Starboard Value
Starboard Value LP is an activist hedge fund based in New York, managed by Jeffrey Smith. Smith, known for his strategic involvement in turning around underperforming companies, leads the fund with a focus on public equity markets in the United States. Starboard's investment philosophy typically involves taking significant stakes in undervalued companies and actively pushing for operational and management changes to unlock shareholder value.
AUM figures shown are calculated by summing the reported market value of all positions in SEC 13F-HR filings — not the fund's actual assets under management.
- Excludes cash, bonds, private equity, short positions, and foreign-listed stocks not required to be reported.
- For PUT and CALL options, the reported Value is the notional value of the underlying shares — not the option premium paid. This significantly overstates the actual capital at risk.
- Actual fund AUM is typically higher and includes strategies, instruments, and positions that never appear in a 13F.
- 13F filings cover institutional managers with ≥$100M in 13F securities. Positions reflect end-of-quarter holdings, disclosed up to 45 days after the period ends.
Data sourced from SEC EDGAR. This tracker is for informational purposes only and does not constitute investment advice.
Portfolio Holdings
Top 26 positions
| Ticker | Issuer | Notional | Port % | @ Filing | Now (EOD) | Since Filing | Allocation |
|---|---|---|---|---|---|---|---|
| QRVO | $581.3M | 12.71% | $77.40 | $84.68 | +9.4% | 12.7% | |
| KVUE | $470.8M | 10.29% | $17.03 | $19.85 | +16.6% | 10.3% | |
| IJH | $393.7M | 8.61% | $67.36 | $75.54 | +12.1% | 8.6% | |
| AQN | $351.1M | 7.68% | $6.07 | $5.61 | -7.6% | 7.7% | |
| MTCH | $349.9M | 7.65% | $30.52 | $39.20 | +28.4% | 7.7% | |
| ACTG | $294.0M | 6.43% | $4.81 | $4.47 | -7.1% | 6.4% | |
| BILL | $269.1M | 5.88% | $38.30 | $40.63 | +6.1% | 5.9% | |
| LW | $258.4M | 5.65% | $41.89 | $46.40 | +10.8% | 5.7% | |
| KMX | $257.9M | 5.64% | $41.58 | $50.86 | +22.3% | 5.6% | |
| RIOT | $192.1M | 4.20% | $12.36 | $21.33 | +72.6% | 4.2% | |
| GEN | $147.0M | 3.21% | $18.73 | $26.76 | +42.9% | 3.2% | |
| NWSA | $139.7M | 3.05% | $24.93 | $27.10 | +8.7% | 3.0% | |
| FLR | $134.7M | 2.94% | $46.65 | $48.92 | +4.9% | 2.9% | |
| CWAN | $129.1M | 2.82% | $23.65 | $24.56 | +3.9% | 2.8% | |
| HR | $115.9M | 2.53% | $16.79 | $20.74 | +23.5% | 2.5% | |
| TRIP | $114.9M | 2.51% | $10.66 | $13.77 | +29.2% | 2.5% | |
| BDX | $100.1M | 2.19% | $156.13 | $157.00 | +0.6% | 2.2% | |
| GPGI | $86.0M | 1.88% | $17.10 | $15.93 | -6.8% | 1.9% | |
| NWS | $73.8M | 1.61% | $28.51 | $30.64 | +7.5% | 1.6% | |
| ROG | $62.7M | 1.37% | $107.33 | $133.44 | +24.3% | 1.4% | |
| BLMN | $43.1M | 0.94% | $5.40 | $8.07 | +49.4% | 0.9% | |
| HYGPUT | $3.0M | 0.07% | $78.40 | $79.78 | +1.8% | 0.1% | |
| BIXI | $3.0M | 0.07% | $9.92 | $10.02 | +1.0% | 0.1% | |
| IWMPUT | $2.7M | 0.06% | $247.41 | $296.36 | +19.8% | 0.1% | |
| RIOTPUT | $0.7M | 0.02% | $12.36 | $21.33 | +72.6% | 0.0% | |
| BIXIW | $0.0M | 0.00% | $0.30 | $0.30 | +0.0% | 0.0% |
Quarter-on-Quarter Activity
Q1 2026 vs. Q4 2025
New Positions (5)
| Ticker | Issuer | Notional | Since Filing |
|---|---|---|---|
| LW | $258.4M | +10.8% | |
| KMX | $257.9M | +22.3% | |
| GPGI | $86.0M | -6.8% | |
| HYGPUT | $3.0M | +1.8% | |
| BIXIW | $0.0M | +0.0% |
Exited Positions (2)
| Ticker | Issuer | Notional |
|---|---|---|
| ADSK | $296.5M | |
| CRM | $249.1M |
Increased (4)
| Ticker | Issuer | Notional | Shares Δ | Since Filing |
|---|---|---|---|---|
| IWMPUT | $-31.0M | +398.6% | +19.8% | |
| RIOTPUT | $30.7M | +22.0% | +72.6% | |
| TRIP | $-25.6M | +11.7% | +29.2% | |
| IJH | $47.2M | +11.0% | +12.1% |
Trimmed (8)
| Ticker | Issuer | Notional | Shares Δ | Since Filing |
|---|---|---|---|---|
| RIOTPUT | $-160.8M | -93.8% | +72.6% | |
| ROG | $-47.5M | -51.4% | +24.3% | |
| HR | $-97.7M | -45.9% | +23.5% | |
| CWAN | $-111.1M | -45.2% | +3.9% | |
| FLR | $-71.1M | -44.4% | +4.9% | |
| NWS | $-57.7M | -41.7% | +7.5% | |
| BDX | $-80.4M | -31.6% | +0.6% | |
| GEN | $-140.8M | -26.2% | +42.9% |
Quarter Activity
During the quarter, Starboard Value initiated notable new positions in Lamb Weston Holdings Inc. (LW) and CarMax Inc. (KMX), each valued at approximately $258 million, and exited significant holdings in Autodesk Inc. (ADSK) and Salesforce Inc. (CRM). The fund also adjusted its portfolio by increasing its stake in iShares Russell 2000 ETF (IWM) by $399 million, while reducing its position in Riot Blockchain Inc. (RIOT) by $94 million, among other changes. These moves indicate a strategic realignment of Starboard Value's investment focus and risk distribution within its portfolio.
AI Commentary
<p>Starboard Value's portfolio showcases a strong concentration in specific sectors and companies, with its top holdings reflecting significant investments in technology and utilities. As of the latest reporting period, Qorvo Inc (QRVO) emerges as the largest holding, representing 12.7% of the portfolio with an investment worth $581 million. This is followed by Kenvue Inc (KVUE) and iShares Trust (IJH), holding 10.3% and 8.6% of the assets under management, respectively. Notably, new positions have been established in Lamb Weston Holdings Inc (LW) and CarMax Inc (KMX), each accounting for approximately 5.7% of the total portfolio, indicating a strategic move into the consumer goods and automotive sectors.</p> <p>The recent portfolio adjustments suggest a strategic shift in Starboard Value's investment thesis. The closure of significant positions in Autodesk Inc (ADSK) and Salesforce.com Inc (CRM) alongside a substantial reduction in holdings like Rogers Corporation (ROG) and Fluor Corporation (FLR) may signal a reduced confidence in the technology and engineering sectors. Conversely, the notable increase in positions such as the iShares Russell 2000 ETF (IWM) and Riot Platforms Inc (RIOT) indicates a growing interest in small-cap stocks and specific technology platforms. These changes could be indicative of the fund's adaptation to market dynamics, possibly gearing towards sectors expected to outperform in the current economic environment.</p>