Starboard buys Salesforce, exits Huntsman in Q4

Jeffrey Smith’s Starboard Value disclosed in an SEC filing its holdings as of December 31, 2022. The fund’s six new buys during the fourth quarter included, by size of position, Salesforce (CRM), Vertiv (VRT), Splunk (SPLK), Acacia Research (ACTG), and iShares Russell Mid-Cap ETF (IWR). Starboard exited 35 positions during the quarter, including by size of previous position Huntsman (HUN), ACI Worldwide (ACIW), eHealth (EHTH), Digital Health Acquisition (DHAC), and Mount Rainier Acquisition (RNER). The fund increased its stake in three holdings, including by size of previous position GoDaddy (GDDY), iShares Russell 2000 Value ETF (IWD), and iShares Russell 2000 ETF (IWM). Starboard reduced its stake in eight holdings, including by size of previous position Commvault (CVLT), On Semiconductor (ON), Humana (HUM), Wix.com (WIX), and Pediatrix Medical (MD). The fund’s top holdings as of December 31, in order of size, were GoDaddy, Aecom (ACM), Willis Towers Watson (WLTW), Gen Digital (GEN), and Salesforce.