Starboard Value

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Jeff Smith's Starboard Value reported 21 stock positions worth $5.5 billion. Its top holding was Qorvo (QRVO) at 10.9% of the portfolio, followed by Kenvue (KVUE, 9.6%) and Autodesk (ADSK, 9.5%). Compared with Q4 2024, it opened 2 new positions, sold out of 2, added to 5 and reduced 7. The biggest buy was a new position in Qorvo (QRVO) and the biggest sale an exit from GoDaddy Class A (GDDY).

Most Recent 13F
Q2 2026
Notable People
Jeff Smith
Location
New York, NY
CIK
0001517137
Portfolio Value
$5.5B (Q1 2025)
SEC Filing
0000921895-25-001532 ↗ filed May 15, 2025

Holdings Value

0$2.0B$4.0B$6.0B Q1 2024: $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 $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 21 stocks · $5.5B
QRVO Qorvo Inc. 10.91% 8,270,000 $598.8M New
KVUE Kenvue Inc. 9.63% 22,054,000 $528.9M Add +0.6%
ADSK Autodesk Inc. 9.54% 2,000,000 $523.6M Add +92.7%
GEN Gen Digital Inc. 8.47% 17,516,604 $464.9M No change
MTCH Match Group Inc. 8.00% 14,085,901 $439.5M Reduce -3.9%
BDX Becton Dickinson and Co. 7.30% 1,749,000 $400.6M New
AQN Algonquin Power & Utilities 6.22% 66,433,000 $341.5M Add +1.7%
HR Healthcare Realty Trust Inc. 6.18% 20,072,000 $339.2M Reduce -0.6%
ALIT Alight Inc. Class A 5.18% 47,924,000 $284.2M Add +1.5%
NWS News Corp. Class B 4.32% 7,814,831 $237.3M Reduce -7.9%
CRM Salesforce Inc. 4.15% 849,679 $228.0M Add +51.9%
IJH iShares Core S&P Midcap ETF 3.79% 3,564,875 $208.0M Reduce -10.1%
NWSA News Corp. Class A 3.57% 7,201,393 $196.0M No change
PFE Pfizer Inc. 3.57% 7,731,000 $195.9M Reduce -49.7%
ACTG Acacia Research Corp. 3.56% 61,123,595 $195.6M No change
RIOT Riot Platforms Inc. 1.65% 12,700,000 $90.4M Reduce -0.0%
BLMN Bloomin' Brands Inc. 1.10% 8,441,000 $60.5M No change
ROG Rogers Corp. 0.99% 804,000 $54.3M No change
FTRE Fortrea Holdings Inc. 0.72% 5,268,000 $39.8M Reduce -29.6%
GDOT Green Dot Corp. Class A 0.71% 4,604,381 $38.9M No change
RBA RB Global Inc. 0.46% 251,163 $25.2M No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $7.4M (not counted above)
SecurityClassShares / PrincipalValueChange
WIX LTD (WIX 0 08/15/25) NOTE 8/1 · principal 7,500,000$7.4MNo change

Total filed on the 13F, all lines: $5.5B.

Portfolio Sells Q4 2024 → Q1 2025
GDDY GoDaddy Inc. Class A Sold out 0.00% −10.12
PFE Pfizer Inc. Reduce -49.7% 3.57% −3.82
WIX Wix.com Ltd. Sold out 0.00% −3.26
FTRE Fortrea Holdings Inc. Reduce -29.6% 0.72% −1.80
RIOT Riot Platforms Inc. Reduce -0.0% 1.65% −0.70
IJH iShares Core S&P Midcap ETF Reduce -10.1% 3.79% −0.69
MTCH Match Group Inc. Reduce -3.9% 8.00% −0.68
NWS News Corp. Class B Reduce -7.9% 4.32% −0.35
HR Healthcare Realty Trust Inc. Reduce -0.6% 6.18% −0.02

Portfolio Buys Q4 2024 → Q1 2025
QRVO Qorvo Inc. New 10.91% +10.91
BDX Becton Dickinson and Co. New 7.30% +7.30
ADSK Autodesk Inc. Add +92.7% 9.54% +3.98
KVUE Kenvue Inc. Add +0.6% 9.63% +1.16
AQN Algonquin Power & Utilities Add +1.7% 6.22% +0.95
CRM Salesforce Inc. Add +51.9% 4.15% +0.77
ALIT Alight Inc. Class A Add +1.5% 5.18% −0.74

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