Tracking Jeff Smith’s Starboard Value Portfolio – Q4 2019 Update

• Jeff Smith’s 13F portfolio value increased from ~$3B to ~$3.45B this quarter. 
• Starboard Value added doubled eBay while dropping Perrigo plc during the quarter. They also added a large new stake in SPDR S&P 500 ETF. 
• The largest three individual stock positions are SPDR S&P 500 ETF, NortonLifeLock, and Advance Auto Parts and they add up to ~55% of the portfolio.  

Jeff Smith’s 13F portfolio value increased ~15% from ~$3B to ~$3.45B this quarter. The portfolio is very concentrated with recent 13F reports showing around fifteen stakes. The top five positions are SPDR S&P 500 ETF (SPY), NortonLifeLock (NLOK), Advance Auto Parts (AAP), eBay Inc. (EBAY, and Cerner Corporation (CERN). They add up to ~71% of the portfolio.

Below is a spreadsheet that shows the changes to Jeff Smith's Starboard Value 13F portfolio holdings as of Q4 2019. For a look at how the portfolio has progressed, see our previous update:

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