The Fly

Starboard takes stake in, exits Elanco Animal Health

Jeffrey Smith’s Starboard Value disclosed in an SEC filing its holdings as of September 30, 2022. Starboard’s five new buys during the quarter included, by size of position, (WIX), Selina Hospitality (SLNA), Monterey Capital Acquisition Corp (MCAC), and Acri Capital Acquisition Corp (ACAC). Starboard exited eleven positions during the quarter, including by size of previous position, Elanco Animal Health (ELAN), Corteva (CTVA), Merit Medical Systems (MMSI), Kohl’s (KSS), and GigCapital5 (GIA). Starboard increased its stake in three holdings, including by size of previous position, Atlantic Coastal Acquisition (ACAH) and Legato Merger Corp II (LGTO). Starboard reduced its stake in ten holdings, including by size of previous position, ON Semiconductor (ON), Huntsman (HUN), ACI Worldwide (ACIW), Mercury Systems (MRCY), and CommVault Systems (CVLT). Starboard’s top holdings as of September 30, in order of size, were GoDaddy (GDDY), Aecom (ACM), Humana (HUM), Willis Towers Watson (WTW), and Gen Digital (GEN).

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