WhaleCreep

Starboard Value LP 13F holdings, Q4 2015

Hedge fundSEC filingsCompare with another fundHoldings as of 2015-12-31, filed 2016-02-12

Starboard Value LP disclosed 21 US equity positions worth $2.6bn in its Q4 2015 13F filing. Its largest position is DRI at 28.4% of the reported book, followed by AAP and YAHOO INC. Versus Q3 2015 it opened 4 new positions, added to 4, reduced 5 and exited 9.

$2.6bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
21
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
28.4%
Largest position
The largest single position as a share of the reported equity book.
84.4%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
8
Effective positions
1 / HHI of portfolio weights: the number of equal-weight positions the book behaves like.
61
Quarters on file since Q2 2011
Quarters for which this manager's 13F holdings are on record.

Holdings

Against Q3 2015: 4 new, 4 added, 5 reduced, 9 exited

21 rows
DRI DARDEN RESTAURANTS INCConsumer Cyclical28.4%$740m11.63m0.0%held
AAP ADVANCE AUTO PARTS INCConsumer Cyclical9.9%$257m1.71m0.0%held
YAHOO INC no ticker–9.1%$236m7.10m0.0%held
WRKUSD WESTROCK CO–7.9%$206m4.52m−27%reduced
MEDASSETS INC no ticker–6.3%$165m5.33m0.0%held
NSP INSPERITY INCIndustrials6.2%$161m3.34m0.0%held
BCO BRINKS COIndustrials5.1%$132m4.58m0.0%held
M Macy's, IncConsumer Cyclical4.4%$116m3.31m+1.5%added
FCPT FOUR CORNERS PPTY TR INCReal Estate3.6%$93.7m3.88m–new
BAX BAXTER INTL INCHealthcare3.5%$91.6m2.40m+92%added
MEDIA GEN INC NEW no ticker–3.4%$88.9m5.51m+2.9%added
WAUSAU PAPER CORP no ticker–2.9%$76.7m7.50m0.0%held
REALD INC no ticker–1.9%$49.1m4.65m−6.1%reduced
CW CURTISS WRIGHT CORPIndustrials1.8%$46.1m673,600−39%reduced
ODPEUR OFFICE DEPOT INC–1.5%$39.2m4.48m−90%reduced
QUANTUM CORP no ticker–1.2%$32.3m35.55m+16%added
QUANTUM CORP no ticker–0.9%$23.9m25.70m0.0%held
ACM AECOMIndustrials0.7%$18.0m600,000−43%reduced
NEW YORK REIT INC no ticker–0.6%$16.2m1.41m–new
CIGNA CORPORATION no ticker–0.4%$9.4m64,394–new
SNYDERS-LANCE INC no ticker–0.3%$7.2m210,000–new

Exited since Q3 2015

9 rows
GIS GENERAL MILLS INC1.5%$43.5m
LXU LSB INDS INC0.8%$24.7m
TESSERA TECHNOLOGIES INC no ticker0.4%$10.5m
MSGN MSG NETWORK INC0.2%$6.8m
ALLERGAN PLC no ticker0.1%$3.2m
BNY BANK OF NY MELLON CORP0.06%$1.7m
AVAGO TECHNOLOGIES LTD no ticker0.05%$1.4m
QCOM QUALCOMM INC0.02%$537k
INTEGRATED SILICON SOLUTION no ticker0.0%$21.0k

Sector mix

  • Consumer Cyclical42.7%
  • Unclassified36.5%
  • Industrials13.7%
  • Real Estate3.6%
  • Healthcare3.5%

Book over time

Every quarter on file (61)
QuarterPositionsEquity book
Q2 202621$4.5bn
Q1 202623$4.6bn
Q4 202522$5.3bn
Q3 202520$5.3bn
Q2 202524$5.8bn
Q1 202522$5.5bn
Q4 202421$5.5bn
Q3 202418$4.7bn
Q2 202419$4.3bn
Q1 202421$4.8bn
Q4 202325$4.8bn
Q3 202324$3.9bn
Q2 202347$4.6bn
Q1 2023104$5.0bn
Q4 2022147$5.2bn
Q3 2022176$4.5bn
Q2 2022182$5.5bn
Q1 2022169$7.5bn
Q4 2021135$7.2bn
Q3 202158$5.5bn
Q2 202162$5.1bn
Q1 202137$4.7bn
Q4 202018$3.9bn
Q3 202018$3.4bn
Q2 202017$2.8bn
Q1 202016$2.5bn
Q4 201914$3.4bn
Q3 201914$3.0bn
Q2 201918$3.3bn
Q1 201918$4.1bn
Q4 201814$3.2bn
Q3 201814$3.9bn
Q2 201816$4.0bn
Q1 201815$4.5bn
Q4 201718$4.1bn
Q3 201723$3.7bn
Q2 201721$3.4bn
Q1 201720$3.3bn
Q4 201622$3.4bn
Q3 201622$3.2bn
Q2 201620$2.4bn
Q1 201617$2.4bn
Q4 201521$2.6bn
Q3 201526$2.9bn
Q2 201531$3.1bn
Q1 201525$3.2bn
Q4 201427$3.2bn
Q3 201428$2.5bn
Q2 201428$2.1bn
Q1 201423$1.5bn
Q4 201322$1.7bn
Q3 201324$1.2bn
Q2 201324$1.2bn
Q1 201320$937m
Q4 201219$709m
Q3 201217$651m
Q2 201216$554m
Q1 201218$514m
Q4 201120$371m
Q3 201117$230m
Q2 201113$160m

