Starboard Value LP

Starboard Value LP, founded in 2002 by Jeffrey Smith and Mark Mitchell, is a New York-based hedge fund specializing in activist investments in undervalued U.S. companies. The firm employs a fundamental investment approach, focusing on small-cap companies with significant potential for value enhancement. Starboard actively engages with management teams and boards to implement strategic changes aimed at unlocking shareholder value. Over the years, the firm has built a diverse portfolio across various sectors, including consumer discretionary, information technology, materials, industrials, and finance. Notable investments include Darden Restaurants, Office Depot, and Yahoo. As of March 2024, Starboard manages approximately $8.28 billion in assets across 15 clients, with a track record of generating annualized returns of 15.5% from 2002 to 2014. The firm's investment strategy has led to significant operational improvements and value creation in its portfolio companies. For instance, in 2014, Starboard's intervention at Darden Restaurants resulted in a 60% increase in the company's stock value. The firm's proactive approach and focus on shareholder value have established it as a prominent player in the activist investment landscape.