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
|
+$313M |
| 2 |
COL
Rockwell Collins
COL
|
+$97M |
| 3 |
Cognizant
CTSH
|
+$78.9M |
| 4 |
TRCO
TRIBUNE MEDIA COMPANY CLASS A
TRCO
|
+$68.4M |
| 5 |
Viavi Solutions
VIAV
|
+$27.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
WestRock Company
WRK
|
+$113M |
| 2 |
Infoblox Inc
BLOX
|
+$73.8M |
| 3 |
iShares Russell 2000 Value ETF
IWN
|
+$55.8M |
| 4 |
Insperity
NSP
|
+$53.1M |
| 5 |
Hewlett Packard
HPE
|
+$30.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 29.32% |
| 2 | Technology | 20.46% |
| 3 | Consumer Discretionary | 18.95% |
| 4 | Energy | 14.02% |
| 5 | Industrials | 10.16% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Perrigo
PRGO
$2.19B
| $791M | 23.32% |
9,506,425
+3,611,332
| +61% | +$313M |
2016 Q3
1 quarter
|
|
2
Advance Auto Parts
AAP
$2.72B
| $478M | 14.08% |
2,825,000
| – | – |
2015 Q3
5 quarters
|
|
|
YHOO
3
DELISTED
Yahoo Inc
YHOO
| $476M | 14.02% |
12,298,627
| – | – |
2014 Q3
9 quarters
|
|
4
Marvell Technology
MRVL
$177B
| $468M | 13.79% |
33,720,786
| – | – |
2016 Q1
3 quarters
|
|
5
Brink's
BCO
$4.23B
| $189M | 5.57% |
4,578,930
| – | – |
2015 Q1
7 quarters
|
|
6
Baxter International
BAX
$11.9B
| $109M | 3.2% |
2,451,150
+576,150
| +31% | +$26.6M |
2015 Q3
5 quarters
|
|
7
Macy's
M
$6.3B
| $108M | 3.18% |
3,010,200
| – | – |
2015 Q2
6 quarters
|
|
8
Stewart Information Services
STC
$1.36B
| $107M | 3.14% |
2,315,000
| – | – |
2016 Q3
1 quarter
|
|
|
COL
9
DELISTED
Rockwell Collins
COL
| $102M | 3.01% |
+1,100,000
| New | +$97M |
2016 Q4
0 quarters
|
|
|
10
Hewlett Packard
HPE
$73.1B
| $96.1M | 2.83% |
7,144,280
-2,292,126
| -24% | -$30.6M |
2016 Q3
1 quarter
|
|
11
DELISTED
Assertio
ASRT
| $95M | 2.8% |
87,838
-12,412
| -12% | -$15.8M |
2016 Q1
3 quarters
|
|
|
12
Cognizant
CTSH
$29.1B
| $82.6M | 2.44% |
+1,475,000
| New | +$78.9M |
2016 Q4
0 quarters
|
|
|
TRCO
13
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
| $70M | 2.06% |
+2,002,314
| New | +$68.4M |
2016 Q4
0 quarters
|
|
|
14
Insperity
NSP
$1.85B
| $53.9M | 1.59% |
1,520,000
-1,472,126
| -49% | -$53.1M |
2014 Q4
8 quarters
|
|
|
15
DELISTED
WestRock Company
WRK
| $35.5M | 1.05% |
700,000
-2,300,000
| -77% | -$113M |
2015 Q3
5 quarters
|
|
|
16
Viavi Solutions
VIAV
$7.36B
| $28.6M | 0.84% |
+3,500,000
| New | +$27.2M |
2016 Q4
0 quarters
|
|
|
PNK
17
DELISTED
Pinnacle Entertainment Inc.
PNK
| $21.8M | 0.64% |
1,502,000
-22,700
| -1% | -$303K |
2016 Q2
2 quarters
|
|
18
PUT
iShares Russell 2000 ETF
IWM
$74.9B
| $16.8M | 0.49% |
6,484,500
+2,984,500
| +85% | +$381M |
2013 Q4
12 quarters
|
|
|
CSOD
19
DELISTED
Cornerstone OnDemand, Inc.
CSOD
| $12.7M | 0.37% |
+300,000
| New | +$11.9M |
2016 Q4
0 quarters
|
|
20
Take-Two Interactive
TTWO
$35.6B
| $7.15M | 0.21% |
+145,000
| New | +$6.85M |
2016 Q4
0 quarters
|
|
21
Quantum Corp
QMCO
$720M
| $6.26M | 0.18% |
46,994
-71,562
| -60% | -$9.37M |
2013 Q2
14 quarters
|
|
|
22
iShares Russell 2000 Value ETF
IWN
$14B
| $6.07M | 0.18% |
51,000
-505,000
| -91% | -$55.8M |
2016 Q1
3 quarters
|
|
23
Curtiss-Wright
CW
$17.6B
| – | – |
-173,600
| Closed | -$15.8M | – |
|
|
FRGI
24
DELISTED
Fiesta Restaurant Group, Inc.
FRGI
| – | – |
-585,000
| Closed | -$14M | – |
|
|
TPCO
25
DELISTED
Tribune Publishing Company Common Stock
TPCO
| – | – |
-945,000
| Closed | -$16M | – |
|
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Starboard Value's Q4 2016 Portfolio in Review
As of Q4 2016, Starboard Value held 30 positions worth $3.39B, down 7.8% from $3.68B the previous quarter. Its ten largest holdings account for 86% of the portfolio.
Starboard Value deployed $175M of net new capital in Q4 2016, opening 6 new positions and adding to 3 existing holdings. Its largest new stake was Rockwell Collins: 1,100,000 shares worth $102M.
By sector, the portfolio is most concentrated in Healthcare at 29% of assets, up from 22% a quarter earlier, followed by Technology and Consumer Discretionary.
On the sell side, the largest reduction was WestRock Company, an estimated $113M trimmed.
- Starboard Value's largest Q4 2016 buy was Rockwell Collins: 1,100,000 shares worth $102M.
- Starboard Value added most to Perrigo in Q4 2016, an estimated $313M increase.
- Starboard Value's biggest Q4 2016 reduction was WestRock Company, cutting an estimated $113M.
- Starboard Value fully exited Infoblox Inc in Q4 2016, selling an estimated $73.8M.
- Starboard Value's ten largest holdings make up 86% of its $3.39B portfolio in Q4 2016.
- Starboard Value opened 6 new positions and closed 7 in Q4 2016.
- Starboard Value's portfolio value fell 7.8% quarter-over-quarter to $3.39B.
Based on Starboard Value's 13F filing for Q4 2016, filed 14 Feb 2017.