Starboard Value

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Jeff Smith's Starboard Value reported 19 stock positions worth $4.8 billion. Its top holding was GoDaddy Class A (GDDY) at 15.8% of the portfolio, followed by Gen Digital (GEN, 8.7%) and Algonquin Power & Utilities (AQN, 8.2%). Compared with Q4 2023, it opened 1 new position, sold out of 4, added to 4 and reduced 9. The biggest buy was a new position in Alight Class A (ALIT) and the biggest sale an exit from Vertiv Class A (VRT).

Most Recent 13F
Q2 2026
Notable People
Jeff Smith
Location
New York, NY
CIK
0001517137
Portfolio Value
$4.8B (Q1 2024)
SEC Filing
0000921895-24-001233 ↗ filed May 15, 2024

Holdings Value

0$2.0B$4.0B$6.0B Q1 2024: $4.8B $4.8B Q1 2024 Q2 2024: $4.3B Q2 2024 Q3 2024: $4.7B Q3 2024 Q4 2024: $5.5B Q4 2024 Q1 2025: $5.5B Q1 2025 Q2 2025: $5.8B Q2 2025 Q3 2025: $5.3B Q3 2025 Q4 2025: $5.3B Q4 2025 Q1 2026: $4.6B Q1 2026 Q2 2026: $4.5B Q2 2026

Holdings 19 stocks · $4.8B
GDDY GoDaddy Inc. Class A 15.84% 6,421,462 $762.1M Reduce -14.5%
GEN Gen Digital Inc. 8.66% 18,608,904 $416.8M No change
AQN Algonquin Power & Utilities 8.16% 62,141,000 $392.7M Add +0.2%
ALIT Alight Inc. Class A 8.15% 39,807,000 $392.1M New
CRM Salesforce Inc. 7.56% 1,208,475 $364.0M Reduce -21.4%
HUM Humana Inc. 7.03% 976,000 $338.4M Reduce -1.8%
WIX Wix.com Ltd. 6.95% 2,432,000 $334.4M Reduce -27.3%
ACTG Acacia Research Corp. 6.77% 61,123,595 $325.8M No change
IWN iShares Russell 2000 Value E 5.63% 1,705,000 $270.8M Reduce -5.5%
BLMN Bloomin' Brands Inc. 5.03% 8,441,000 $242.1M No change
NWS News Corp. Class B 4.91% 8,732,000 $236.3M No change
FTRE Fortrea Holdings Inc. 4.42% 5,302,000 $212.8M Reduce -30.2%
NWSA News Corp. Class A 3.24% 5,957,000 $156.0M Add +250.4%
ROG Rogers Corp. 1.98% 804,000 $95.4M Add +77.1%
ACM Aecom 1.75% 859,000 $84.3M Reduce -52.5%
MRCY Mercury Systems Inc. 1.63% 2,664,000 $78.6M Add +24.2%
GDOT Green Dot Corp. Class A 0.97% 5,018,381 $46.8M Reduce -5.2%
IWR iShares Russell Mid-Cap ETF 0.92% 525,000 $44.1M Reduce -8.7%
RBA RB Global Inc. 0.40% 251,163 $19.1M No change

Options reported separately and not counted above: HUM puts ($1.3M).

Other holdings (3): bonds, preferreds, convertibles and warrants · $26.4M (not counted above)
SecurityClassShares / PrincipalValueChange
Q2 HOLDINGS INC (QTWO 0.75 06/01/26) NOTE 0.750% 6/0 · principal 20,000,000$18.9MNo change
WIX LTD (WIX 0 08/15/25) NOTE 8/1 · principal 7,500,000$6.9MNo change
LIVEPERSON INC (LPSN 0 12/15/26) NOTE 12/1 · principal 1,400,000$526KReduce -95.8%

Total filed on the 13F, all lines: $4.8B.

Portfolio Sells Q4 2023 → Q1 2024
VRT Vertiv Holdings Co. Class A Sold out 0.00% −2.65
HUM Humana Inc. Reduce -1.8% 7.03% −2.58
ACM Aecom Reduce -52.5% 1.75% −1.78
WIX Wix.com Ltd. Reduce -27.3% 6.95% −1.74
FTRE Fortrea Holdings Inc. Reduce -30.2% 4.42% −1.18
GDDY GoDaddy Inc. Class A Reduce -14.5% 15.84% −1.01
CRM Salesforce Inc. Reduce -21.4% 7.56% −0.98
IWN iShares Russell 2000 Value E Reduce -5.5% 5.63% −0.30
SVIIF Spring Valley Acquisition-A Sold out 0.00% −0.19
GDOT Green Dot Corp. Class A Reduce -5.2% 0.97% −0.13
ALCYF Alchemy Investments Acquisit Sold out 0.00% −0.08
KVACF Keen Vision Acquisition Corp. Sold out 0.00% −0.07
IWR iShares Russell Mid-Cap ETF Reduce -8.7% 0.92% −0.03

Portfolio Buys Q4 2023 → Q1 2024
ALIT Alight Inc. Class A New 8.15% +8.15
NWSA News Corp. Class A Add +250.4% 3.24% +2.36
ROG Rogers Corp. Add +77.1% 1.98% +0.72
MRCY Mercury Systems Inc. Add +24.2% 1.63% −0.02
AQN Algonquin Power & Utilities Add +0.2% 8.16% −0.11

Options Activity Q4 2023 → Q1 2024
IWM iShares Russell 2000 ETF put Sold out 4,900,000 $11.0Mbefore exit
HUM Humana Inc. put New 170,000 $1.3M
VRT Vertiv Holdings Co. Class A put Sold out 2,609,300 $348Kbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q4 2023 → Q1 2024
LIVEPERSON INC (LPSN 0.75 03/01/24) NOTE 0.750% 3/0 · principal Sold out 15,500,000 $15.2Mbefore exit
LIVEPERSON INC (LPSN 0 12/15/26) NOTE 12/1 · principal Reduce -95.8% 1,400,000 $526K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 20$4.5BIJH, QRVO, KVUE, DT, AQN
Q1 2026 22$4.6BQRVO, KVUE, IJH, AQN, MTCH
Q4 2025 22$5.3BQRVO, KVUE, AQN, BILL, MTCH
Q3 2025 20$5.3BQRVO, ADSK, MTCH, BILL, GEN
Q2 2025 24$5.8BQRVO, MTCH, ADSK, BDX, KVUE
Q1 2025 21$5.5BQRVO, KVUE, ADSK, GEN, MTCH
Q4 2024 21$5.5BGDDY, GEN, MTCH, KVUE, PFE
Q3 2024 18$4.7BADSK, GDDY, GEN, CRM, MTCH
Q2 2024 19$4.3BGDDY, GEN, CRM, AQN, ALIT
Q1 2024 19$4.8BGDDY, GEN, AQN, ALIT, CRM