13F Insights: Starboard Value
Starboard Value, Jeff Smith's activist hedge fund, now has Advance Auto Parts (NYSE: AAP) as its third largest holding after adding the stock to its portfolio last quarter.
The fund also doubled its Yahoo (NASDAQ: YHOO) stake, putting it as its sixth largest holding. The web search company has been having issues getting its Alibaba (NASDAQ: BABA) stake spun off. The opportunity came as shares took a big hit last quarter.
It also sold off all its Staples (NASDAQ: SPLS) position, which was its tenth largest holding. Of note, Starboard Value has been trying to get Staples to buy Office Depot (NYSE: ODP). The company also took new stakes in Westrock (NYSE: WRK), Media General (NYSE: MEG) and Medassets (NASDAQ: MDAS).