About
Starboard Value is a prominent activist hedge fund founded in 2002 by Jeffrey Smith and Mark Mitchell. Beginning as part of Ramius Capital, Peter Feld joined in 2005 and the firm became independent in 2011. With approximately $9 billion in AUM, Starboard has earned a reputation as one of the most feared activist investors on Wall Street. The firm generated 15.5% annualized returns from 2002-2014 with 84% of campaigns profitable. Notable campaigns include the legendary 2014 Darden Restaurants takeover where Smith replaced the entire board, as well as engagements at Yahoo, Salesforce, Office Depot, AOL, Macys, and Pfizer.
Investment Focus
Starboard invests in undervalued public companies using a focused, fundamentals-driven approach. The firm engages management and boards to unlock value via operational improvements, strategic shifts, and better governance. It targets strong franchises trading below intrinsic value due to poor execution or capital allocation. The team brings deep board experience, having replaced 80+ directors across 30+ boards since 2004.