296M |
2015 Q3
0 quarters
|
|
|
4
DELISTED
WestRock Company
WRK
| $316M | 7.06% |
+6,824,401
| New | +$366M |
2015 Q3
0 quarters
|
|
5
DELISTED
ODP
ODP
| $287M | 6.41% |
4,474,141
+118,780
| +3% | +$9.25M |
2013 Q2
9 quarters
|
|
|
YHOO
6
DELISTED
Yahoo Inc
YHOO
| $205M | 4.59% |
7,103,904
+3,554,300
| +100% | +$123M |
2014 Q3
4 quarters
|
|
7
Macy's
M
$6.03B
| $167M | 3.74% |
3,261,650
+337,116
| +12% | +$21.1M |
2015 Q2
1 quarter
|
|
8
Insperity
NSP
$1.9B
| $147M | 3.27% |
6,671,952
| – | – |
2014 Q4
3 quarters
|
|
9
Brink's
BCO
$4.54B
| $124M | 2.76% |
4,578,930
+279,530
| +7% | +$8.03M |
2015 Q1
2 quarters
|
|
|
MDAS
10
DELISTED
MEDASSETS INC COM STK (DE)
MDAS
| $107M | 2.39% |
+5,325,000
| New | +$113M |
2015 Q3
0 quarters
|
|
|
11
CALL
DELISTED
Staples Inc
SPLS
| $93.8M | 2.1% |
8,000,000
| – | – |
2014 Q4
3 quarters
|
|
|
12
DELISTED
Media General, Inc
MEG
| $74.9M | 1.67% |
+5,353,035
| New | +$72.6M |
2015 Q3
0 quarters
|
|
13
Curtiss-Wright
CW
$16.8B
| $68.9M | 1.54% |
1,103,900
+445,000
| +68% | +$29.9M |
2013 Q3
8 quarters
|
|
14
DELISTED
WAUSAU PAPER CORP.
WPP
| $48M | 1.07% |
7,500,000
| – | – |
2013 Q2
9 quarters
|
|
|
RLD
15
DELISTED
REALD INC COM STK
RLD
| $47.6M | 1.06% |
4,950,000
| – | – |
2014 Q1
6 quarters
|
|
16
General Mills
GIS
$19B
| $43.5M | 0.97% |
+774,500
| New | +$44.4M |
2015 Q3
0 quarters
|
|
17
Baxter International
BAX
$13.3B
| $41.1M | 0.92% |
+1,250,000
| New | +$47.3M |
2015 Q3
0 quarters
|
|
18
Aecom
ACM
$8.59B
| $28.9M | 0.64% |
1,050,000
+315,800
| +43% | +$9.17M |
2015 Q2
1 quarter
|
|
|
19
CALL
DELISTED
ODP
ODP
| $26M | 0.58% |
405,000
-405,000
| -50% | -$31.5M |
2014 Q4
3 quarters
|
|
20
LSB Industries
LXU
$763M
| $24.7M | 0.55% |
2,093,000
+123,500
| +6% | +$2.74M |
2013 Q4
7 quarters
|
|
21
CALL
DELISTED
Treehouse Foods
THS
| $19.4M | 0.43% |
+250,000
| New | +$20M |
2015 Q3
0 quarters
|
|
22
Quantum Corp
QMCO
$570M
| $17.9M | 0.4% |
160,594
| – | – |
2013 Q2
9 quarters
|
|
|
23
Adeia
ADEA
$1.71B
| $10.5M | 0.24% |
1,228,500
-6,142,500
| -83% | -$56.4M |
2013 Q2
9 quarters
|
|
|
24
CALL
DELISTED
Media General, Inc
MEG
| $7M | 0.16% |
+500,000
| New | +$6.78M |
2015 Q3
0 quarters
|
|
25
CALL
Nexstar Media Group
NXST
$5.86B
| $4.74M | 0.11% |
+100,000
| New | +$5.07M |
2015 Q3
0 quarters
|
|
Similar funds
Starboard Value's Q3 2015 Portfolio in Review
As of Q3 2015, Starboard Value held 49 positions worth $4.48B, up 1% from $4.43B the previous quarter. Its ten largest holdings account for 87% of the portfolio.
Starboard Value deployed $245M of net new capital in Q3 2015, opening 13 new positions and adding to 9 existing holdings. Its largest new stake was WestRock Company: 6,824,401 shares worth $316M.
By sector, the portfolio is most concentrated in Consumer Discretionary at 42% of assets, up from 36% a quarter earlier, followed by Miscellaneous and Industrials.
On the sell side, the largest reduction was Adeia, an estimated $56.4M trimmed.
- Starboard Value's largest Q3 2015 buy was WestRock Company: 6,824,401 shares worth $316M.
- Starboard Value added most to Yahoo Inc in Q3 2015, an estimated $123M increase.
- Starboard Value's biggest Q3 2015 reduction was Adeia, cutting an estimated $56.4M.
- Starboard Value fully exited MEADWESTVACO CORP in Q3 2015, selling an estimated $417M.
- Starboard Value's ten largest holdings make up 87% of its $4.48B portfolio in Q3 2015.
- Starboard Value opened 13 new positions and closed 17 in Q3 2015.
- Starboard Value's portfolio value rose 1% quarter-over-quarter to $4.48B.
Based on Starboard Value's 13F filing for Q3 2015, filed 13 Nov 2015.