In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Jeff Smith's Starboard Value reported 20 stock positions worth $5.3 billion . Its top holding was Qorvo (QRVO) at 12.9% of the portfolio, followed by Autodesk (ADSK, 7.8% ) and Match (MTCH, 7.4% ). Compared with Q2 2025, it opened 1 new position, sold out of 5, added to 3 and reduced 10. The biggest buy was a new position in Bill (BILL) and the biggest sale an exit from Pfizer (PFE).
Notable People Jeff Smith
Location New York, NY
CIK 0001517137
Portfolio Value $5.3B (Q3 2025) Holdings 20 stocks · $5.3B 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 Q2 2025 QRVO Qorvo Inc. 7,510,871 $684.1M Reduce -4.6% ADSK Autodesk Inc. 1,313,000 $417.1M Reduce -10.5% MTCH Match Group Inc. 11,070,379 $391.0M Reduce -27.7% BILL Bill Holdings Inc. 7,024,848 $372.1M New GEN Gen Digital Inc. 12,171,000 $345.5M Reduce -8.7% IJH iShares Core S&P Midcap ETF 5,250,656 $342.7M No change AQN Algonquin Power & Utilities 63,489,420 $340.9M No change KVUE Kenvue Inc. 20,929,938 $339.7M No change CRM Salesforce Inc. 1,242,150 $294.4M Reduce -0.8% HR Healthcare Realty Trust Inc. 14,490,036 $261.3M Reduce -24.9% BDX Becton Dickinson and Co. 1,207,998 $226.1M Reduce -53.9% NWS News Corp. Class B 6,017,000 $207.9M Reduce -12.3% ACTG Acacia Research Corp. 61,123,595 $198.7M No change NWSA News Corp. Class A 6,381,716 $196.0M Reduce -6.1% RIOT Riot Platforms Inc. 8,818,000 $167.8M Add +88.5% TRIP Tripadvisor Inc. 9,510,484 $154.6M Add +11.9% ALIT Alight Inc. Class A 45,865,899 $149.5M No change ROG Rogers Corp. 1,676,502 $134.9M Add +86.4% BLMN Bloomin' Brands Inc. 7,980,992 $57.2M No change IWM iShares Russell 2000 ETF 137,000 $33.1M Reduce -59.7%
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ PFE Pfizer Inc. Sold out 0.00% −3.59 BDX Becton Dickinson and Co. Reduce -53.9% 4.25% −3.57 MTCH Match Group Inc. Reduce -27.7% 7.36% −0.84 IWM iShares Russell 2000 ETF Reduce -59.7% 0.62% −0.65 RBA RB Global Inc. Sold out 0.00% −0.46 HR Healthcare Realty Trust Inc. Reduce -24.9% 4.92% −0.39 CRM Salesforce Inc. Reduce -0.8% 5.54% −0.38 GDOT Green Dot Corp. Class A Sold out 0.00% −0.32 GEN Gen Digital Inc. Reduce -8.7% 6.50% −0.29 FTRE Fortrea Holdings Inc. Sold out 0.00% −0.21 NWS News Corp. Class B Reduce -12.3% 3.91% −0.17 WIX LTD (WIX 0 08/15/25) Sold out 0.00% −0.12 ADSK Autodesk Inc. Reduce -10.5% 7.85% −0.03 NWSA News Corp. Class A Reduce -6.1% 3.69% +0.18 QRVO Qorvo Inc. Reduce -4.6% 12.87% +1.28
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ BILL Bill Holdings Inc. New 7.00% +7.00 RIOT Riot Platforms Inc. Add +88.5% 3.16% +2.24 ROG Rogers Corp. Add +86.4% 2.54% +1.47 TRIP Tripadvisor Inc. Add +11.9% 2.91% +0.99
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ RIOT Riot Platforms Inc. put Sold out 187,600 $101Kbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings 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