WhaleCreep

Starboard Value LP 13F holdings, Q4 2016

Hedge fundSEC filingsCompare with another fundHoldings as of 2016-12-31, filed 2017-02-14

Starboard Value LP disclosed 22 US equity positions worth $3.4bn in its Q4 2016 13F filing. Its largest position is PRGO at 23.4% of the reported book, followed by AAP and YAHOO INC. Versus Q3 2016 it opened 6 new positions, added to 2, reduced 7 and exited 6.

$3.4bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
22
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
23.4%
Largest position
The largest single position as a share of the reported equity book.
86.6%
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 2016: 6 new, 2 added, 7 reduced, 6 exited

22 rows
PRGO PERRIGO CO PLCHealthcare23.4%$791m9.51m+61%added
AAP ADVANCE AUTO PARTS INCConsumer Cyclical14.2%$478m2.83m0.0%held
YAHOO INC no ticker–14.1%$476m12.30m0.0%held
MARVELL TECHNOLOGY GROUP LTD no ticker–13.9%$468m33.72m0.0%held
BCO BRINKS COIndustrials5.6%$189m4.58m0.0%held
BAX BAXTER INTL INCHealthcare3.2%$109m2.45m+31%added
M Macy's, IncConsumer Cyclical3.2%$108m3.01m0.0%held
STC STEWART INFORMATION SVCS CORFinancial Services3.2%$107m2.31m0.0%held
ROCKWELL COLLINS INC no ticker–3.0%$102m1.10m–new
HPE HEWLETT PACKARD ENTERPRISE CTechnology2.8%$96.1m4.15m−24%reduced
DEPOMED INC no ticker–2.8%$95.0m5.27m−12%reduced
CTSH COGNIZANT TECHNOLOGY SOLUTIOTechnology2.4%$82.6m1.48m–new
TRCO TRIBUNE MEDIA CO–2.1%$70.0m2.00m–new
NSP INSPERITY INCIndustrials1.6%$53.9m760,000−49%reduced
WRKUSD WESTROCK CO–1.1%$35.5m700,000−77%reduced
QUANTUM CORP no ticker–1.0%$34.0m35.55m0.0%held
VIAV VIAVI SOLUTIONS INCTechnology0.8%$28.6m3.50m–new
PINNACLE ENTMT INC NEW no ticker–0.6%$21.8m1.50m−1.5%reduced
CSOD CORNERSTONE ONDEMAND INC–0.4%$12.7m300,000–new
TTWO TAKE-TWO INTERACTIVE SOFTWARCommunication Services0.2%$7.1m145,000–new
QUANTUM CORP no ticker–0.2%$6.3m7.52m−60%reduced
IWN ISHARES TR–0.2%$6.1m51,000−91%reduced

Exited since Q3 2016

6 rows
INFOBLOX INC no ticker2.3%$73.8m
CABELAS INC no ticker0.5%$16.5m
TRONC INC no ticker0.5%$16.0m
CW CURTISS WRIGHT CORP0.5%$15.8m
FRGIUSD FIESTA RESTAURANT GROUP INC0.4%$14.0m
IMPERVA INC no ticker0.3%$8.6m

Sector mix

  • Unclassified39.3%
  • Healthcare26.7%
  • Consumer Cyclical17.3%
  • Industrials7.2%
  • Technology6.1%
  • Financial Services3.2%
  • Communication Services0.2%

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