The Letter To Investors Starboard Value’s Jeff Smith Did Not Write

What is perhaps most stunning about Starboard Value Opportunity fund is not their 1.95% positive July performance, according to a fund performance sheet reviewed by ValueWalk. Nor, by itself, is their 8.25% year to date returns most stunning even at a time when the S&P 500 was up a respectable 6.34% as of July.

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In a month when the biggest drags on performance involved Yahoo selling itself for a shell of its former self, resulting in 21 basis points of negative performance at Starboard, it was another...