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 |
Algonquin Power & Utilities
AQN
|
+$290M |
| 2 |
WIX.com
WIX
|
+$149M |
| 3 |
ABCM
Abcam PLC
ABCM
|
+$79.3M |
| 4 |
Humana
HUM
|
+$42.8M |
| 5 |
Alchemy Investments Acquisition Corp 1
ALCY
|
+$3.59M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Willis Towers Watson
WTW
|
+$302M |
| 2 |
Aecom
ACM
|
+$132M |
| 3 |
Salesforce
CRM
|
+$107M |
| 4 |
Commault Systems
CVLT
|
+$95.3M |
| 5 |
Splunk Inc
SPLK
|
+$48.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 52.19% |
| 2 | Industrials | 19.69% |
| 3 | Healthcare | 11.05% |
| 4 | Financials | 6.57% |
| 5 | Utilities | 6.11% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
GoDaddy
GDDY
$13.8B
| $754M | 16.3% |
10,040,437
-19,016
| -0.2% | -$1.4M |
2021 Q4
6 quarters
|
|
|
2
DELISTED
Splunk Inc
SPLK
| $432M | 9.32% |
4,068,000
-515,000
| -11% | -$48.9M |
2022 Q4
2 quarters
|
|
|
3
Salesforce
CRM
$179B
| $424M | 9.16% |
2,008,076
-522,907
| -21% | -$107M |
2022 Q4
2 quarters
|
|
|
4
Humana
HUM
$54B
| $396M | 8.55% |
885,000
+85,000
| +11% | +$42.8M |
2022 Q1
5 quarters
|
|
5
Vertiv
VRT
$77.8B
| $395M | 8.53% |
15,944,889
-873,692
| -5% | -$15M |
2022 Q4
2 quarters
|
|
6
Gen Digital
GEN
$18B
| $351M | 7.58% |
18,914,794
| – | – |
2018 Q3
19 quarters
|
|
|
7
Aecom
ACM
$9.07B
| $320M | 6.92% |
3,781,000
-1,605,000
| -30% | -$132M |
2019 Q2
16 quarters
|
|
|
8
WIX.com
WIX
$2.81B
| $296M | 6.4% |
3,785,000
+1,812,924
| +92% | +$149M |
2022 Q3
3 quarters
|
|
|
9
Algonquin Power & Utilities
AQN
$4.31B
| $282M | 6.09% |
+34,138,650
| New | +$290M |
2023 Q2
0 quarters
|
|
10
iShares Russell 2000 Value ETF
IWN
$14B
| $127M | 2.74% |
900,000
| – | – |
2022 Q3
3 quarters
|
|
11
Rogers Corp
ROG
$2.24B
| $125M | 2.71% |
774,000
-254,200
| -25% | -$40.3M |
2023 Q1
1 quarter
|
|
|
12
Willis Towers Watson
WTW
$30.9B
| $120M | 2.59% |
508,880
-1,310,517
| -72% | -$302M |
2021 Q4
6 quarters
|
|
|
ABCM
13
DELISTED
Abcam PLC
ABCM
| $112M | 2.43% |
+4,593,000
| New | +$79.3M |
2023 Q2
0 quarters
|
|
14
Green Dot
GDOT
$659M
| $99.2M | 2.14% |
5,294,110
| – | – |
2020 Q1
13 quarters
|
|
15
Mercury Systems
MRCY
$4.96B
| $98.1M | 2.12% |
2,836,000
-936,291
| -25% | -$40M |
2022 Q1
5 quarters
|
|
16
Acacia Research
ACTG
$406M
| $83.2M | 1.8% |
20,000,000
| – | – |
2022 Q4
2 quarters
|
|
17
RB Global
RBA
$17.3B
| $15.1M | 0.33% |
251,163
| – | – |
2023 Q1
1 quarter
|
|
18
Papa John's
PZZA
$656M
| $13.4M | 0.29% |
182,000
-400,432
| -69% | -$29.7M |
2021 Q2
8 quarters
|
|
19
iShares Russell Mid-Cap ETF
IWR
$58.3B
| $11M | 0.24% |
150,000
| – | – |
2022 Q4
2 quarters
|
|
20
DELISTED
LivePerson
LPSN
| $10.7M | 0.23% |
157,333
| – | – |
2022 Q1
5 quarters
|
|
21
DELISTED
Spring Valley Acquisition Corp II
SVII
| $8.97M | 0.19% |
850,000
| – | – |
2022 Q4
2 quarters
|
|
|
22
Commault Systems
CVLT
$6.22B
| $8.86M | 0.19% |
122,000
-1,466,554
| -92% | -$95.3M |
2020 Q1
13 quarters
|
|
23
DELISTED
Investcorp India Acquisition Corp
IVCA
| $8.02M | 0.17% |
750,000
| – | – |
2022 Q2
4 quarters
|
|
|
KNSW
24
DELISTED
KnightSwan Acquisition Corporation
KNSW
| $7.93M | 0.17% |
750,000
| – | – |
2022 Q1
5 quarters
|
|
25
DELISTED
A SPAC II Acquisition Corp. Ordinary Shares
ASCB
| $7.9M | 0.17% |
750,000
| – | – |
2022 Q2
4 quarters
|
|
Similar funds
Starboard Value's Q2 2023 Portfolio in Review
As of Q2 2023, Starboard Value held 110 positions worth $4.63B, down 7.2% from $4.99B the previous quarter. Its ten largest holdings account for 82% of the portfolio.
Starboard Value withdrew a net $554M in Q2 2023, closing 62 positions and reducing 10 holdings. Its most notable exit was Enovis, an estimated $18.9M position sold in full.
By sector, the portfolio is most concentrated in Technology at 52% of assets, up from 51% a quarter earlier, followed by Industrials and Healthcare.
Against the trend, Starboard Value opened a new position in Algonquin Power & Utilities worth $282M.
- Starboard Value's largest Q2 2023 buy was Algonquin Power & Utilities: 34,138,650 shares worth $282M.
- Starboard Value added most to WIX.com in Q2 2023, an estimated $149M increase.
- Starboard Value's biggest Q2 2023 reduction was Willis Towers Watson, cutting an estimated $302M.
- Starboard Value fully exited Enovis in Q2 2023, selling an estimated $18.9M.
- Starboard Value's ten largest holdings make up 82% of its $4.63B portfolio in Q2 2023.
- Starboard Value opened 3 new positions and closed 62 in Q2 2023.
- Starboard Value's portfolio value fell 7.2% quarter-over-quarter to $4.63B.
Based on Starboard Value's 13F filing for Q2 2023, filed 11 Aug 2023.