The activist fund that shook up Yahoo is crushing it
Thomson Reuters
New York-based Starboard Value's flagship fund is up 8.25% through July this year, according to a performance document viewed by Business Insider.
That compares to a 4.36% return for the HFRI event-driven index, which measures Starboard's activist competitors, over the same period.
Meanwhile, the average hedge fund, which includes firms employing all strategies, is up about only 3% this year through July, according to HFR.
Activist hedge funds try to boost companies' stock values by taking big stakes in the companies and influencing changes with management.
Starboard Value, which manages about $4.7 billion in assets, has influenced Marissa Mayer's Yahoo. In April, Yahoo agreed to add four of Starboard's independent directors to its board, for instance.
Its stock price has been rising since February this year.
Starboard's performance this year represents a return to form for the firm. Last year, the flagship fund dropped -8.55%, for instance. It rose 21.45% and 10.7% in 2014 and 2013 respectively, according to the document.
Google Finance
Starboard's Yahoo position is the hedge fund's largest, making up about 15.7% of its fund, the investor update said.
Starboard's next biggest stock positions are Marvell Technology Group, Advance Auto Parts, The Brink's Company, WestRock Company and Depomed, Inc. It also holds positions in Macy's, Office Depot and Darden Restaurants, according to the document.
The firm also announced a new stake in Stewart Information earlier this week, Bloomberg reported.
- Exploring the world on wheels: International road trips from India
- 10 worst food combinations you must avoid as per ayurveda
- Top seeds that keep you cool all summer
- 8 mouthwatering mango recipes to try this season
- India's hidden gems where the thermometer doesn't cross 20 degrees
- Nothing Phone (2a) blue edition launched
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market