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 |
AABA
Altaba Inc
AABA
|
+$669M |
| 2 |
FCE.A
Forest City Realty Trust, Inc.
FCE.A
|
+$103M |
| 3 |
Hewlett Packard
HPE
|
+$61.3M |
| 4 |
Advance Auto Parts
AAP
|
+$48.1M |
| 5 |
WBMD
WebMD Health Corp.
WBMD
|
+$23.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
YHOO
Yahoo Inc
YHOO
|
+$571M |
| 2 |
Brink's
BCO
|
+$81M |
| 3 |
TRCO
TRIBUNE MEDIA COMPANY CLASS A
TRCO
|
+$74.1M |
| 4 |
Insperity
NSP
|
+$46.5M |
| 5 |
Cognizant
CTSH
|
+$38.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 48.7% |
| 2 | Healthcare | 26.93% |
| 3 | Consumer Discretionary | 11.29% |
| 4 | Real Estate | 3.57% |
| 5 | Industrials | 3.52% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Perrigo
PRGO
$2.19B
| $728M | 21.23% |
9,641,425
| – | – |
2016 Q3
3 quarters
|
|
|
AABA
2
DELISTED
Altaba Inc
AABA
| $670M | 19.53% |
+12,298,627
| New | +$669M |
2017 Q2
0 quarters
|
|
3
Marvell Technology
MRVL
$177B
| $557M | 16.24% |
33,720,786
| – | – |
2016 Q1
5 quarters
|
|
|
4
Advance Auto Parts
AAP
$2.72B
| $370M | 10.79% |
3,175,000
+350,000
| +12% | +$48.1M |
2015 Q3
7 quarters
|
|
|
5
Hewlett Packard
HPE
$73.1B
| $174M | 5.08% |
13,533,680
+4,401,630
| +48% | +$61.3M |
2016 Q3
3 quarters
|
|
6
Fortinet
FTNT
$100B
| $167M | 4.88% |
22,353,050
+1,485,930
| +7% | +$11.5M |
2017 Q1
1 quarter
|
|
|
7
Brink's
BCO
$4.23B
| $115M | 3.35% |
1,713,930
-1,315,000
| -43% | -$81M |
2015 Q1
9 quarters
|
|
|
FCE.A
8
DELISTED
Forest City Realty Trust, Inc.
FCE.A
| $108M | 3.14% |
+4,450,000
| New | +$103M |
2017 Q2
0 quarters
|
|
9
Stewart Information Services
STC
$1.36B
| $105M | 3.06% |
2,315,000
| – | – |
2016 Q3
3 quarters
|
|
|
10
Cognizant
CTSH
$29.1B
| $94.6M | 2.76% |
1,425,000
-600,000
| -30% | -$38.1M |
2016 Q4
2 quarters
|
|
11
Baxter International
BAX
$11.9B
| $94.1M | 2.74% |
1,555,000
-355,000
| -19% | -$20.2M |
2015 Q3
7 quarters
|
|
12
iShares Russell 2000 Value ETF
IWN
$14B
| $58.4M | 1.7% |
491,000
+50,000
| +11% | +$5.88M |
2016 Q1
5 quarters
|
|
13
DELISTED
Assertio
ASRT
| $56.9M | 1.66% |
88,255
| – | – |
2016 Q1
5 quarters
|
|
|
WBMD
14
DELISTED
WebMD Health Corp.
WBMD
| $24.9M | 0.73% |
+425,000
| New | +$23.7M |
2017 Q2
0 quarters
|
|
|
ABCO
15
DELISTED
Advisory Board Co
ABCO
| $18M | 0.53% |
350,000
-50,000
| -13% | -$2.51M |
2017 Q1
1 quarter
|
|
|
ILG
16
DELISTED
ILG, Inc Common Stock
ILG
| $17.2M | 0.5% |
+625,000
| New | +$15.8M |
2017 Q2
0 quarters
|
|
|
SRC
17
DELISTED
SPIRIT REALTY CAPITAL, INC.
SRC
| $14.8M | 0.43% |
+446,000
| New | +$16.7M |
2017 Q2
0 quarters
|
|
18
Quantum Corp
QMCO
$720M
| $7.34M | 0.21% |
46,994
| – | – |
2013 Q2
16 quarters
|
|
19
PUT
iShares Russell 2000 ETF
IWM
$74.9B
| $7.11M | 0.21% |
3,314,500
-1,150,000
| -26% | -$159M |
2013 Q4
14 quarters
|
|
|
20
Insperity
NSP
$1.85B
| $6.06M | 0.18% |
170,592
-1,149,408
| -87% | -$46.5M |
2014 Q4
10 quarters
|
|
21
Philips
PHG
$26.3B
| $1.79M | 0.05% |
+65,871
| New | +$1.73M |
2017 Q2
0 quarters
|
|
22
Colgate-Palmolive
CL
$75.7B
| – | – |
-168,595
| Closed | -$12.3M | – |
|
|
PNK
23
DELISTED
Pinnacle Entertainment Inc.
PNK
| – | – |
-500,000
| Closed | -$9.8M | – |
|
|
MYCC
24
DELISTED
ClubCorp Holdings, Inc.
MYCC
| – | – |
-670,235
| Closed | -$10.8M | – |
|
|
YHOO
25
DELISTED
Yahoo Inc
YHOO
| – | – |
-12,298,627
| Closed | -$571M | – |
|
Similar funds
Starboard Value's Q2 2017 Portfolio in Review
As of Q2 2017, Starboard Value held 27 positions worth $3.43B, up 5.1% from $3.26B the previous quarter. Its ten largest holdings account for 90% of the portfolio.
Starboard Value deployed $125M of net new capital in Q2 2017, opening 7 new positions and adding to 4 existing holdings. Its largest new stake was Altaba Inc: 12,298,627 shares worth $670M.
By sector, the portfolio is most concentrated in Technology at 49% of assets, up from 28% a quarter earlier, followed by Healthcare and Consumer Discretionary.
On the sell side, the largest reduction was Brink's, an estimated $81M trimmed.
- Starboard Value's largest Q2 2017 buy was Altaba Inc: 12,298,627 shares worth $670M.
- Starboard Value added most to Hewlett Packard in Q2 2017, an estimated $61.3M increase.
- Starboard Value's biggest Q2 2017 reduction was Brink's, cutting an estimated $81M.
- Starboard Value fully exited Yahoo Inc in Q2 2017, selling an estimated $571M.
- Starboard Value's ten largest holdings make up 90% of its $3.43B portfolio in Q2 2017.
- Starboard Value opened 7 new positions and closed 5 in Q2 2017.
- Starboard Value's portfolio value rose 5.1% quarter-over-quarter to $3.43B.
Based on Starboard Value's 13F filing for Q2 2017, filed 11 Aug 2017.