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
|
+$61.5M |
| 2 |
Willis Towers Watson
WTW
|
+$22.4M |
| 3 |
Mercury Systems
MRCY
|
+$21.4M |
| 4 |
LivePerson
LPSN
|
+$11.3M |
| 5 |
GoDaddy
GDDY
|
+$9.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Corteva
CTVA
|
+$289M |
| 2 |
Huntsman Corp
HUN
|
+$277M |
| 3 |
CERN
Cerner Corp
CERN
|
+$211M |
| 4 |
iShares Russell 2000 ETF
IWM
|
+$184M |
| 5 |
Kohl's
KSS
|
+$137M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 32.68% |
| 2 | Financials | 18.93% |
| 3 | Healthcare | 14.95% |
| 4 | Industrials | 13.46% |
| 5 | Materials | 9.2% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
GoDaddy
GDDY
$13.8B
| $583M | 10.59% |
8,376,808
+126,388
| +2% | +$9.6M |
2021 Q4
2 quarters
|
|
2
Aecom
ACM
$9.06B
| $458M | 8.33% |
7,024,945
-71,684
| -1% | -$5.01M |
2019 Q2
12 quarters
|
|
3
Humana
HUM
$53.3B
| $449M | 8.17% |
960,000
-8,200
| -0.8% | -$3.65M |
2022 Q1
1 quarter
|
|
|
4
Willis Towers Watson
WTW
$30.6B
| $443M | 8.05% |
2,245,511
+104,643
| +5% | +$22.4M |
2021 Q4
2 quarters
|
|
|
5
Gen Digital
GEN
$17.8B
| $422M | 7.66% |
19,204,454
+2,500,000
| +15% | +$61.5M |
2018 Q3
15 quarters
|
|
6
ON Semiconductor
ON
$28.9B
| $283M | 5.14% |
5,617,681
-1,000,000
| -15% | -$55.7M |
2020 Q4
6 quarters
|
|
|
7
Mercury Systems
MRCY
$5.29B
| $254M | 4.61% |
3,943,060
+359,311
| +10% | +$21.4M |
2022 Q1
1 quarter
|
|
8
Commault Systems
CVLT
$6.98B
| $239M | 4.35% |
3,802,375
-34,150
| -0.9% | -$2.12M |
2020 Q1
9 quarters
|
|
|
9
Huntsman Corp
HUN
$1.7B
| $236M | 4.28% |
8,309,696
-8,208,122
| -50% | -$277M |
2021 Q3
3 quarters
|
|
|
CYXT
10
DELISTED
Cyxtera Technologies, Inc. Class A Common Stock
CYXT
| $236M | 4.28% |
20,767,571
| – | – |
2021 Q3
3 quarters
|
|
11
Papa John's
PZZA
$633M
| $230M | 4.19% |
2,759,360
| – | – |
2021 Q2
4 quarters
|
|
|
GCP
12
DELISTED
GCP Applied Technologies Inc.
GCP
| $205M | 3.72% |
6,540,000
| – | – |
2019 Q1
13 quarters
|
|
13
ACI Worldwide
ACIW
$6.12B
| $135M | 2.45% |
5,201,153
-1,041,128
| -17% | -$28M |
2020 Q1
9 quarters
|
|
14
Green Dot
GDOT
$669M
| $133M | 2.42% |
5,294,110
| – | – |
2020 Q1
9 quarters
|
|
15
Pediatrix Medical
MD
$2.39B
| $124M | 2.26% |
5,915,000
| – | – |
2019 Q4
10 quarters
|
|
16
Elanco Animal Health
ELAN
$13.2B
| $113M | 2.04% |
5,731,575
-1,168,980
| -17% | -$27.7M |
2021 Q1
5 quarters
|
|
|
17
DELISTED
LivePerson
LPSN
| $99.1M | 1.8% |
467,000
+40,000
| +9% | +$11.3M |
2022 Q1
1 quarter
|
|
|
18
Corteva
CTVA
$7.98B
| $55.1M | 1% |
1,017,794
-4,978,535
| -83% | -$289M |
2020 Q3
7 quarters
|
|
|
19
iShares Russell 2000 ETF
IWM
$78.6B
| $53.2M | 0.97% |
314,380
-1,000,000
| -76% | -$184M |
2020 Q2
8 quarters
|
|
20
Enovis
ENOV
$1.64B
| $50M | 0.91% |
908,748
-1,478,189
| -62% | -$95.3M |
2021 Q4
2 quarters
|
|
21
Merit Medical Systems
MMSI
$5.26B
| $31.5M | 0.57% |
579,658
-287,980
| -33% | -$17.6M |
2020 Q1
9 quarters
|
|
22
eHealth
EHTH
$14.9M
| $20.5M | 0.37% |
2,198,117
-45,000
| -2% | -$458K |
2021 Q1
5 quarters
|
|
|
23
Kohl's
KSS
$2.8B
| $19.1M | 0.35% |
535,029
-2,796,116
| -84% | -$137M |
2022 Q1
1 quarter
|
|
|
IRRX
24
DELISTED
Integrated Rail and Resources Acquisition Corp.
IRRX
| $9.35M | 0.17% |
937,845
| – | – |
2022 Q1
1 quarter
|
|
25
DELISTED
HCM Acquisition Corp Class A Ordinary Shares
HCMA
| $7.53M | 0.14% |
750,000
| – | – |
2022 Q1
1 quarter
|
|
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Starboard Value's Q2 2022 Portfolio in Review
As of Q2 2022, Starboard Value held 197 positions worth $5.5B, down 27% from $7.54B the previous quarter. Its ten largest holdings account for 65% of the portfolio.
Starboard Value withdrew a net $1.16B in Q2 2022, closing 14 positions and reducing 13 holdings. Its most notable exit was Cerner Corp, an estimated $211M position sold in full.
By sector, the portfolio is most concentrated in Technology at 33% of assets, up from 29% a quarter earlier, followed by Financials and Healthcare.
Against the trend, Starboard Value opened a new position in Investcorp India Acquisition Corp worth $7.46M.
- Starboard Value's largest Q2 2022 buy was Investcorp India Acquisition Corp: 750,000 shares worth $7.46M.
- Starboard Value added most to Gen Digital in Q2 2022, an estimated $61.5M increase.
- Starboard Value's biggest Q2 2022 reduction was Corteva, cutting an estimated $289M.
- Starboard Value fully exited Cerner Corp in Q2 2022, selling an estimated $211M.
- Starboard Value's ten largest holdings make up 65% of its $5.5B portfolio in Q2 2022.
- Starboard Value opened 27 new positions and closed 14 in Q2 2022.
- Starboard Value's portfolio value fell 27% quarter-over-quarter to $5.5B.
Based on Starboard Value's 13F filing for Q2 2022, filed 12 Aug 2022.