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 |
Four Corners Property Trust
FCPT
|
+$83M |
| 2 |
Baxter International
BAX
|
+$42M |
| 3 |
NYRT
New York REIT, Inc.
NYRT
|
+$16M |
| 4 |
Cigna
CI
|
+$8.85M |
| 5 |
LNCE
Snyders-Lance, Inc.
LNCE
|
+$7.59M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
ODP
ODP
|
+$268M |
| 2 |
WestRock Company
WRK
|
+$82.5M |
| 3 |
Darden Restaurants
DRI
|
+$80.2M |
| 4 |
General Mills
GIS
|
+$43.5M |
| 5 |
Curtiss-Wright
CW
|
+$29.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 36.62% |
| 2 | Miscellaneous | 35.08% |
| 3 | Industrials | 9.62% |
| 4 | Energy | 6.37% |
| 5 | Real Estate | 4.29% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
PUT
iShares Russell 2000 ETF
IWM
$76.3B
| $1.09B | 29.45% |
9,700,000
-3,200,000
| -25% | -$369M |
2013 Q4
8 quarters
|
|
|
2
Darden Restaurants
DRI
$25.6B
| $740M | 19.96% |
11,635,000
-1,380,997
| -11% | -$80.2M |
2013 Q4
8 quarters
|
|
3
Advance Auto Parts
AAP
$2.71B
| $257M | 6.93% |
1,707,376
| – | – |
2015 Q3
1 quarter
|
|
|
YHOO
4
DELISTED
Yahoo Inc
YHOO
| $236M | 6.37% |
7,103,904
| – | – |
2014 Q3
5 quarters
|
|
|
5
DELISTED
WestRock Company
WRK
| $206M | 5.55% |
5,012,595
-1,811,806
| -27% | -$82.5M |
2015 Q3
1 quarter
|
|
|
MDAS
6
DELISTED
MEDASSETS INC COM STK (DE)
MDAS
| $165M | 4.44% |
5,325,000
| – | – |
2015 Q3
1 quarter
|
|
7
Insperity
NSP
$1.91B
| $161M | 4.33% |
6,671,952
| – | – |
2014 Q4
4 quarters
|
|
8
Brink's
BCO
$4.81B
| $132M | 3.56% |
4,578,930
| – | – |
2015 Q1
3 quarters
|
|
9
Macy's
M
$6.25B
| $116M | 3.12% |
3,309,810
+48,160
| +1% | +$2.09M |
2015 Q2
2 quarters
|
|
|
10
Four Corners Property Trust
FCPT
$2.54B
| $93.7M | 2.53% |
+5,313,311
| New | +$83M |
2015 Q4
0 quarters
|
|
|
11
Baxter International
BAX
$13.2B
| $91.6M | 2.47% |
2,400,000
+1,150,000
| +92% | +$42M |
2015 Q3
1 quarter
|
|
12
DELISTED
Media General, Inc
MEG
| $88.9M | 2.4% |
5,506,221
+153,186
| +3% | +$2.31M |
2015 Q3
1 quarter
|
|
13
DELISTED
WAUSAU PAPER CORP.
WPP
| $76.7M | 2.07% |
7,500,000
| – | – |
2013 Q2
10 quarters
|
|
|
RLD
14
DELISTED
REALD INC COM STK
RLD
| $49.1M | 1.32% |
4,650,000
-300,000
| -6% | -$3.12M |
2014 Q1
7 quarters
|
|
|
15
Curtiss-Wright
CW
$16.9B
| $46.1M | 1.24% |
673,600
-430,300
| -39% | -$29.3M |
2013 Q3
9 quarters
|
|
|
16
DELISTED
ODP
ODP
| $39.2M | 1.06% |
448,056
-4,026,085
| -90% | -$268M |
2013 Q2
10 quarters
|
|
17
Quantum Corp
QMCO
$616M
| $23.9M | 0.64% |
160,594
| – | – |
2013 Q2
10 quarters
|
|
18
Aecom
ACM
$9.03B
| $18M | 0.49% |
600,000
-450,000
| -43% | -$13.5M |
2015 Q2
2 quarters
|
|
|
NYRT
19
DELISTED
New York REIT, Inc.
NYRT
| $16.2M | 0.44% |
+141,000
| New | +$16M |
2015 Q4
0 quarters
|
|
|
20
CALL
DELISTED
Media General, Inc
MEG
| $12.1M | 0.33% |
750,000
+250,000
| +50% | +$3.77M |
2015 Q3
1 quarter
|
|
|
21
Cigna
CI
$77.3B
| $9.42M | 0.25% |
+64,394
| New | +$8.85M |
2015 Q4
0 quarters
|
|
|
LNCE
22
DELISTED
Snyders-Lance, Inc.
LNCE
| $7.2M | 0.19% |
+210,000
| New | +$7.59M |
2015 Q4
0 quarters
|
|
23
Adeia
ADEA
$1.79B
| – | – |
-1,228,500
| Closed | -$10.5M | – |
|
24
Broadcom
AVGO
$1.64T
| – | – |
-114,000
| Closed | -$1.42M | – |
|
25
Bank of New York Mellon
BNY
$102B
| – | – |
-43,100
| Closed | -$1.69M | – |
|
Similar funds
Starboard Value's Q4 2015 Portfolio in Review
As of Q4 2015, Starboard Value held 36 positions worth $3.71B, down 17% from $4.48B the previous quarter. Its ten largest holdings account for 86% of the portfolio.
Starboard Value withdrew a net $432M in Q4 2015, closing 13 positions and reducing 7 holdings. Its most notable exit was General Mills, an estimated $43.5M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 37% of assets, down from 42% a quarter earlier, followed by Miscellaneous and Industrials.
Against the trend, Starboard Value opened a new position in Four Corners Property Trust worth $93.7M.
- Starboard Value's largest Q4 2015 buy was Four Corners Property Trust: 5,313,311 shares worth $93.7M.
- Starboard Value added most to Baxter International in Q4 2015, an estimated $42M increase.
- Starboard Value's biggest Q4 2015 reduction was ODP, cutting an estimated $268M.
- Starboard Value fully exited General Mills in Q4 2015, selling an estimated $43.5M.
- Starboard Value's ten largest holdings make up 86% of its $3.71B portfolio in Q4 2015.
- Starboard Value opened 4 new positions and closed 13 in Q4 2015.
- Starboard Value's portfolio value fell 17% quarter-over-quarter to $3.71B.
Based on Starboard Value's 13F filing for Q4 2015, filed 12 Feb 2016.