Where Starboard Value LP was early

34 rows
PRGS PROGRESS SOFTWARE CORPQ3 20111 of 875.7%17.3%9Exited by Q4 2013+47%
IWM ISHARES TRQ3 201112 of 2333.5%7.2%22Exited by Q1 2026+283%
IWN ISHARES TRQ4 20113 of 6411.1%15.7%39Exited by Q4 2024+154%
PRSU VIAD CORPQ1 20122 of 890.5%4.1%4Exited by Q1 2013+40%
FOE FERRO CORPQ1 20131 of 623.1%3.1%2Exited by Q3 2013+3.0%
SFD SMITHFIELD FOODS INCQ1 20133 of 901.1%5.0%2Exited by Q3 2013+24%
NVDA NVIDIA CORPQ1 20135 of 3973.3%5.0%4Exited by Q1 2014+25%
CW CURTISS WRIGHT CORPQ3 20132 of 1361.5%4.2%13Exited by Q4 2016+94%
LXU LSB INDS INCQ4 20131 of 892.0%2.7%8Exited by Q4 2015−63%
DRI DARDEN RESTAURANTS INCQ4 20132 of 14123.0%28.4%11Exited by Q3 2016+30%
ENR ENERGIZER HLDGS INCQ3 20143 of 971.9%1.9%2Exited by Q1 2015+4.3%
NSP INSPERITY INCQ4 20142 of 1001.2%7.2%11Exited by Q3 2017+110%
CLH CLEAN HARBORS INCQ4 20143 of 1282.0%2.0%2Exited by Q2 2015+18%
BCO BRINKS COQ1 20153 of 1081.8%6.4%13Exited by Q2 2018+158%
SGI TEMPUR SEALY INTL INCQ1 20159 of 1911.2%1.2%2Exited by Q3 2015+14%
ACM AECOMQ2 20158 of 1430.8%11.4%25Exited by Q3 2024+166%
M MACYS INCQ2 201513 of 1776.4%7.2%7Exited by Q1 2017−47%
BAX BAXTER INTL INCQ3 201513 of 1461.4%4.4%14Exited by Q1 2019+100%
AAP ADVANCE AUTO PARTS INCQ3 201516 of 17911.1%18.9%22Exited by Q1 2021−17%
FCPT FOUR CORNERS PPTY TR INCQ4 20153 of 763.6%3.6%3Exited by Q3 2016−15%
STC STEWART INFORMATION SVCS CORQ3 20165 of 913.2%3.2%6Exited by Q1 2018−4.8%
HPE HEWLETT PACKARD ENTERPRISE CQ3 201619 of 2193.9%5.1%5Exited by Q4 2017+11%
FTNT FORTINET INCQ1 201710 of 1624.9%4.9%4Exited by Q1 2018+14%
MAC MACERICH COQ3 20176 of 1100.7%3.0%4Exited by Q3 2018+3.4%
CARS CARS COM INCQ4 201711 of 1253.2%4.5%7Exited by Q3 2019−32%
RPM RPM INTL INCQ2 20184 of 1090.9%2.0%6Exited by Q4 2019+18%
IWR ISHARES TRQ1 20191 of 351.7%2.3%17Exited by Q3 2024+50%
BOX BOX INCQ3 201913 of 1503.9%6.7%9Exited by Q4 2021+43%
GEN GEN DIGITAL INCQ4 20193 of 14519.7%20.3%26Exited by Q2 2026−26%
CTVA CORTEVA INCQ3 202011 of 16510.0%14.2%8Exited by Q3 2022+88%
ON ON SEMICONDUCTOR CORPQ4 202020 of 2447.5%7.6%10Exited by Q2 2023+152%
ENOV ENOVIS CORPORATIONQ1 20221 of 1032.2%2.2%5Exited by Q2 2023−22%
VRT VERTIV HOLDINGS COQ4 202221 of 2534.4%8.5%5Exited by Q1 2024+252%
FTRE FORTREA HLDGS INCQ4 20239 of 1135.5%5.5%7Exited by Q3 2025−86%

Concentration and tenure

17.7%
Median largest position, all quarters
The largest single position as a share of the reported equity book.
82.9%
Median top 10 weight, all quarters
The ten largest positions together, as a share of the reported equity book.
Concentrated
Style, by median largest position
3
Median completed holding, quarters