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Starboard Value Portfolio holdings

AUM $4.57B
1-Year Est. Return 4.97%
This Fund
S&P 500
This Quarter Est. Return
+6.68%
1 Year Est. Return
+4.97%
3 Year Est. Return
+42.2%
5 Year Est. Return
+68.31%
10 Year Est. Return
+364.91%
AUM
$3.71B
AUM Growth
-$769M
Cap. Flow
-$942M
Cap. Flow %
-25.39%
Top 10 Hldgs %
86.23%
Holding
36
New
4
Increased
4
Reduced
7
Closed
13

Top Buys

Rank Stock Value
1
FCPT icon
Four Corners Property Trust
FCPT
+$83M
2
BAX icon
Baxter International
BAX
+$42M
3
NYRT
New York REIT, Inc.
NYRT
+$16M
4
CI icon
Cigna
CI
+$8.85M
5
LNCE
Snyders-Lance, Inc.
LNCE
+$7.59M

Top Sells

Rank Stock Value
1
ODP
ODP
ODP
+$268M
2
WRK
WestRock Company
WRK
+$82.5M
3
DRI icon
Darden Restaurants
DRI
+$80.2M
4
GIS icon
General Mills
GIS
+$43.5M
5
CW icon
Curtiss-Wright
CW
+$29.3M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 36.62%
2 Industrials 9.62%
3 Energy 6.37%
4 Real Estate 4.29%
5 Healthcare 2.72%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IWM icon
1
PUT
iShares Russell 2000 ETF
IWM
$79.6B
$1.09B 29.45%
9,700,000
-3,200,000
-25% -$369M
DRI icon
2
Darden Restaurants
DRI
$24.3B
$740M 19.96%
11,635,000
-1,380,997
-11% -$80.2M
AAP icon
3
Advance Auto Parts
AAP
$3.51B
$257M 6.93%
1,707,376
– –
YHOO
4
DELISTED
Yahoo Inc
YHOO
$236M 6.37%
7,103,904
– –
WRK
5
DELISTED
WestRock Company
WRK
$206M 5.55%
5,012,595
-1,811,806
-27% -$82.5M
MDAS
6
DELISTED
MEDASSETS INC COM STK (DE)
MDAS
$165M 4.44%
5,325,000
– –
NSP icon
7
Insperity
NSP
$2.11B
$161M 4.33%
6,671,952
– –
BCO icon
8
Brink's
BCO
$4.93B
$132M 3.56%
4,578,930
– –
M icon
9
Macy's
M
$6.39B
$116M 3.12%
3,309,810
+48,160
+1% +$2.09M
FCPT icon
10
Four Corners Property Trust
FCPT
$2.87B
$93.7M 2.53%
+5,313,311
New +$83M
BAX icon
11
Baxter International
BAX
$12.8B
$91.6M 2.47%
2,400,000
+1,150,000
+92% +$42M
MEG
12
DELISTED
Media General, Inc
MEG
$88.9M 2.4%
5,506,221
+153,186
+3% +$2.31M
WPP
13
DELISTED
WAUSAU PAPER CORP.
WPP
$76.7M 2.07%
7,500,000
– –
RLD
14
DELISTED
REALD INC COM STK
RLD
$49.1M 1.32%
4,650,000
-300,000
-6% -$3.12M
CW icon
15
Curtiss-Wright
CW
$25.9B
$46.1M 1.24%
673,600
-430,300
-39% -$29.3M
ODP
16
DELISTED
ODP
ODP
$39.2M 1.06%
448,056
-4,026,085
-90% -$268M
QMCO icon
17
Quantum Corp
QMCO
$455M
$23.9M 0.64%
160,594
– –
ACM icon
18
Aecom
ACM
$9.37B
$18M 0.49%
600,000
-450,000
-43% -$13.5M
NYRT
19
DELISTED
New York REIT, Inc.
NYRT
$16.2M 0.44%
+141,000
New +$16M
MEG
20
CALL
DELISTED
Media General, Inc
MEG
$12.1M 0.33%
750,000
+250,000
+50% +$3.77M
CI icon
21
Cigna
CI
$78.7B
$9.42M 0.25%
+64,394
New +$8.85M
LNCE
22
DELISTED
Snyders-Lance, Inc.
LNCE
$7.2M 0.19%
+210,000
New +$7.59M
ADEA icon
23
Adeia
ADEA
$2.68B
– –
-1,228,500
Closed -$10.5M
AVGO icon
24
Broadcom
AVGO
$1.8T
– –
-114,000
Closed -$1.43M
BNY
25
Bank of New York Mellon
BNY
$105B
– –
-43,100
Closed -$1.69M
1
2

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LNWTC
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SCM
Smead Capital Management Phoenix, Arizona $4.6B AUM 27.56% 1-Year Est. Return
AG
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ANTB
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DWM
Dakota Wealth Management Palm Beach Gardens, Florida $4.62B AUM 33.09% 1-Year Est. Return
LPPI
Local Pensions Partnership Investment London, United Kingdom $4.63B AUM 13.51% 1-Year Est. Return
DK
DJE Kapital 82049 Pullach, Germany $4.51B AUM 49.55% 1-Year Est. Return

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 $942M 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 Industrials and Energy.

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.