Starboard Value

Managed by Jeffrey Smith

Portfolio value: $4.57B
Holdings: 20
Top 5 weight: 46.93%
Latest filing: Q1 '26 Mar 31

Portfolio

Reported 13F holdings, largest positions first

25holdings

QRVO 12.71%KVUE 10.29%IJH 8.61%AQN 7.67%MTCH 7.65%ACTG 6.43%Other 46.64%

Company% PortfolioSharesValue

QRVOQORVO INC12.71%7,511,000$581.30M KVUEKENVUE INC10.29%27,308,000$470.80M

IJHFNDIJH8.61%5,831,000$393.70M

AQNALGONQUIN POWER & UTILITIES CORP7.67%57,189,000$351.10M MTCHMATCH GROUP INC7.65%11,395,000$350.00M ACTGACACIA RESEARCH CORP6.43%61,124,000$294.00M BILLBILL HOLDINGS INC5.88%7,025,000$269.10M LWLAMB WESTON HOLDINGS INC5.65%6,115,000$258.40M KMXCARMAX INC5.64%6,201,000$257.90M NWSANEWS CORP4.67%8,194,000$213.60M RIOTRIOT PLATFORMS INC4.2%15,545,000$192.10M GENGEN DIGITAL INC3.21%7,807,000$147.00M FLRFLUOR CORP2.94%2,886,000$134.60M

CWANCWAN2.82%5,459,000$129.10M

HRHEALTHCARE REALTY TRUST INC2.53%6,821,000$115.90M TRIPTRIPADVISOR INC2.51%10,775,000$114.90M BDXBECTON DICKINSON & CO2.19%636,000$100.10M GPGIGPGI INC1.88%5,027,000$86.00M ROGROGERS CORP1.37%584,000$62.70M BLMNBLOOMIN' BRANDS INC0.94%7,981,000$43.10M BIXIBITCOIN INFRASTRUCTURE ACQUISITION CORP LTD0.07%300,000$3.00M

HYGPUTHYG0.07%3,000,000$3.00M

IWMPUTIWM0.06%683,000$2.70M

RIOTPUTRIOT PLATFORMS INC0.02%793,000$700.00K BIXIWNTBITCOIN INFRASTRUCTURE ACQUISITION CORP LTD0%150,000$0.00

From the fund's Q1 '26 13F filingWhat is a 13F?

Activity

Buys and sells, quarter by quarter

Mar 31, 2026 filing - 21 moves · 10 buy-side · 11 sell-side

CompanyChangeValue

IJHIJH11.0%$393.70M

AQNALGONQUIN POWER & UTILITIES CORP9.9%$351.10M ADSKAUTODESK INCSold$296.50M LWLAMB WESTON HOLDINGS INCNew$258.40M KMXCARMAX INCNew$257.90M CRMSALESFORCE INCSold$249.10M NWSANEWS CORP20.7%$213.60M RIOTRIOT PLATFORMS INC22.0%$192.10M GENGEN DIGITAL INC26.3%$147.00M FLRFLUOR CORP44.4%$134.60M

CWANCWAN45.2%$129.10M

HRHEALTHCARE REALTY TRUST INC45.9%$115.90M TRIPTRIPADVISOR INC11.7%$114.90M BDXBECTON DICKINSON & CO31.6%$100.10M GPGIGPGI INCNew$86.00M ROGROGERS CORP51.5%$62.70M

IWMIWMSold$33.70M

HYGHYGNew$3.00M

IWMIWMNew$2.70M

RIOTRIOT PLATFORMS INCNew$700.00K BIXIBITCOIN INFRASTRUCTURE ACQUISITION CORP LTDNew$0.00

Changes are share-count changes vs. the prior quarter

About this investor

Starboard Value is Jeffrey Smith's activist firm, focused on undervalued companies where operational and governance improvements can lift returns. Starboard is known for detailed turnaround plans and proxy contests, including a campaign that replaced an entire board. The style pairs deep operational analysis with a willingness to seek board seats and press for change.

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