Starboard Value is an activist hedge fund focused on small-cap companies co-established by Jeffrey Smith in 2002. The New York-based hedge fund primarily invests in underperforming companies and attempts to unlock shareholder value by analyzing and implementing alternative strategies. Starboard Value has added or replaced roughly 115 corporate directors on more than 40 corporate boards since its inception in 2002. The hedge fund has an impressive track record thus far, delivering an annualized return of 22% over the same period. Moreover, Starboard Value's average return on a 13D filing reaches 28.9%, which provides evidence on why it makes sense to track hedge funds' activities. Even more to that, when Starboard Value managed to receive a board seat at the companies it has invested in, the fund's average 13D return reached an even higher figure of 34.3%.