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Starboard Value Portfolio holdings

AUM $4.57B
1-Year Est. Return 4.97%
This Fund
S&P 500
This Quarter Est. Return
+3.45%
1 Year Est. Return
+4.97%
3 Year Est. Return
+42.2%
5 Year Est. Return
+68.31%
10 Year Est. Return
+364.91%
AUM
$3.26B
AUM Growth
-$128M
Cap. Flow
-$427M
Cap. Flow %
-13.09%
Top 10 Hldgs %
89.25%
Holding
27
New
4
Increased
5
Reduced
6
Closed
6

Top Buys

Rank Stock Value
1
FTNT icon
Fortinet
FTNT
+$148M
2
IWN icon
iShares Russell 2000 Value ETF
IWN
+$46.3M
3
CTSH icon
Cognizant
CTSH
+$31.6M
4
HPE icon
Hewlett Packard
HPE
+$26.7M
5
ABCO
Advisory Board Co
ABCO
+$17.7M

Top Sells

Rank Stock Value
1
M icon
Macy's
M
+$108M
2
COL
Rockwell Collins
COL
+$102M
3
BCO icon
Brink's
BCO
+$75.5M
4
WRK
WestRock Company
WRK
+$35.5M
5
VIAV icon
Viavi Solutions
VIAV
+$28.6M

Sector Composition

Rank Sector Weight
1 Technology 28.41%
2 Healthcare 24.67%
3 Energy 17.48%
4 Consumer Discretionary 13.16%
5 Industrials 6.75%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
PRGO icon
1
Perrigo
PRGO
$1.44B
$640M 19.61%
9,641,425
+135,000
+1% +$10.3M
YHOO
2
DELISTED
Yahoo Inc
YHOO
$571M 17.48%
12,298,627
– –
MRVL icon
3
Marvell Technology
MRVL
$147B
$515M 15.76%
33,720,786
– –
AAP icon
4
Advance Auto Parts
AAP
$3.53B
$419M 12.83%
2,825,000
– –
BCO icon
5
Brink's
BCO
$5.01B
$162M 4.96%
3,028,930
-1,550,000
-34% -$75.5M
FTNT icon
6
Fortinet
FTNT
$112B
$160M 4.9%
+20,867,120
New +$148M
HPE icon
7
Hewlett Packard
HPE
$58.8B
$126M 3.85%
9,132,050
+1,987,770
+28% +$26.7M
CTSH icon
8
Cognizant
CTSH
$26.5B
$121M 3.69%
2,025,000
+550,000
+37% +$31.6M
STC icon
9
Stewart Information Services
STC
$2.14B
$102M 3.13%
2,315,000
– –
BAX icon
10
Baxter International
BAX
$12.8B
$99.1M 3.03%
1,910,000
-541,150
-22% -$26.6M
TRCO
11
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
$74.1M 2.27%
1,989,314
-13,000
-0.6% -$440K
ASRT
12
DELISTED
Assertio
ASRT
$66.5M 2.04%
88,255
+417
+0.5% +$423K
NSP icon
13
Insperity
NSP
$2.03B
$58.5M 1.79%
1,320,000
-200,000
-13% -$7.95M
IWN icon
14
iShares Russell 2000 Value ETF
IWN
$14.3B
$52.1M 1.6%
441,000
+390,000
+765% +$46.3M
ABCO
15
DELISTED
Advisory Board Co
ABCO
$18.7M 0.57%
+400,000
New +$17.7M
CL icon
16
Colgate-Palmolive
CL
$74.8B
$12.3M 0.38%
+168,595
New +$11.8M
MYCC
17
DELISTED
ClubCorp Holdings, Inc.
MYCC
$10.8M 0.33%
+670,235
New +$11M
PNK
18
DELISTED
Pinnacle Entertainment Inc.
PNK
$9.76M 0.3%
500,000
-1,002,000
-67% -$16.5M
IWM icon
19
PUT
iShares Russell 2000 ETF
IWM
$79.1B
$7.54M 0.23%
4,464,500
-2,020,000
-31% -$276M
QMCO icon
20
Quantum Corp
QMCO
$411M
$6.54M 0.2%
46,994
– –
M icon
21
Macy's
M
$6.51B
– –
-3,010,200
Closed -$108M
TTWO icon
22
Take-Two Interactive
TTWO
$46.1B
– –
-145,000
Closed -$7.15M
VIAV icon
23
Viavi Solutions
VIAV
$7.95B
– –
-3,500,000
Closed -$28.6M
WRK
24
DELISTED
WestRock Company
WRK
– –
-700,000
Closed -$35.5M
CSOD
25
DELISTED
Cornerstone OnDemand, Inc.
CSOD
– –
-300,000
Closed -$12.7M
1
2

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LPPI
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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 $427M 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.