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 |
WEB
Web.com Group, Inc.
WEB
|
+$87.2M |
| 2 |
BMS
Bemis
BMS
|
+$41.8M |
| 3 |
RPM International
RPM
|
+$31.5M |
| 4 |
Perrigo
PRGO
|
+$30.8M |
| 5 |
iShares Russell 2000 Value ETF
IWN
|
+$644K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
AABA
Altaba Inc
AABA
|
+$298M |
| 2 |
Newell Brands
NWL
|
+$256M |
| 3 |
EVHC
Envision Healthcare Holdings Inc
EVHC
|
+$150M |
| 4 |
Macerich
MAC
|
+$71.9M |
| 5 |
Brink's
BCO
|
+$42.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 43.19% |
| 2 | Healthcare | 19.82% |
| 3 | Consumer Discretionary | 14.05% |
| 4 | Real Estate | 10.46% |
| 5 | Consumer Staples | 5.72% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Perrigo
PRGO
$2.16B
| $732M | 18.51% |
10,041,425
+400,000
| +4% | +$30.8M |
2016 Q3
7 quarters
|
|
2
Marvell Technology
MRVL
$153B
| $723M | 18.27% |
33,720,786
| – | – |
2016 Q1
9 quarters
|
|
|
MLNX
3
DELISTED
Mellanox Technologies, Ltd.
MLNX
| $461M | 11.65% |
5,466,621
| – | – |
2017 Q4
2 quarters
|
|
4
Advance Auto Parts
AAP
$2.9B
| $431M | 10.89% |
3,175,000
| – | – |
2015 Q3
11 quarters
|
|
|
AABA
5
DELISTED
Altaba Inc
AABA
| $413M | 10.43% |
5,635,070
-3,976,657
| -41% | -$298M |
2017 Q2
4 quarters
|
|
|
FCE.A
6
DELISTED
Forest City Realty Trust, Inc.
FCE.A
| $348M | 8.81% |
15,272,223
| – | – |
2017 Q2
4 quarters
|
|
|
7
Newell Brands
NWL
$2.4B
| $226M | 5.72% |
8,768,262
-9,816,192
| -53% | -$256M |
2018 Q1
1 quarter
|
|
8
Cars.com
CARS
$622M
| $162M | 4.1% |
5,717,000
-1,035,000
| -15% | -$28.5M |
2017 Q4
2 quarters
|
|
|
BMS
9
DELISTED
Bemis
BMS
| $125M | 3.16% |
2,959,487
+969,737
| +49% | +$41.8M |
2017 Q3
3 quarters
|
|
|
WEB
10
DELISTED
Web.com Group, Inc.
WEB
| $112M | 2.84% |
+4,338,750
| New | +$87.2M |
2018 Q2
0 quarters
|
|
|
11
iShares Russell 2000 Value ETF
IWN
$14.1B
| $65.4M | 1.65% |
496,000
+5,000
| +1% | +$644K |
2016 Q1
9 quarters
|
|
|
12
Macerich
MAC
$7.03B
| $65.4M | 1.65% |
1,150,000
-1,266,850
| -52% | -$71.9M |
2017 Q3
3 quarters
|
|
13
Baxter International
BAX
$12.9B
| $41.2M | 1.04% |
557,500
-490,000
| -47% | -$34.5M |
2015 Q3
11 quarters
|
|
|
14
RPM International
RPM
$13.5B
| $36.6M | 0.93% |
+628,322
| New | +$31.5M |
2018 Q2
0 quarters
|
|
15
DELISTED
Assertio
ASRT
| $10.7M | 0.27% |
26,733
-48,943
| -65% | -$19.9M |
2016 Q1
9 quarters
|
|
16
PUT
VanEck Semiconductor ETF
SMH
$66.2B
| $2.63M | 0.07% |
+3,400,000
| New | +$178M |
2018 Q2
0 quarters
|
|
17
PUT
iShares Russell 2000 ETF
IWM
$76B
| $870K | 0.02% |
1,560,000
-2,389,400
| -61% | -$382M |
2013 Q4
18 quarters
|
|
18
Comscore
SCOR
$51.3M
| $218K | 0.01% |
+500
| New | +$235K |
2018 Q2
0 quarters
|
|
|
19
Brink's
BCO
$4.43B
| – | – |
-592,455
| Closed | -$42.3M | – |
|
|
EVHC
20
DELISTED
Envision Healthcare Holdings Inc
EVHC
| – | – |
-3,907,197
| Closed | -$150M | – |
|
Similar funds
Starboard Value's Q2 2018 Portfolio in Review
As of Q2 2018, Starboard Value held 20 positions worth $3.96B, down 13% from $4.56B the previous quarter. Its ten largest holdings account for 94% of the portfolio.
Starboard Value withdrew a net $708M in Q2 2018, closing 2 positions and reducing 7 holdings. Its most notable exit was Envision Healthcare Holdings Inc, an estimated $150M position sold in full.
By sector, the portfolio is most concentrated in Technology at 43% of assets, up from 40% a quarter earlier, followed by Healthcare and Consumer Discretionary.
Against the trend, Starboard Value opened a new position in Web.com Group, Inc. worth $112M.
- Starboard Value's largest Q2 2018 buy was Web.com Group, Inc.: 4,338,750 shares worth $112M.
- Starboard Value added most to Bemis in Q2 2018, an estimated $41.8M increase.
- Starboard Value's biggest Q2 2018 reduction was Altaba Inc, cutting an estimated $298M.
- Starboard Value fully exited Envision Healthcare Holdings Inc in Q2 2018, selling an estimated $150M.
- Starboard Value's ten largest holdings make up 94% of its $3.96B portfolio in Q2 2018.
- Starboard Value opened 4 new positions and closed 2 in Q2 2018.
- Starboard Value's portfolio value fell 13% quarter-over-quarter to $3.96B.
Based on Starboard Value's 13F filing for Q2 2018, filed 14 Aug 2018.