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 |
Gen Digital
GEN
|
+$499M |
| 2 |
RPM International
RPM
|
+$36.5M |
| 3 |
Cars.com
CARS
|
+$16.1M |
| 4 |
Baxter International
BAX
|
+$12.6M |
| 5 |
Marvell Technology
MRVL
|
+$11.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
AABA
Altaba Inc
AABA
|
+$239M |
| 2 |
Newell Brands
NWL
|
+$187M |
| 3 |
MLNX
Mellanox Technologies, Ltd.
MLNX
|
+$82.4M |
| 4 |
Macerich
MAC
|
+$65.4M |
| 5 |
BMS
Bemis
BMS
|
+$46.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 45.66% |
| 2 | Healthcare | 19.67% |
| 3 | Consumer Discretionary | 16.17% |
| 4 | Real Estate | 9.83% |
| 5 | Communication Services | 4.46% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Perrigo
PRGO
$2.25B
| $711M | 18.23% |
10,041,425
| – | – |
2016 Q3
8 quarters
|
|
|
2
Marvell Technology
MRVL
$141B
| $662M | 16.97% |
34,289,997
+569,211
| +2% | +$11.7M |
2016 Q1
10 quarters
|
|
3
Advance Auto Parts
AAP
$2.75B
| $534M | 13.71% |
3,175,000
| – | – |
2015 Q3
12 quarters
|
|
|
4
Gen Digital
GEN
$18B
| $521M | 13.37% |
+24,501,796
| New | +$499M |
2018 Q3
0 quarters
|
|
|
FCE.A
5
DELISTED
Forest City Realty Trust, Inc.
FCE.A
| $383M | 9.83% |
15,272,223
| – | – |
2017 Q2
5 quarters
|
|
|
MLNX
6
DELISTED
Mellanox Technologies, Ltd.
MLNX
| $326M | 8.37% |
4,442,678
-1,023,943
| -19% | -$82.4M |
2017 Q4
3 quarters
|
|
|
7
Cars.com
CARS
$662M
| $174M | 4.46% |
6,292,000
+575,000
| +10% | +$16.1M |
2017 Q4
3 quarters
|
|
|
AABA
8
DELISTED
Altaba Inc
AABA
| $152M | 3.91% |
2,237,710
-3,397,360
| -60% | -$239M |
2017 Q2
5 quarters
|
|
|
WEB
9
DELISTED
Web.com Group, Inc.
WEB
| $118M | 3.03% |
4,238,750
-100,000
| -2% | -$2.7M |
2018 Q2
1 quarter
|
|
|
BMS
10
DELISTED
Bemis
BMS
| $95.9M | 2.46% |
1,972,991
-986,496
| -33% | -$46.6M |
2017 Q3
4 quarters
|
|
|
11
RPM International
RPM
$13.2B
| $77.6M | 1.99% |
1,195,322
+567,000
| +90% | +$36.5M |
2018 Q2
1 quarter
|
|
12
iShares Russell 2000 Value ETF
IWN
$14B
| $66M | 1.69% |
496,000
| – | – |
2016 Q1
10 quarters
|
|
|
13
Baxter International
BAX
$13.4B
| $56.1M | 1.44% |
727,500
+170,000
| +30% | +$12.6M |
2015 Q3
12 quarters
|
|
|
14
Newell Brands
NWL
$2.46B
| $16M | 0.41% |
787,384
-7,980,878
| -91% | -$187M |
2018 Q1
2 quarters
|
|
15
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$800B
| $3.28M | 0.08% |
+580,000
| New | +$165M |
2018 Q3
0 quarters
|
|
16
PUT
iShares Russell 2000 ETF
IWM
$77.1B
| $1.69M | 0.04% |
900,000
-660,000
| -42% | -$111M |
2013 Q4
19 quarters
|
|
17
DELISTED
Assertio
ASRT
| – | – |
-26,733
| Closed | -$10.7M | – |
|
|
18
Macerich
MAC
$7.11B
| – | – |
-1,150,000
| Closed | -$65.4M | – |
|
19
Comscore
SCOR
$45.7M
| – | – |
-500
| Closed | -$218K | – |
|
20
PUT
VanEck Semiconductor ETF
SMH
$63B
| – | – |
-3,400,000
| Closed | -$2.63M | – |
|
Similar funds
Starboard Value's Q3 2018 Portfolio in Review
As of Q3 2018, Starboard Value held 20 positions worth $3.9B, down 1.4% from $3.96B the previous quarter. Its ten largest holdings account for 94% of the portfolio.
Starboard Value's Q3 2018 filing shows 2 new, 4 increased, 6 reduced and 4 closed positions. Its largest new stake was Gen Digital: 24,501,796 shares worth $521M. The largest sale was Altaba Inc, an estimated $239M.
By sector, the portfolio is most concentrated in Technology at 46% of assets, up from 43% a quarter earlier, followed by Healthcare and Consumer Discretionary.
- Starboard Value's largest Q3 2018 buy was Gen Digital: 24,501,796 shares worth $521M.
- Starboard Value added most to RPM International in Q3 2018, an estimated $36.5M increase.
- Starboard Value's biggest Q3 2018 reduction was Altaba Inc, cutting an estimated $239M.
- Starboard Value fully exited Macerich in Q3 2018, selling an estimated $65.4M.
- Starboard Value's ten largest holdings make up 94% of its $3.9B portfolio in Q3 2018.
- Starboard Value opened 2 new positions and closed 4 in Q3 2018.
- Starboard Value's portfolio value fell 1.4% quarter-over-quarter to $3.9B.
Based on Starboard Value's 13F filing for Q3 2018, filed 14 Nov 2018.