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 |
Marvell Technology
MRVL
|
+$188M |
| 2 |
YHOO
Yahoo Inc
YHOO
|
+$163M |
| 3 |
Assertio
ASRT
|
+$45.6M |
| 4 |
iShares Russell 2000 Value ETF
IWN
|
+$40.3M |
| 5 |
Macy's
M
|
+$25.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Darden Restaurants
DRI
|
+$318M |
| 2 |
MDAS
MEDASSETS INC COM STK (DE)
MDAS
|
+$165M |
| 3 |
Media General, Inc
MEG
|
+$88.9M |
| 4 |
WAUSAU PAPER CORP.
WPP
|
+$76.7M |
| 5 |
RLD
REALD INC COM STK
RLD
|
+$49.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 37.39% |
| 2 | Miscellaneous | 17.71% |
| 3 | Energy | 15.91% |
| 4 | Industrials | 13.95% |
| 5 | Technology | 7.8% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
YHOO
1
DELISTED
Yahoo Inc
YHOO
| $453M | 15.91% |
12,298,627
+5,194,723
| +73% | +$163M |
2014 Q3
6 quarters
|
|
|
2
Darden Restaurants
DRI
$24.9B
| $439M | 15.42% |
6,615,000
-5,020,000
| -43% | -$318M |
2013 Q4
9 quarters
|
|
3
PUT
iShares Russell 2000 ETF
IWM
$74.9B
| $434M | 15.27% |
3,926,800
-5,773,200
| -60% | -$598M |
2013 Q4
9 quarters
|
|
4
Advance Auto Parts
AAP
$2.72B
| $274M | 9.62% |
1,707,376
| – | – |
2015 Q3
2 quarters
|
|
|
5
Marvell Technology
MRVL
$177B
| $210M | 7.39% |
+20,397,364
| New | +$188M |
2016 Q1
0 quarters
|
|
6
DELISTED
WestRock Company
WRK
| $178M | 6.27% |
5,068,090
+55,495
| +1% | +$1.81M |
2015 Q3
2 quarters
|
|
|
7
Macy's
M
$6.3B
| $173M | 6.08% |
3,924,944
+615,134
| +19% | +$25.4M |
2015 Q2
3 quarters
|
|
8
Insperity
NSP
$1.85B
| $173M | 6.07% |
6,671,952
| – | – |
2014 Q4
5 quarters
|
|
9
Brink's
BCO
$4.23B
| $154M | 5.41% |
4,578,930
| – | – |
2015 Q1
4 quarters
|
|
10
Baxter International
BAX
$11.9B
| $106M | 3.72% |
2,574,815
+174,815
| +7% | +$6.66M |
2015 Q3
2 quarters
|
|
11
Curtiss-Wright
CW
$17.6B
| $52.1M | 1.83% |
688,600
+15,000
| +2% | +$1.04M |
2013 Q3
10 quarters
|
|
12
Four Corners Property Trust
FCPT
$2.47B
| $44.2M | 1.55% |
2,460,814
-2,852,497
| -54% | -$47.8M |
2015 Q4
1 quarter
|
|
|
13
iShares Russell 2000 Value ETF
IWN
$14B
| $43.2M | 1.52% |
+464,000
| New | +$40.3M |
2016 Q1
0 quarters
|
|
|
14
DELISTED
Assertio
ASRT
| $41.1M | 1.44% |
+49,167
| New | +$45.6M |
2016 Q1
0 quarters
|
|
15
Aecom
ACM
$8.15B
| $18.5M | 0.65% |
600,000
| – | – |
2015 Q2
3 quarters
|
|
16
Nexstar Media Group
NXST
$5.28B
| $14.8M | 0.52% |
+334,000
| New | +$15.1M |
2016 Q1
0 quarters
|
|
17
Quantum Corp
QMCO
$720M
| $11.6M | 0.41% |
118,556
-42,038
| -26% | -$4.04M |
2013 Q2
11 quarters
|
|
18
Cigna
CI
$78.8B
| – | – |
-64,394
| Closed | -$9.42M | – |
|
19
DELISTED
ODP
ODP
| – | – |
-448,056
| Closed | -$39.2M | – |
|
|
NYRT
20
DELISTED
New York REIT, Inc.
NYRT
| – | – |
-141,000
| Closed | -$16.2M | – |
|
|
LNCE
21
DELISTED
Snyders-Lance, Inc.
LNCE
| – | – |
-210,000
| Closed | -$7.2M | – |
|
|
22
CALL
DELISTED
Media General, Inc
MEG
| – | – |
-750,000
| Closed | -$12.1M | – |
|
|
23
DELISTED
Media General, Inc
MEG
| – | – |
-5,506,221
| Closed | -$88.9M | – |
|
|
RLD
24
DELISTED
REALD INC COM STK
RLD
| – | – |
-4,650,000
| Closed | -$49.1M | – |
|
|
MDAS
25
DELISTED
MEDASSETS INC COM STK (DE)
MDAS
| – | – |
-5,325,000
| Closed | -$165M | – |
|
Similar funds
Starboard Value's Q1 2016 Portfolio in Review
As of Q1 2016, Starboard Value held 27 positions worth $2.84B, down 23% from $3.71B the previous quarter. Its ten largest holdings account for 91% of the portfolio.
Starboard Value withdrew a net $367M in Q1 2016, closing 9 positions and reducing 4 holdings. Its most notable exit was MEDASSETS INC COM STK (DE), an estimated $165M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 37% of assets, up from 37% a quarter earlier, followed by Miscellaneous and Energy.
Against the trend, Starboard Value opened a new position in Marvell Technology worth $210M.
- Starboard Value's largest Q1 2016 buy was Marvell Technology: 20,397,364 shares worth $210M.
- Starboard Value added most to Yahoo Inc in Q1 2016, an estimated $163M increase.
- Starboard Value's biggest Q1 2016 reduction was Darden Restaurants, cutting an estimated $318M.
- Starboard Value fully exited MEDASSETS INC COM STK (DE) in Q1 2016, selling an estimated $165M.
- Starboard Value's ten largest holdings make up 91% of its $2.84B portfolio in Q1 2016.
- Starboard Value opened 4 new positions and closed 9 in Q1 2016.
- Starboard Value's portfolio value fell 23% quarter-over-quarter to $2.84B.
Based on Starboard Value's 13F filing for Q1 2016, filed 13 May 2016.