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 |
Salesforce
CRM
|
+$127M |
| 2 |
Fortrea Holdings
FTRE
|
+$83.7M |
| 3 |
News Corp Class A
NWSA
|
+$32.1M |
| 4 |
Alight
ALIT
|
+$29.9M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
GoDaddy
GDDY
|
+$239M |
| 2 |
Humana
HUM
|
+$158M |
| 3 |
WIX.com
WIX
|
+$79.7M |
| 4 |
iShares Russell 2000 Value ETF
IWN
|
+$65M |
| 5 |
Gen Digital
GEN
|
+$25M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 51.92% |
| 2 | Communication Services | 10.39% |
| 3 | Industrials | 10.3% |
| 4 | Healthcare | 8.76% |
| 5 | Utilities | 8.48% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
GoDaddy
GDDY
$13.8B
| $644M | 15% |
4,612,369
-1,809,093
| -28% | -$239M |
2021 Q4
10 quarters
|
|
|
2
Gen Digital
GEN
$18B
| $438M | 10.19% |
17,516,604
-1,092,300
| -6% | -$25M |
2018 Q3
23 quarters
|
|
|
3
Salesforce
CRM
$179B
| $432M | 10.07% |
1,681,870
+473,395
| +39% | +$127M |
2022 Q4
6 quarters
|
|
4
Algonquin Power & Utilities
AQN
$4.31B
| $364M | 8.48% |
62,141,000
| – | – |
2023 Q2
4 quarters
|
|
|
5
Alight
ALIT
$350M
| $320M | 7.46% |
2,169,750
+179,400
| +9% | +$29.9M |
2024 Q1
1 quarter
|
|
6
Acacia Research
ACTG
$406M
| $306M | 7.13% |
61,123,595
| – | – |
2022 Q4
6 quarters
|
|
|
7
WIX.com
WIX
$2.81B
| $299M | 6.95% |
1,877,000
-555,000
| -23% | -$79.7M |
2022 Q3
7 quarters
|
|
8
News Corp Class B
NWS
$16B
| $248M | 5.77% |
8,732,000
| – | – |
2023 Q4
2 quarters
|
|
|
9
News Corp Class A
NWSA
$14.5B
| $199M | 4.62% |
7,201,393
+1,244,393
| +21% | +$32.1M |
2023 Q4
2 quarters
|
|
|
10
iShares Russell 2000 Value ETF
IWN
$14B
| $195M | 4.54% |
1,280,000
-425,000
| -25% | -$65M |
2022 Q3
7 quarters
|
|
|
11
Humana
HUM
$54B
| $189M | 4.41% |
507,000
-469,000
| -48% | -$158M |
2022 Q1
9 quarters
|
|
|
12
Fortrea Holdings
FTRE
$1.95B
| $187M | 4.35% |
8,000,000
+2,698,000
| +51% | +$83.7M |
2023 Q4
2 quarters
|
|
13
Bloomin' Brands
BLMN
$889M
| $162M | 3.78% |
8,441,000
| – | – |
2023 Q3
3 quarters
|
|
14
Rogers Corp
ROG
$2.24B
| $97M | 2.26% |
804,000
| – | – |
2023 Q1
5 quarters
|
|
15
Mercury Systems
MRCY
$4.96B
| $61.9M | 1.44% |
2,294,000
-370,000
| -14% | -$10.8M |
2022 Q1
9 quarters
|
|
16
Aecom
ACM
$9.07B
| $55.1M | 1.28% |
625,438
-233,562
| -27% | -$21.3M |
2019 Q2
20 quarters
|
|
17
Green Dot
GDOT
$659M
| $47.4M | 1.1% |
5,018,381
| – | – |
2020 Q1
17 quarters
|
|
18
iShares Russell Mid-Cap ETF
IWR
$58.7B
| $24.3M | 0.57% |
300,000
-225,000
| -43% | -$18.3M |
2022 Q4
6 quarters
|
|
19
RB Global
RBA
$17.3B
| $19.2M | 0.45% |
251,163
| – | – |
2023 Q1
5 quarters
|
|
|
20
PUT
Humana
HUM
$54B
| – | – |
-170,000
| Closed | -$1.33M | – |
|
Similar funds
Starboard Value's Q2 2024 Portfolio in Review
As of Q2 2024, Starboard Value held 21 positions worth $4.3B, down 11% from $4.84B the previous quarter. Its ten largest holdings account for 80% of the portfolio.
Starboard Value withdrew a net $352M in Q2 2024, closing 1 position and reducing 8 holdings. Its largest reduction was GoDaddy, cutting an estimated $239M.
By sector, the portfolio is most concentrated in Technology at 52% of assets, up from 49% a quarter earlier, followed by Communication Services and Industrials.
Against the trend, Starboard Value added an estimated $127M to Salesforce.
- Starboard Value added most to Salesforce in Q2 2024, an estimated $127M increase.
- Starboard Value's biggest Q2 2024 reduction was GoDaddy, cutting an estimated $239M.
- Starboard Value's ten largest holdings make up 80% of its $4.3B portfolio in Q2 2024.
- Starboard Value opened 0 new positions and closed 1 in Q2 2024.
- Starboard Value's portfolio value fell 11% quarter-over-quarter to $4.3B.
Based on Starboard Value's 13F filing for Q2 2024, filed 14 Aug 2024.