- Jeff Smith’s 13F portfolio value decreased from $5.22B to $4.96B this quarter.
- Starboard Value added Rogers Corp and increased Splunk while decreasing Papa Johns Internationals and dropping Pediatrix Medical Group.
- The largest three individual stock positions are GoDaddy, Salesforce.com, and Aecom. 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 5/12/2023. The 13F portfolio value decreased ~5% from $5.22B
to $4.96B. The holdings are concentrated with recent 13F reports showing around
40 positions, many of which are very small. The largest five stakes are
GoDaddy, Salesforce.com, Aecom, Splunk, and Willis Towers Watson. 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 Q4 2022.
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 Q1 2023:
Source: John Vincent. Data constructed from Starboard’s 13F
filings for Q4 2022 and Q1 2023.
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