In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Jeff Smith's Starboard Value reported 24 stock positions worth $5.8 billion . Its top holding was Qorvo (QRVO) at 11.6% of the portfolio, followed by Match (MTCH, 8.2% ) and Autodesk (ADSK, 7.9% ). Compared with Q1 2025, it opened 3 new positions, added to 6 and reduced 13. The biggest buy was a new position in Tripadvisor (TRIP) and the biggest sale Kenvue (KVUE, shares −5% ).
Notable People Jeff Smith
Location New York, NY
CIK 0001517137
Portfolio Value $5.8B (Q2 2025) Holdings 24 stocks · $5.8B Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q1 2025 QRVO Qorvo Inc. 7,872,867 $668.5M Reduce -4.8% MTCH Match Group Inc. 15,311,916 $473.0M Add +8.7% ADSK Autodesk Inc. 1,467,348 $454.2M Reduce -26.6% BDX Becton Dickinson and Co. 2,619,490 $451.2M Add +49.8% KVUE Kenvue Inc. 20,929,938 $438.1M Reduce -5.1% GEN Gen Digital Inc. 13,330,505 $391.9M Reduce -23.9% AQN Algonquin Power & Utilities 63,489,420 $363.8M Reduce -4.4% CRM Salesforce Inc. 1,252,247 $341.5M Add +47.4% IJH iShares Core S&P Midcap ETF 5,250,656 $325.6M Add +47.3% HR Healthcare Realty Trust Inc. 19,290,672 $306.0M Reduce -3.9% ALIT Alight Inc. Class A 45,865,899 $259.6M Reduce -4.3% NWS News Corp. Class B 6,862,525 $235.5M Reduce -12.2% ACTG Acacia Research Corp. 61,123,595 $218.8M No change PFE Pfizer Inc. 8,542,149 $207.1M Add +10.5% NWSA News Corp. Class A 6,798,936 $202.1M Reduce -5.6% TRIP Tripadvisor Inc. 8,499,054 $110.9M New IWM iShares Russell 2000 ETF 340,000 $73.4M New BLMN Bloomin' Brands Inc. 7,980,992 $68.7M Reduce -5.5% ROG Rogers Corp. 899,502 $61.6M Add +11.9% RIOT Riot Platforms Inc. 4,676,900 $52.8M Reduce -63.2% RBA RB Global Inc. 251,163 $26.7M No change GDOT Green Dot Corp. Class A 1,733,298 $18.7M Reduce -62.4% FTRE Fortrea Holdings Inc. 2,495,558 $12.3M Reduce -52.6% WIX LTD (WIX 0 08/15/25) filed as WIX COM LTD 7,095,000 $7.1M New
Options reported separately and not counted above: RIOT puts ($101K).
Portfolio Sells Q1 2025 → Q2 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2025 % Of Portfolio Change To Portfolio ▲ KVUE Kenvue Inc. Reduce -5.1% 7.59% −2.04 GEN Gen Digital Inc. Reduce -23.9% 6.79% −1.67 ADSK Autodesk Inc. Reduce -26.6% 7.87% −1.66 HR Healthcare Realty Trust Inc. Reduce -3.9% 5.30% −0.87 RIOT Riot Platforms Inc. Reduce -63.2% 0.92% −0.73 ALIT Alight Inc. Class A Reduce -4.3% 4.50% −0.68 FTRE Fortrea Holdings Inc. Reduce -52.6% 0.21% −0.51 GDOT Green Dot Corp. Class A Reduce -62.4% 0.32% −0.38 NWS News Corp. Class B Reduce -12.2% 4.08% −0.24 NWSA News Corp. Class A Reduce -5.6% 3.50% −0.07 AQN Algonquin Power & Utilities Reduce -4.4% 6.31% +0.09 BLMN Bloomin' Brands Inc. Reduce -5.5% 1.19% +0.09 QRVO Qorvo Inc. Reduce -4.8% 11.59% +0.68
Portfolio Buys Q1 2025 → Q2 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2025 % Of Portfolio Change To Portfolio ▼ TRIP Tripadvisor Inc. New 1.92% +1.92 IJH iShares Core S&P Midcap ETF Add +47.3% 5.64% +1.86 CRM Salesforce Inc. Add +47.4% 5.92% +1.77 IWM iShares Russell 2000 ETF New 1.27% +1.27 BDX Becton Dickinson and Co. Add +49.8% 7.82% +0.53 MTCH Match Group Inc. Add +8.7% 8.20% +0.20 WIX LTD (WIX 0 08/15/25) New 0.12% +0.12 ROG Rogers Corp. Add +11.9% 1.07% +0.08 PFE Pfizer Inc. Add +10.5% 3.59% +0.02
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ RIOT Riot Platforms Inc. put New 187,600 $101K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2025 → Q2 2025 Security Class Change vs Q1 2025 Shares / Principal Value ▼ WIX LTD (WIX 0 08/15/25) NOTE 8/1 · principal Sold out 7,500,000 $7.4Mbefore exit
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 20 $4.5B IJH, QRVO, KVUE, DT, AQN Q1 2026 22 $4.6B QRVO, KVUE, IJH, AQN, MTCH Q4 2025 22 $5.3B QRVO, KVUE, AQN, BILL, MTCH Q3 2025 20 $5.3B QRVO, ADSK, MTCH, BILL, GEN Q2 2025 24 $5.8B QRVO, MTCH, ADSK, BDX, KVUE Q1 2025 21 $5.5B QRVO, KVUE, ADSK, GEN, MTCH Q4 2024 21 $5.5B GDDY, GEN, MTCH, KVUE, PFE Q3 2024 18 $4.7B ADSK, GDDY, GEN, CRM, MTCH Q2 2024 19 $4.3B GDDY, GEN, CRM, AQN, ALIT Q1 2024 19 $4.8B GDDY, GEN, AQN, ALIT, CRM