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 |
EVHC
Envision Healthcare Holdings Inc
EVHC
|
+$141M |
| 2 |
BMS
Bemis
BMS
|
+$66.9M |
| 3 |
Etsy
ETSY
|
+$66.9M |
| 4 |
TYPE
Monotype Imaging Holdings Inc.
TYPE
|
+$37.5M |
| 5 |
Macerich
MAC
|
+$28M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Hewlett Packard
HPE
|
+$148M |
| 2 |
Brink's
BCO
|
+$32.6M |
| 3 |
FCE.A
Forest City Realty Trust, Inc.
FCE.A
|
+$26.5M |
| 4 |
WBMD
WebMD Health Corp.
WBMD
|
+$24.9M |
| 5 |
Fortinet
FTNT
|
+$20.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 46.6% |
| 2 | Healthcare | 28.35% |
| 3 | Consumer Discretionary | 13.21% |
| 4 | Miscellaneous | 3.2% |
| 5 | Real Estate | 3.06% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Perrigo
PRGO
$2.19B
| $816M | 22.03% |
9,641,425
| – | – |
2016 Q3
4 quarters
|
|
|
AABA
2
DELISTED
Altaba Inc
AABA
| $815M | 21.99% |
12,298,627
| – | – |
2017 Q2
1 quarter
|
|
3
Marvell Technology
MRVL
$177B
| $604M | 16.29% |
33,720,786
| – | – |
2016 Q1
6 quarters
|
|
4
Advance Auto Parts
AAP
$2.72B
| $315M | 8.5% |
3,175,000
| – | – |
2015 Q3
8 quarters
|
|
|
5
Fortinet
FTNT
$100B
| $141M | 3.79% |
19,603,050
-2,750,000
| -12% | -$20.9M |
2017 Q1
2 quarters
|
|
|
EVHC
6
DELISTED
Envision Healthcare Holdings Inc
EVHC
| $119M | 3.2% |
+2,636,493
| New | +$141M |
2017 Q3
0 quarters
|
|
|
7
Brink's
BCO
$4.23B
| $108M | 2.93% |
1,286,360
-427,570
| -25% | -$32.6M |
2015 Q1
10 quarters
|
|
8
Stewart Information Services
STC
$1.36B
| $87.4M | 2.36% |
2,315,000
| – | – |
2016 Q3
4 quarters
|
|
|
FCE.A
9
DELISTED
Forest City Realty Trust, Inc.
FCE.A
| $85.9M | 2.32% |
3,367,500
-1,082,500
| -24% | -$26.5M |
2017 Q2
1 quarter
|
|
10
Baxter International
BAX
$11.9B
| $85M | 2.3% |
1,355,000
-200,000
| -13% | -$12.4M |
2015 Q3
8 quarters
|
|
11
Cognizant
CTSH
$29.1B
| $83.4M | 2.25% |
1,150,000
-275,000
| -19% | -$19.3M |
2016 Q4
3 quarters
|
|
12
iShares Russell 2000 Value ETF
IWN
$14B
| $82M | 2.21% |
661,000
+170,000
| +35% | +$20M |
2016 Q1
6 quarters
|
|
|
13
Etsy
ETSY
$7.67B
| $71.6M | 1.93% |
+4,240,000
| New | +$66.9M |
2017 Q3
0 quarters
|
|
|
BMS
14
DELISTED
Bemis
BMS
| $68.4M | 1.85% |
+1,500,000
| New | +$66.9M |
2017 Q3
0 quarters
|
|
|
15
Hewlett Packard
HPE
$73.1B
| $39.8M | 1.07% |
2,704,973
-10,828,707
| -80% | -$148M |
2016 Q3
4 quarters
|
|
|
TYPE
16
DELISTED
Monotype Imaging Holdings Inc.
TYPE
| $38.5M | 1.04% |
+2,001,227
| New | +$37.5M |
2017 Q3
0 quarters
|
|
17
DELISTED
Assertio
ASRT
| $30.7M | 0.83% |
88,255
| – | – |
2016 Q1
6 quarters
|
|
|
18
Macerich
MAC
$6.9B
| $27.5M | 0.74% |
+500,000
| New | +$28M |
2017 Q3
0 quarters
|
|
19
Jack in the Box
JACK
$250M
| $17.8M | 0.48% |
+175,000
| New | +$16.7M |
2017 Q3
0 quarters
|
|
|
ILG
20
DELISTED
ILG, Inc Common Stock
ILG
| $16.7M | 0.45% |
625,000
| – | – |
2017 Q2
1 quarter
|
|
21
MBIA
MBI
$228M
| $10.4M | 0.28% |
+1,200,000
| New | +$12M |
2017 Q3
0 quarters
|
|
22
Quantum Corp
QMCO
$720M
| $5.75M | 0.16% |
46,994
| – | – |
2013 Q2
17 quarters
|
|
23
PUT
iShares Russell 2000 ETF
IWM
$74.9B
| $1.27M | 0.03% |
1,900,000
-1,414,500
| -43% | -$199M |
2013 Q4
15 quarters
|
|
24
Insperity
NSP
$1.85B
| – | – |
-170,592
| Closed | -$6.06M | – |
|
25
Philips
PHG
$26.3B
| – | – |
-65,871
| Closed | -$1.79M | – |
|
Similar funds
Starboard Value's Q3 2017 Portfolio in Review
As of Q3 2017, Starboard Value held 29 positions worth $3.7B, up 8% from $3.43B the previous quarter. Its ten largest holdings account for 86% of the portfolio.
Starboard Value's Q3 2017 filing shows 7 new, 1 increased, 7 reduced and 5 closed positions. Its largest new stake was Envision Healthcare Holdings Inc: 2,636,493 shares worth $119M. The largest sale was Hewlett Packard, an estimated $148M.
By sector, the portfolio is most concentrated in Technology at 47% of assets, down from 49% a quarter earlier, followed by Healthcare and Consumer Discretionary.
- Starboard Value's largest Q3 2017 buy was Envision Healthcare Holdings Inc: 2,636,493 shares worth $119M.
- Starboard Value added most to iShares Russell 2000 Value ETF in Q3 2017, an estimated $20M increase.
- Starboard Value's biggest Q3 2017 reduction was Hewlett Packard, cutting an estimated $148M.
- Starboard Value fully exited WebMD Health Corp. in Q3 2017, selling an estimated $24.9M.
- Starboard Value's ten largest holdings make up 86% of its $3.7B portfolio in Q3 2017.
- Starboard Value opened 7 new positions and closed 5 in Q3 2017.
- Starboard Value's portfolio value rose 8% quarter-over-quarter to $3.7B.
Based on Starboard Value's 13F filing for Q3 2017, filed 13 Nov 2017.