Tracking Jeff Smith’s Starboard Value Portfolio – Q2 2023 Update

•  Jeff Smith’s 13F portfolio value decreased from $4.96B to $4.63B this quarter. 
• Starboard Value added Algonquin Pwr Utils Corp (AQN) and Abcam plc (ABCM) while decreasing Salesforce.com (CRM), Rogers Corp (ROG), Willis Towers Watson (WTW), Papa Johns International (PZZA), and Commvault Systems (CVLT).  
• The largest three individual stock positions are GoDaddy (GDDY), Splunk (SPLK), and Salesforce.com (CRM). They add up to ~35% of the portfolio.

This article is part of a series that provides an ongoing analysis of the changes made to Starboard Value’s 13F stock portfolio on a quarterly basis. It is based on Jeff Smith’s regulatory 13F Form filed on 8/11/2023. The 13F portfolio value decreased ~7% from $4.96B to $4.63B. The holdings are concentrated with recent 13F reports showing around 40 positions, many of which are very small. The largest five stakes are GoDaddy (GDDY), Splunk (SPLK), Salesforce.com (CRM), Humana (HUM), and Vertiv Holdings (VRT). They add up to ~53% of the portfolio. Please visit our Tracking Jeff Smith’s Starboard Value Portfolio series to get an idea of their investment philosophy and our last update for the fund’s moves during Q1 2023.

 

Jeff Smith founded Starboard Value in March 2011 after being with Ramius LLC, a subsidiary of the Cowen Group since 1998. His game plan is investing in undervalued companies and then engaging in activism to unlock value.

 

 

Below is a spreadsheet that shows the changes to Jeff Smith's Starboard Value 13F portfolio holdings as of Q2 2023:

 

 

 

 

Source: John Vincent. Data constructed from Starboard’s 13F filings for Q1 2023 and Q2 2023.