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 |
Fortinet
FTNT
|
+$148M |
| 2 |
iShares Russell 2000 Value ETF
IWN
|
+$46.3M |
| 3 |
Cognizant
CTSH
|
+$31.6M |
| 4 |
Hewlett Packard
HPE
|
+$26.7M |
| 5 |
ABCO
Advisory Board Co
ABCO
|
+$17.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Macy's
M
|
+$108M |
| 2 |
COL
Rockwell Collins
COL
|
+$102M |
| 3 |
Brink's
BCO
|
+$75.5M |
| 4 |
WestRock Company
WRK
|
+$35.5M |
| 5 |
Viavi Solutions
VIAV
|
+$28.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 28.41% |
| 2 | Healthcare | 25.25% |
| 3 | Energy | 17.48% |
| 4 | Consumer Discretionary | 13.46% |
| 5 | Industrials | 6.75% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Perrigo
PRGO
$2.2B
| $640M | 19.61% |
9,641,425
+135,000
| +1% | +$10.3M |
2016 Q3
2 quarters
|
|
|
YHOO
2
DELISTED
Yahoo Inc
YHOO
| $571M | 17.48% |
12,298,627
| – | – |
2014 Q3
10 quarters
|
|
3
Marvell Technology
MRVL
$127B
| $515M | 15.76% |
33,720,786
| – | – |
2016 Q1
4 quarters
|
|
4
Advance Auto Parts
AAP
$2.75B
| $419M | 12.83% |
2,825,000
| – | – |
2015 Q3
6 quarters
|
|
|
5
Brink's
BCO
$4.54B
| $162M | 4.96% |
3,028,930
-1,550,000
| -34% | -$75.5M |
2015 Q1
8 quarters
|
|
|
6
Fortinet
FTNT
$87.3B
| $160M | 4.9% |
+20,867,120
| New | +$148M |
2017 Q1
0 quarters
|
|
|
7
Hewlett Packard
HPE
$59.4B
| $126M | 3.85% |
9,132,050
+1,987,770
| +28% | +$26.7M |
2016 Q3
2 quarters
|
|
|
8
Cognizant
CTSH
$28.9B
| $121M | 3.69% |
2,025,000
+550,000
| +37% | +$31.6M |
2016 Q4
1 quarter
|
|
9
Stewart Information Services
STC
$1.43B
| $102M | 3.13% |
2,315,000
| – | – |
2016 Q3
2 quarters
|
|
10
Baxter International
BAX
$13.3B
| $99.1M | 3.03% |
1,910,000
-541,150
| -22% | -$26.6M |
2015 Q3
6 quarters
|
|
|
TRCO
11
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
| $74.1M | 2.27% |
1,989,314
-13,000
| -0.6% | -$440K |
2016 Q4
1 quarter
|
|
12
DELISTED
Assertio
ASRT
| $66.5M | 2.04% |
88,255
+417
| +0.5% | +$423K |
2016 Q1
4 quarters
|
|
13
Insperity
NSP
$1.9B
| $58.5M | 1.79% |
1,320,000
-200,000
| -13% | -$7.95M |
2014 Q4
9 quarters
|
|
|
14
iShares Russell 2000 Value ETF
IWN
$13.7B
| $52.1M | 1.6% |
441,000
+390,000
| +765% | +$46.3M |
2016 Q1
4 quarters
|
|
|
ABCO
15
DELISTED
Advisory Board Co
ABCO
| $18.7M | 0.57% |
+400,000
| New | +$17.7M |
2017 Q1
0 quarters
|
|
16
Colgate-Palmolive
CL
$76.8B
| $12.3M | 0.38% |
+168,595
| New | +$11.8M |
2017 Q1
0 quarters
|
|
|
MYCC
17
DELISTED
ClubCorp Holdings, Inc.
MYCC
| $10.8M | 0.33% |
+670,235
| New | +$11M |
2017 Q1
0 quarters
|
|
|
PNK
18
DELISTED
Pinnacle Entertainment Inc.
PNK
| $9.8M | 0.3% |
500,000
-1,002,000
| -67% | -$16.5M |
2016 Q2
3 quarters
|
|
19
PUT
iShares Russell 2000 ETF
IWM
$74.2B
| $7.54M | 0.23% |
4,464,500
-2,020,000
| -31% | -$276M |
2013 Q4
13 quarters
|
|
20
Quantum Corp
QMCO
$570M
| $6.54M | 0.2% |
46,994
| – | – |
2013 Q2
15 quarters
|
|
|
21
Macy's
M
$6.03B
| – | – |
-3,010,200
| Closed | -$108M | – |
|
22
Take-Two Interactive
TTWO
$40.2B
| – | – |
-145,000
| Closed | -$7.15M | – |
|
|
23
Viavi Solutions
VIAV
$7B
| – | – |
-3,500,000
| Closed | -$28.6M | – |
|
|
24
DELISTED
WestRock Company
WRK
| – | – |
-700,000
| Closed | -$35.5M | – |
|
|
CSOD
25
DELISTED
Cornerstone OnDemand, Inc.
CSOD
| – | – |
-300,000
| Closed | -$12.7M | – |
|
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Starboard Value's Q1 2017 Portfolio in Review
As of Q1 2017, Starboard Value held 27 positions worth $3.26B, down 3.8% from $3.39B the previous quarter. Its ten largest holdings account for 89% of the portfolio.
Starboard Value withdrew a net $151M in Q1 2017, closing 6 positions and reducing 6 holdings. Its most notable exit was Macy's, an estimated $108M position sold in full.
By sector, the portfolio is most concentrated in Technology at 28% of assets, up from 20% a quarter earlier, followed by Healthcare and Energy.
Against the trend, Starboard Value opened a new position in Fortinet worth $160M.
- Starboard Value's largest Q1 2017 buy was Fortinet: 20,867,120 shares worth $160M.
- Starboard Value added most to iShares Russell 2000 Value ETF in Q1 2017, an estimated $46.3M increase.
- Starboard Value's biggest Q1 2017 reduction was Brink's, cutting an estimated $75.5M.
- Starboard Value fully exited Macy's in Q1 2017, selling an estimated $108M.
- Starboard Value's ten largest holdings make up 89% of its $3.26B portfolio in Q1 2017.
- Starboard Value opened 4 new positions and closed 6 in Q1 2017.
- Starboard Value's portfolio value fell 3.8% quarter-over-quarter to $3.26B.
Based on Starboard Value's 13F filing for Q1 2017, filed 12 May 2017.