Starboard Buys Polycom, Entropic Communications; Sells Smithfield Foods

Starboard Value LSB IndustriesStarboard Value

Starboard Value LP’s recent 13F filing reveals it added four new stocks and increased stakes in five stocks, exited 4 stocks and reduced holdings in ten stocks

The top ten holdings of Starboard represent a substantial 77% of its portfolio.

The New York-based investment adviser with a special focus in publicly traded U.S. small cap companies has a total market value of $1.226 billion as of 30th September 2013.

Starboard’s major new positions

Starboard Value LP acquired 2,850,000 shares of unified communications company Polycom Inc (NASDAQ:PLCM) for $31.12 million. Polycom represents 2.54% of Starboard’s portfolio. Another new addition was semiconductor solutions company Entropic Communications, Inc. (NASDAQ:ENTR) of which Starboard purchased 3,375,000 shares for $14.73 million. Entropic represents 1.2% of Starboard’s portfolio.

The third big new position was network infrastructure products company QLogic Corporation (NASDAQ:QLGC). The investment advisor purchased 1,300,000 shares of QLogic for $14.22 million during the last quarter. QLogic represents 1.16% of Starboard’s portfolio. Emulex Corporation (NYSE:ELX) (Call) was the fourth-largest new position. Starboard purchased 250,000 shares of the company for $1.94 million.

Top positions

Global supplier of office products and services company Office Depot Inc (NYSE:ODP) was the biggest position of Starboard as of 30th Sept. Starboard Value held 42,100,000 shares of Office Depot for $203.34 million, representing a sizable 16.58% of its overall portfolio.

Integrated Device Technology Inc (NASDAQ:IDTI) was the second-largest position for Starboard with 12,500,000 shares for $117.75 million constituting 9.60% of its overall portfolio.

Compuware Corporation (NASDAQ:CPWR) was the third-largest position for the investment advisor as it held 9,250,000 shares for $103.50 million representing 8.44% of Starboard’s overall portfolio.

Paper and paper products company Wausau Paper Corp. (NYSE:WPP) was the fourth largest holdings for Starboard with 7,500,000 shares for $97.42 million representing 7.95% of its overall portfolio.

Sold out positions

Starboard sold out its Smithfield Foods, Inc. (NYSE:SFD) position. The investment advisor had 1,882,500 shares of Smithfield that represented 4.31% of its total portfolio. The second-largest closed position was Ferro Corporation (NYSE:FOE) of which Starboard sold the entirety of its 2,650,000 shares. Key Energy Services, Inc. (NYSE:KEG) was the third big position closed during the last quarter where Starboard sold 2,250,000 shares that represented 0.94% of its total portfolio.

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About the Author

Mani is a Senior Financial Consultant. He has worked in Senior Management role in large banking, financial and information technology organizations. He has provided solutions for major banking and securities firms across the globe in the area of retail, corporate and investment banking. He holds MBA (Finance) and Professional Management Accounting Qualifications. His hobbies are tracking global financial developments and watching sports

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