Starboard Buys Polycom, Entropic Communications; Sells Smithfield Foods

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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.

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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.