Starboard Value
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Jeff Smith's Starboard Value reported 22 stock positions worth $5.3 billion. Its top holding was Qorvo (QRVO) at 12.0% of the portfolio, followed by Kenvue (KVUE, 8.9%) and Algonquin Power & Utilities (AQN, 7.4%). Compared with Q3 2025, it opened 3 new positions, sold out of 1, added to 4 and reduced 8. The biggest buy was a new position in Clearwater Analytics HDS-A (CWAN) and the biggest sale an exit from Alight Class A (ALIT).
- Most Recent 13F
- Q2 2026
- Notable People
- Jeff Smith
- Location
- New York, NY
- CIK
- 0001517137
- Portfolio Value
- $5.3B (Q4 2025)
- SEC Filing
- 0000921895-26-000450 ↗ filed Feb 17, 2026
Holdings Value
Holdings 22 stocks · $5.3B
| QRVO Qorvo Inc. | 12.02% | 7,510,871 | $634.7M | No change |
| KVUE Kenvue Inc. | 8.92% | 27,307,632 | $471.1M | Add +30.5% |
| AQN Algonquin Power & Utilities | 7.40% | 63,489,420 | $390.5M | No change |
| BILL Bill Holdings Inc. | 7.26% | 7,024,848 | $383.1M | No change |
| MTCH Match Group Inc. | 6.97% | 11,395,379 | $368.0M | Add +2.9% |
| IJH iShares Core S&P Midcap ETF | 6.56% | 5,250,656 | $346.5M | No change |
| ADSK Autodesk Inc. | 5.62% | 1,001,733 | $296.5M | Reduce -23.7% |
| GEN Gen Digital Inc. | 5.45% | 10,585,592 | $287.8M | Reduce -13.0% |
| CRM Salesforce Inc. | 4.72% | 940,325 | $249.1M | Reduce -24.3% |
| CWAN Clearwater Analytics HDS-A | 4.55% | 9,959,031 | $240.2M | New |
| ACTG Acacia Research Corp. | 4.33% | 61,123,595 | $228.6M | No change |
| HR Healthcare Realty Trust Inc. | 4.05% | 12,600,000 | $213.6M | Reduce -13.0% |
| FLR Fluor Corp. | 3.90% | 5,191,327 | $205.7M | New |
| BDX Becton Dickinson and Co. | 3.42% | 929,917 | $180.5M | Reduce -23.0% |
| RIOT Riot Platforms Inc. | 3.06% | 12,744,576 | $161.5M | Add +44.5% |
| NWSA News Corp. Class A | 2.92% | 5,895,487 | $154.0M | Reduce -7.6% |
| TRIP Tripadvisor Inc. | 2.66% | 9,644,996 | $140.4M | Add +1.4% |
| NWS News Corp. Class B | 2.49% | 4,439,081 | $131.5M | Reduce -26.2% |
| ROG Rogers Corp. | 2.09% | 1,203,457 | $110.2M | Reduce -28.2% |
| BLMN Bloomin' Brands Inc. | 0.93% | 7,980,992 | $49.2M | No change |
| IWM iShares Russell 2000 ETF | 0.64% | 137,000 | $33.7M | No change |
| BIXI Bitcoin Infrastructure Class A | 0.06% | 300,000 | $3.0M | New |
Portfolio Sells Q3 2025 → Q4 2025
| ALIT Alight Inc. Class A | Sold out | 0.00% | −2.81 |
| ADSK Autodesk Inc. | Reduce -23.7% | 5.62% | −2.23 |
| NWS News Corp. Class B | Reduce -26.2% | 2.49% | −1.42 |
| GEN Gen Digital Inc. | Reduce -13.0% | 5.45% | −1.05 |
| HR Healthcare Realty Trust Inc. | Reduce -13.0% | 4.05% | −0.87 |
| BDX Becton Dickinson and Co. | Reduce -23.0% | 3.42% | −0.84 |
| CRM Salesforce Inc. | Reduce -24.3% | 4.72% | −0.82 |
| NWSA News Corp. Class A | Reduce -7.6% | 2.92% | −0.77 |
| ROG Rogers Corp. | Reduce -28.2% | 2.09% | −0.45 |
Portfolio Buys Q3 2025 → Q4 2025
| CWAN Clearwater Analytics HDS-A | New | 4.55% | +4.55 |
| FLR Fluor Corp. | New | 3.90% | +3.90 |
| KVUE Kenvue Inc. | Add +30.5% | 8.92% | +2.53 |
| BIXI Bitcoin Infrastructure Class A | New | 0.06% | +0.06 |
| RIOT Riot Platforms Inc. | Add +44.5% | 3.06% | −0.10 |
| TRIP Tripadvisor Inc. | Add +1.4% | 2.66% | −0.25 |
| MTCH Match Group Inc. | Add +2.9% | 6.97% | −0.39 |
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 |