13F Alert: Starboard Value Dumps Staples and Discretionary, Adds IWN

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Trying to mimic big hedge fund managers based on 13F filings is ill advised, given holdings disclosures usually come 45 days following the end of a quarter. The lag means what you’re looking at today is not necessarily what the managers own today. Not to mention, fund managers can ask for confidential treatment for positions in acquisition targets, for example.


Still, 13F filings offer some interesting tidbits. Jeff Smith’s Starboard Valuefiled its 13F on Friday after the market’s close, which shows that the fund sold out of four positions Colgate-Palmolive (CL), Tribune Media (TRCO), Clubcorp Holdings (MYCC), and Pinnacle Entertainment (PNK) and added new positions in Forest City Enterprises (FCE), constituting a little over 3% of the portfolio, Webmd (WBMD), ILG (ILG), Spirit Realty Capital (SRC), and Koninklijke Philips (PHG).

Starboard also added to its stake in the iShares Russell 2000 Value ETF (IWN) and reduced puts in the iShares Russell 2000 ETF (IWM). It also shored up its position in Advance Auto Parts (AAP) and Hewlett Packard Enterprise (HPE), which make up 10.7% and 5.1% of the portfolio, respectively.

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