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 |
MLNX
Mellanox Technologies, Ltd.
MLNX
|
+$265M |
| 2 |
Cars.com
CARS
|
+$118M |
| 3 |
FCE.A
Forest City Realty Trust, Inc.
FCE.A
|
+$48.8M |
| 4 |
TYPE
Monotype Imaging Holdings Inc.
TYPE
|
+$32.9M |
| 5 |
BMS
Bemis
BMS
|
+$29.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
AABA
Altaba Inc
AABA
|
+$125M |
| 2 |
Etsy
ETSY
|
+$71.6M |
| 3 |
Hewlett Packard
HPE
|
+$39.8M |
| 4 |
Brink's
BCO
|
+$34.9M |
| 5 |
Jack in the Box
JACK
|
+$17.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 51.07% |
| 2 | Healthcare | 25.54% |
| 3 | Consumer Discretionary | 10.23% |
| 4 | Real Estate | 4.11% |
| 5 | Communication Services | 3.23% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Perrigo
PRGO
$2.2B
| $840M | 20.55% |
9,641,425
| – | – |
2016 Q3
5 quarters
|
|
|
AABA
2
DELISTED
Altaba Inc
AABA
| $734M | 17.94% |
10,502,806
-1,795,821
| -15% | -$125M |
2017 Q2
2 quarters
|
|
3
Marvell Technology
MRVL
$155B
| $724M | 17.71% |
33,720,786
| – | – |
2016 Q1
7 quarters
|
|
|
MLNX
4
DELISTED
Mellanox Technologies, Ltd.
MLNX
| $324M | 7.92% |
+5,006,621
| New | +$265M |
2017 Q4
0 quarters
|
|
5
Advance Auto Parts
AAP
$2.86B
| $317M | 7.74% |
3,175,000
| – | – |
2015 Q3
9 quarters
|
|
6
Fortinet
FTNT
$94.3B
| $154M | 3.76% |
17,582,030
-2,021,020
| -10% | -$16.5M |
2017 Q1
3 quarters
|
|
|
7
Cars.com
CARS
$620M
| $132M | 3.23% |
+4,575,000
| New | +$118M |
2017 Q4
0 quarters
|
|
|
FCE.A
8
DELISTED
Forest City Realty Trust, Inc.
FCE.A
| $129M | 3.15% |
5,337,223
+1,969,723
| +58% | +$48.8M |
2017 Q2
2 quarters
|
|
|
BMS
9
DELISTED
Bemis
BMS
| $102M | 2.49% |
2,130,000
+630,000
| +42% | +$29.1M |
2017 Q3
1 quarter
|
|
10
Stewart Information Services
STC
$1.37B
| $97.9M | 2.39% |
2,315,000
| – | – |
2016 Q3
5 quarters
|
|
|
EVHC
11
DELISTED
Envision Healthcare Holdings Inc
EVHC
| $89M | 2.18% |
2,574,852
-61,641
| -2% | -$2.16M |
2017 Q3
1 quarter
|
|
|
TYPE
12
DELISTED
Monotype Imaging Holdings Inc.
TYPE
| $82M | 2.01% |
3,404,546
+1,403,319
| +70% | +$32.9M |
2017 Q3
1 quarter
|
|
13
Baxter International
BAX
$12.3B
| $77.1M | 1.89% |
1,192,500
-162,500
| -12% | -$10.4M |
2015 Q3
9 quarters
|
|
14
Cognizant
CTSH
$29.4B
| $71M | 1.74% |
1,000,000
-150,000
| -13% | -$11M |
2016 Q4
4 quarters
|
|
|
15
Brink's
BCO
$4.44B
| $67.3M | 1.65% |
855,205
-431,155
| -34% | -$34.9M |
2015 Q1
11 quarters
|
|
16
iShares Russell 2000 Value ETF
IWN
$14.1B
| $66.1M | 1.62% |
526,000
-135,000
| -20% | -$16.9M |
2016 Q1
7 quarters
|
|
17
Macerich
MAC
$7.05B
| $39.4M | 0.96% |
600,000
+100,000
| +20% | +$6.12M |
2017 Q3
1 quarter
|
|
18
DELISTED
Assertio
ASRT
| $37.8M | 0.92% |
78,255
-10,000
| -11% | -$3.89M |
2016 Q1
7 quarters
|
|
19
PUT
iShares Russell 2000 ETF
IWM
$75.9B
| $6.74M | 0.16% |
2,962,500
+1,062,500
| +56% | +$160M |
2013 Q4
16 quarters
|
|
|
20
Etsy
ETSY
$8.07B
| – | – |
-4,240,000
| Closed | -$71.6M | – |
|
|
21
Hewlett Packard
HPE
$68.8B
| – | – |
-2,704,973
| Closed | -$39.8M | – |
|
|
22
Jack in the Box
JACK
$267M
| – | – |
-175,000
| Closed | -$17.8M | – |
|
23
MBIA
MBI
$236M
| – | – |
-1,200,000
| Closed | -$10.4M | – |
|
24
Quantum Corp
QMCO
$663M
| – | – |
-46,994
| Closed | -$5.75M | – |
|
|
ILG
25
DELISTED
ILG, Inc Common Stock
ILG
| – | – |
-625,000
| Closed | -$16.7M | – |
|
Similar funds
Starboard Value's Q4 2017 Portfolio in Review
As of Q4 2017, Starboard Value held 26 positions worth $4.09B, up 10% from $3.7B the previous quarter. Its ten largest holdings account for 87% of the portfolio.
Starboard Value's Q4 2017 filing shows 2 new, 5 increased, 8 reduced and 7 closed positions. Its largest new stake was Mellanox Technologies, Ltd.: 5,006,621 shares worth $324M. The largest sale was Altaba Inc, an estimated $125M.
By sector, the portfolio is most concentrated in Technology at 51% of assets, up from 47% a quarter earlier, followed by Healthcare and Consumer Discretionary.
- Starboard Value's largest Q4 2017 buy was Mellanox Technologies, Ltd.: 5,006,621 shares worth $324M.
- Starboard Value added most to Forest City Realty Trust, Inc. in Q4 2017, an estimated $48.8M increase.
- Starboard Value's biggest Q4 2017 reduction was Altaba Inc, cutting an estimated $125M.
- Starboard Value fully exited Etsy in Q4 2017, selling an estimated $71.6M.
- Starboard Value's ten largest holdings make up 87% of its $4.09B portfolio in Q4 2017.
- Starboard Value opened 2 new positions and closed 7 in Q4 2017.
- Starboard Value's portfolio value rose 10% quarter-over-quarter to $4.09B.
Based on Starboard Value's 13F filing for Q4 2017, filed 14 Feb 2018.