Great investors · Jeff Smith · Q3 2024
What Jeff Smith bought and sold in Q3 2024
Starboard Value 13F portfolio as of Sep 30, 2024: 18 positions worth $4.7 bn. Largest: ADSK, GDDY, GEN, NWS. Filed with the SEC on Nov 14, 2024.
The 13F is filed by Starboard Value, not by Jeff Smith personally: these are the whole firm's positions. A “position” is a distinct security in the filing (by CUSIP); share classes of the same company are shown added together.
Buys in Q3 2024
- NewAutodeskADSK+10.9 pp
- NewMatch GroupMTCH+7.7 pp
Sells in Q3 2024
- ReducedGoDaddyGDDY−4.9 pp
- ReducedHumanaHUM−2.1 pp
- ReducedSalesforceCRM−1.4 pp
- Sold outMercury SystemsMRCY−1.3 pp
- Sold outAecomACM−1.2 pp
- Sold outiShares Russell Mid-cap ETFIWR−0.5 pp
8 companies with material moves, out of 10 positions with a change. Only moves of 0.5 points of the portfolio or more are listed, measured as “traded weight” (what was bought or sold, excluding price effects). Smaller changes exist and are not listed: a position may have gone up or down without appearing above.
The full 13F, line by line
Starboard Value's Q3 2024 13F lists 18 lines of US-listed securities worth $4.7 bn; the largest is ADSK at 10.9% of the portfolio. It was accepted by the SEC on Nov 14, 2024 at 4:35 PM ET.
Against the previous quarter, it opened 2 positions (ADSK and MTCH), closed 3 (MRCY, ACM and IWR), added to 2 (IWN and FTRE) and trimmed 3 (GDDY, CRM and HUM). 11 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Autodesk ADSK | 1.9 M | $510M | 10.9% | new |
| 2 | GoDaddy GDDY | 3.1 M | $491M | 10.5% | −32% |
| 3 | Gen Digital GEN | 17.5 M | $480M | 10.2% | no change |
| 4 | Salesforce CRM | 1.4 M | $395M | 8.40% | −14% |
| 5 | Match Group MTCH | 9.6 M | $362M | 7.70% | new |
| 6 | Algonquin Power & Utilities AQN | 62.1 M | $339M | 7.21% | no change |
| 7 | Alight, Inc. / Delaware ALIT | 43.4 M | $321M | 6.84% | no change |
| 8 | WIX WIX | 1.9 M | $314M | 6.68% | no change |
| 9 | Acacia Research ACTG | 61.1 M | $285M | 6.06% | no change |
| 10 | News NWS | 8.7 M | $244M | 5.20% | no change |
| 11 | iShares Russell 2000 Value E ETF IWN | 1.4 M | $226M | 4.81% | +5.9% |
| 12 | News NWSA | 7.2 M | $192M | 4.08% | no change |
| 13 | Fortrea Holdings FTRE | 8.4 M | $168M | 3.58% | +5% |
| 14 | Bloomin’ Brands BLMN | 8.4 M | $140M | 2.97% | no change |
| 15 | Rogers ROG | 804,000 | $90.9M | 1.93% | no change |
| 16 | Humana HUM | 191,000 | $60.5M | 1.29% | −62% |
| 17 | Green DOT GDOT | 5.0 M | $58.8M | 1.25% | no change |
| 18 | RB Global RBA | 251,163 | $20.2M | 0.43% | no change |
Positions it closed (3)
- Mercury Systems MRCYwas 1.44% · 2.3 M shares
- Aecom ACMwas 1.29% · 625,438 shares
- Ishares Tr IWRwas 0.57% · 300,000 shares
One row per line of the filing (by CUSIP): share classes of the same company are listed separately here. “Change in shares” compares the count with the previous quarter, split-adjusted; the value is the one reported in the 13F at quarter end, not today's price.
Original documents: Starboard Value's 13F filings on EDGAR (SEC) ↗
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Source: 13F filings with the SEC. A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions. Not investment advice.