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 |
Advance Auto Parts
AAP
|
+$162M |
| 2 |
Infoblox Inc
BLOX
|
+$66.7M |
| 3 |
Assertio
ASRT
|
+$55.8M |
| 4 |
PNK
Pinnacle Entertainment Inc.
PNK
|
+$38.6M |
| 5 |
iShares Russell 2000 Value ETF
IWN
|
+$34.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Darden Restaurants
DRI
|
+$178M |
| 2 |
Insperity
NSP
|
+$119M |
| 3 |
Macy's
M
|
+$56M |
| 4 |
Four Corners Property Trust
FCPT
|
+$43.1M |
| 5 |
Curtiss-Wright
CW
|
+$29.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 35.14% |
| 2 | Miscellaneous | 20.34% |
| 3 | Energy | 17.21% |
| 4 | Technology | 9.72% |
| 5 | Industrials | 9.67% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
YHOO
1
DELISTED
Yahoo Inc
YHOO
| $462M | 16.34% |
12,298,627
| – | – |
2014 Q3
7 quarters
|
|
|
2
Advance Auto Parts
AAP
$2.72B
| $445M | 15.76% |
2,755,000
+1,047,624
| +61% | +$162M |
2015 Q3
3 quarters
|
|
3
PUT
iShares Russell 2000 ETF
IWM
$74.9B
| $415M | 14.68% |
3,608,500
-318,300
| -8% | -$35.9M |
2013 Q4
10 quarters
|
|
|
4
Darden Restaurants
DRI
$24.9B
| $246M | 8.72% |
3,890,000
-2,725,000
| -41% | -$178M |
2013 Q4
10 quarters
|
|
5
DELISTED
WestRock Company
WRK
| $200M | 7.07% |
5,141,258
+73,168
| +1% | +$2.74M |
2015 Q3
3 quarters
|
|
6
Marvell Technology
MRVL
$177B
| $194M | 6.88% |
20,397,364
| – | – |
2016 Q1
1 quarter
|
|
7
Brink's
BCO
$4.23B
| $130M | 4.62% |
4,578,930
| – | – |
2015 Q1
5 quarters
|
|
|
8
DELISTED
Assertio
ASRT
| $118M | 4.18% |
100,250
+51,083
| +104% | +$55.8M |
2016 Q1
1 quarter
|
|
|
9
Insperity
NSP
$1.85B
| $116M | 4.09% |
2,992,126
-3,679,826
| -55% | -$119M |
2014 Q4
6 quarters
|
|
10
Baxter International
BAX
$11.9B
| $93.3M | 3.3% |
2,062,500
-512,315
| -20% | -$22.5M |
2015 Q3
3 quarters
|
|
|
11
iShares Russell 2000 Value ETF
IWN
$14B
| $80.4M | 2.84% |
826,000
+362,000
| +78% | +$34.5M |
2016 Q1
1 quarter
|
|
|
12
Macy's
M
$6.3B
| $79.3M | 2.81% |
2,360,200
-1,564,744
| -40% | -$56M |
2015 Q2
4 quarters
|
|
|
13
DELISTED
Infoblox Inc
BLOX
| $72.2M | 2.56% |
+3,850,000
| New | +$66.7M |
2016 Q2
0 quarters
|
|
|
MDVN
14
CALL
DELISTED
MEDIVATION, INC.
MDVN
| $31.4M | 1.11% |
+520,000
| New | +$29.5M |
2016 Q2
0 quarters
|
|
|
15
Curtiss-Wright
CW
$17.6B
| $27.3M | 0.96% |
323,600
-365,000
| -53% | -$29.4M |
2013 Q3
11 quarters
|
|
16
Delek US
DK
$4.5B
| $24.4M | 0.86% |
+1,850,000
| New | +$26.3M |
2016 Q2
0 quarters
|
|
|
PNK
17
DELISTED
Pinnacle Entertainment Inc.
PNK
| $22.2M | 0.78% |
+2,000,000
| New | +$38.6M |
2016 Q2
0 quarters
|
|
|
MDVN
18
PUT
DELISTED
MEDIVATION, INC.
MDVN
| $18.1M | 0.64% |
+300,000
| New | +$17M |
2016 Q2
0 quarters
|
|
19
Nexstar Media Group
NXST
$5.28B
| $9.04M | 0.32% |
190,000
-144,000
| -43% | -$7.19M |
2016 Q1
1 quarter
|
|
20
Quantum Corp
QMCO
$720M
| $7.97M | 0.28% |
118,556
| – | – |
2013 Q2
12 quarters
|
|
|
MKTO
21
DELISTED
MARKETO INC COM STK (DE)
MKTO
| $4.35M | 0.15% |
+125,000
| New | +$3.46M |
2016 Q2
0 quarters
|
|
|
22
Four Corners Property Trust
FCPT
$2.47B
| $3.83M | 0.14% |
185,814
-2,275,000
| -92% | -$43.1M |
2015 Q4
2 quarters
|
|
23
Aecom
ACM
$8.15B
| – | – |
-600,000
| Closed | -$18.5M | – |
|
Similar funds
Starboard Value's Q2 2016 Portfolio in Review
As of Q2 2016, Starboard Value held 24 positions worth $2.83B, down 0.65% from $2.84B the previous quarter. Its ten largest holdings account for 86% of the portfolio.
Starboard Value withdrew a net $110M in Q2 2016, closing 1 position and reducing 8 holdings. Its most notable exit was Aecom, an estimated $18.5M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 35% of assets, down from 37% a quarter earlier, followed by Miscellaneous and Energy.
Against the trend, Starboard Value opened a new position in Infoblox Inc worth $72.2M.
- Starboard Value's largest Q2 2016 buy was Infoblox Inc: 3,850,000 shares worth $72.2M.
- Starboard Value added most to Advance Auto Parts in Q2 2016, an estimated $162M increase.
- Starboard Value's biggest Q2 2016 reduction was Darden Restaurants, cutting an estimated $178M.
- Starboard Value fully exited Aecom in Q2 2016, selling an estimated $18.5M.
- Starboard Value's ten largest holdings make up 86% of its $2.83B portfolio in Q2 2016.
- Starboard Value opened 6 new positions and closed 1 in Q2 2016.
- Starboard Value's portfolio value fell 0.65% quarter-over-quarter to $2.83B.
Based on Starboard Value's 13F filing for Q2 2016, filed 15 Aug 2016.