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 |
Aecom
ACM
|
+$146M |
| 2 |
GCP
GCP Applied Technologies Inc.
GCP
|
+$57.8M |
| 3 |
Gen Digital
GEN
|
+$43M |
| 4 |
iShares Russell Mid-Cap ETF
IWR
|
+$5.49M |
| 5 |
Comscore
SCOR
|
+$2.68M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Marvell Technology
MRVL
|
+$445M |
| 2 |
Openlane
OPLN
|
+$144M |
| 3 |
Dollar Tree
DLTR
|
+$126M |
| 4 |
AABA
Altaba Inc
AABA
|
+$121M |
| 5 |
ZAYO
Zayo Group Holdings, Inc.
ZAYO
|
+$117M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 27.03% |
| 2 | Technology | 25.77% |
| 3 | Consumer Discretionary | 22.24% |
| 4 | Miscellaneous | 8.9% |
| 5 | Materials | 5.34% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Gen Digital
GEN
$17.7B
| $827M | 25.16% |
38,000,796
+2,000,000
| +6% | +$43M |
2018 Q3
3 quarters
|
|
2
Advance Auto Parts
AAP
$2.77B
| $489M | 14.89% |
3,175,000
| – | – |
2015 Q3
15 quarters
|
|
3
Perrigo
PRGO
$2.25B
| $478M | 14.55% |
10,041,425
| – | – |
2016 Q3
11 quarters
|
|
|
CERN
4
DELISTED
Cerner Corp
CERN
| $220M | 6.69% |
3,000,000
-95,851
| -3% | -$6.47M |
2019 Q1
1 quarter
|
|
5
iShares Russell 2000 Value ETF
IWN
$14B
| $214M | 6.51% |
1,775,777
-350,000
| -16% | -$42.3M |
2016 Q1
13 quarters
|
|
|
MGLN
6
DELISTED
Magellan Health Services, Inc.
MGLN
| $176M | 5.35% |
2,369,100
| – | – |
2018 Q4
2 quarters
|
|
|
7
Aecom
ACM
$9.08B
| $167M | 5.07% |
+4,400,709
| New | +$146M |
2019 Q2
0 quarters
|
|
8
eBay
EBAY
$52.5B
| $161M | 4.89% |
4,070,000
-2,216,819
| -35% | -$83.3M |
2019 Q1
1 quarter
|
|
9
Cars.com
CARS
$672M
| $126M | 3.83% |
6,382,000
| – | – |
2017 Q4
6 quarters
|
|
|
GCP
10
DELISTED
GCP Applied Technologies Inc.
GCP
| $121M | 3.67% |
5,322,694
+2,142,694
| +67% | +$57.8M |
2019 Q1
1 quarter
|
|
11
MGM Resorts International
MGM
$8.37B
| $78.6M | 2.39% |
2,750,000
-145,000
| -5% | -$3.87M |
2019 Q1
1 quarter
|
|
|
12
iShares Russell Mid-Cap ETF
IWR
$58.4B
| $76.3M | 2.32% |
1,365,000
+100,000
| +8% | +$5.49M |
2019 Q1
1 quarter
|
|
|
13
Dollar Tree
DLTR
$26.5B
| $59.7M | 1.82% |
555,574
-1,201,839
| -68% | -$126M |
2018 Q4
2 quarters
|
|
14
RPM International
RPM
$13.3B
| $55M | 1.67% |
900,322
-100,000
| -10% | -$5.9M |
2018 Q2
4 quarters
|
|
|
15
Marvell Technology
MRVL
$149B
| $18.8M | 0.57% |
787,543
-19,043,460
| -96% | -$445M |
2016 Q1
13 quarters
|
|
|
NTUS
16
DELISTED
Natus Medical Inc
NTUS
| $14.5M | 0.44% |
563,329
-567,862
| -50% | -$14.5M |
2019 Q1
1 quarter
|
|
17
PUT
iShares Russell 2000 ETF
IWM
$77.5B
| $2.4M | 0.07% |
2,190,000
+340,000
| +18% | +$52.4M |
2013 Q4
22 quarters
|
|
|
18
Openlane
OPLN
$4.2B
| $2.1M | 0.06% |
84,100
-6,692,630
| -99% | -$144M |
2019 Q1
1 quarter
|
|
|
19
Comscore
SCOR
$45M
| $1.29M | 0.04% |
+12,500
| New | +$2.68M |
2019 Q2
0 quarters
|
|
|
20
PUT
iShares Russell Mid-Cap ETF
IWR
$58.4B
| $16K | ﹤0.01% |
125,000
| – | – |
2019 Q1
1 quarter
|
|
|
ZAYO
21
DELISTED
Zayo Group Holdings, Inc.
ZAYO
| – | – |
-4,099,252
| Closed | -$117M | – |
|
|
AABA
22
DELISTED
Altaba Inc
AABA
| – | – |
-1,637,710
| Closed | -$121M | – |
|
Similar funds
Starboard Value's Q2 2019 Portfolio in Review
As of Q2 2019, Starboard Value held 22 positions worth $3.29B, down 20% from $4.09B the previous quarter. Its ten largest holdings account for 91% of the portfolio.
Starboard Value withdrew a net $854M in Q2 2019, closing 2 positions and reducing 9 holdings. Its most notable exit was Altaba Inc, an estimated $121M position sold in full.
By sector, the portfolio is most concentrated in Healthcare at 27% of assets, up from 21% a quarter earlier, followed by Technology and Consumer Discretionary.
Against the trend, Starboard Value opened a new position in Aecom worth $167M.
- Starboard Value's largest Q2 2019 buy was Aecom: 4,400,709 shares worth $167M.
- Starboard Value added most to GCP Applied Technologies Inc. in Q2 2019, an estimated $57.8M increase.
- Starboard Value's biggest Q2 2019 reduction was Marvell Technology, cutting an estimated $445M.
- Starboard Value fully exited Altaba Inc in Q2 2019, selling an estimated $121M.
- Starboard Value's ten largest holdings make up 91% of its $3.29B portfolio in Q2 2019.
- Starboard Value opened 2 new positions and closed 2 in Q2 2019.
- Starboard Value's portfolio value fell 20% quarter-over-quarter to $3.29B.
Based on Starboard Value's 13F filing for Q2 2019, filed 14 Aug 2019.