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 |
Perrigo
PRGO
|
+$543M |
| 2 |
Marvell Technology
MRVL
|
+$156M |
| 3 |
Hewlett Packard
HPE
|
+$117M |
| 4 |
Stewart Information Services
STC
|
+$104M |
| 5 |
Macy's
M
|
+$23.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Darden Restaurants
DRI
|
+$246M |
| 2 |
WestRock Company
WRK
|
+$95.6M |
| 3 |
iShares Russell 2000 Value ETF
IWN
|
+$27.7M |
| 4 |
Delek US
DK
|
+$24.4M |
| 5 |
Infoblox Inc
BLOX
|
+$22.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 21.76% |
| 2 | Consumer Discretionary | 19.33% |
| 3 | Technology | 18.18% |
| 4 | Miscellaneous | 15.08% |
| 5 | Energy | 14.41% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Perrigo
PRGO
$2.19B
| $544M | 14.8% |
+5,895,093
| New | +$543M |
2016 Q3
0 quarters
|
|
|
YHOO
2
DELISTED
Yahoo Inc
YHOO
| $530M | 14.41% |
12,298,627
| – | – |
2014 Q3
8 quarters
|
|
|
3
Marvell Technology
MRVL
$177B
| $447M | 12.17% |
33,720,786
+13,323,422
| +65% | +$156M |
2016 Q1
2 quarters
|
|
4
PUT
iShares Russell 2000 ETF
IWM
$74.9B
| $436M | 11.86% |
3,500,000
-108,500
| -3% | -$13.2M |
2013 Q4
11 quarters
|
|
5
Advance Auto Parts
AAP
$2.72B
| $421M | 11.45% |
2,825,000
+70,000
| +3% | +$11.2M |
2015 Q3
4 quarters
|
|
6
Brink's
BCO
$4.23B
| $170M | 4.62% |
4,578,930
| – | – |
2015 Q1
6 quarters
|
|
7
DELISTED
Assertio
ASRT
| $150M | 4.08% |
100,250
| – | – |
2016 Q1
2 quarters
|
|
|
8
DELISTED
WestRock Company
WRK
| $145M | 3.95% |
3,000,000
-2,141,258
| -42% | -$95.6M |
2015 Q3
4 quarters
|
|
|
9
Hewlett Packard
HPE
$73.1B
| $125M | 3.39% |
+9,436,406
| New | +$117M |
2016 Q3
0 quarters
|
|
|
10
Macy's
M
$6.3B
| $112M | 3.03% |
3,010,200
+650,000
| +28% | +$23.6M |
2015 Q2
5 quarters
|
|
11
Insperity
NSP
$1.85B
| $109M | 2.95% |
2,992,126
| – | – |
2014 Q4
7 quarters
|
|
|
12
Stewart Information Services
STC
$1.36B
| $103M | 2.8% |
+2,315,000
| New | +$104M |
2016 Q3
0 quarters
|
|
13
Baxter International
BAX
$11.9B
| $89.2M | 2.43% |
1,875,000
-187,500
| -9% | -$8.84M |
2015 Q3
4 quarters
|
|
|
14
DELISTED
Infoblox Inc
BLOX
| $73.8M | 2.01% |
2,800,000
-1,050,000
| -27% | -$22.1M |
2016 Q2
1 quarter
|
|
|
15
iShares Russell 2000 Value ETF
IWN
$14B
| $58.2M | 1.58% |
556,000
-270,000
| -33% | -$27.7M |
2016 Q1
2 quarters
|
|
|
CAB
16
CALL
DELISTED
Cabela's Inc
CAB
| $27.5M | 0.75% |
+500,000
| New | +$25.6M |
2016 Q3
0 quarters
|
|
|
PNK
17
DELISTED
Pinnacle Entertainment Inc.
PNK
| $18.8M | 0.51% |
1,524,700
-475,300
| -24% | -$5.44M |
2016 Q2
1 quarter
|
|
|
CAB
18
DELISTED
Cabela's Inc
CAB
| $16.5M | 0.45% |
+300,000
| New | +$15.4M |
2016 Q3
0 quarters
|
|
|
TPCO
19
DELISTED
Tribune Publishing Company Common Stock
TPCO
| $16M | 0.43% |
+945,000
| New | +$14.9M |
2016 Q3
0 quarters
|
|
20
Curtiss-Wright
CW
$17.6B
| $15.8M | 0.43% |
173,600
-150,000
| -46% | -$13.2M |
2013 Q3
12 quarters
|
|
|
FRGI
21
DELISTED
Fiesta Restaurant Group, Inc.
FRGI
| $14M | 0.38% |
+585,000
| New | +$14.1M |
2016 Q3
0 quarters
|
|
22
Quantum Corp
QMCO
$720M
| $14M | 0.38% |
118,556
| – | – |
2013 Q2
13 quarters
|
|
|
IMPV
23
DELISTED
Imperva, Inc.
IMPV
| $8.59M | 0.23% |
+160,000
| New | +$7.43M |
2016 Q3
0 quarters
|
|
|
24
Delek US
DK
$4.5B
| – | – |
-1,850,000
| Closed | -$24.4M | – |
|
|
25
Darden Restaurants
DRI
$24.9B
| – | – |
-3,890,000
| Closed | -$246M | – |
|
Similar funds
Starboard Value's Q3 2016 Portfolio in Review
As of Q3 2016, Starboard Value held 31 positions worth $3.68B, up 30% from $2.83B the previous quarter. Its ten largest holdings account for 84% of the portfolio.
Starboard Value deployed $520M of net new capital in Q3 2016, opening 8 new positions and adding to 3 existing holdings. Its largest new stake was Perrigo: 5,895,093 shares worth $544M.
By sector, the portfolio is most concentrated in Healthcare at 22% of assets, up from 7.5% a quarter earlier, followed by Consumer Discretionary and Technology.
On the sell side, the largest reduction was WestRock Company, an estimated $95.6M trimmed.
- Starboard Value's largest Q3 2016 buy was Perrigo: 5,895,093 shares worth $544M.
- Starboard Value added most to Marvell Technology in Q3 2016, an estimated $156M increase.
- Starboard Value's biggest Q3 2016 reduction was WestRock Company, cutting an estimated $95.6M.
- Starboard Value fully exited Darden Restaurants in Q3 2016, selling an estimated $246M.
- Starboard Value's ten largest holdings make up 84% of its $3.68B portfolio in Q3 2016.
- Starboard Value opened 8 new positions and closed 7 in Q3 2016.
- Starboard Value's portfolio value rose 30% quarter-over-quarter to $3.68B.
Based on Starboard Value's 13F filing for Q3 2016, filed 14 Nov 2016.