In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Jeff Smith's Starboard Value reported 22 stock positions worth $4.6 billion . Its top holding was Qorvo (QRVO) at 12.7% of the portfolio, followed by Kenvue (KVUE, 10.3% ) and iShares Core S&P Midcap ETF (IJH, 8.6% ). Compared with Q4 2025, it opened 3 new positions, sold out of 3, added to 3 and reduced 9. The biggest buy was a new position in Lamb Weston (LW) and the biggest sale an exit from Autodesk (ADSK).
Notable People Jeff Smith
Location New York, NY
CIK 0001517137
Portfolio Value $4.6B (Q1 2026) Holdings 22 stocks · $4.6B 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 Q4 2025 QRVO Qorvo Inc. 7,510,871 $581.3M No change KVUE Kenvue Inc. 27,307,632 $470.8M No change IJH iShares Core S&P Midcap ETF 5,830,656 $393.7M Add +11.1% AQN Algonquin Power & Utilities 57,189,420 $351.1M Reduce -9.9% MTCH Match Group Inc. 11,395,379 $350.0M No change ACTG Acacia Research Corp. 61,123,595 $294.0M No change BILL Bill Holdings Inc. 7,024,848 $269.1M No change LW Lamb Weston Holdings Inc. 6,114,982 $258.4M New KMX Carmax Inc. 6,201,362 $257.9M New RIOT Riot Platforms Inc. 15,544,576 $192.1M Add +22.0% GEN Gen Digital Inc. 7,806,922 $147.0M Reduce -26.3% NWSA News Corp. Class A 5,605,126 $139.7M Reduce -4.9% FLR Fluor Corp. 2,886,327 $134.6M Reduce -44.4% CWAN Clearwater Analytics HDS-A 5,459,031 $129.1M Reduce -45.2% HR Healthcare Realty Trust Inc. 6,821,267 $115.9M Reduce -45.9% TRIP Tripadvisor Inc. 10,774,996 $114.9M Add +11.7% BDX Becton Dickinson and Co. 636,494 $100.1M Reduce -31.6% GPGI Gpgi Inc. 5,027,028 $86.0M New NWS News Corp. Class B 2,589,081 $73.8M Reduce -41.7% ROG Rogers Corp. 584,328 $62.7M Reduce -51.5% BLMN Bloomin' Brands Inc. 7,980,992 $43.1M No change BIXI Bitcoin Infrastructure Class A 300,000 $3.0M No change
Options reported separately and not counted above: HYG puts ($3.0M), IWM puts ($2.7M), RIOT puts ($705K).
Other holdings (1): bonds, preferreds, convertibles and warrants · $45K (not counted above) Security Class Shares / Principal Value Change BIXIW Bitcoin Infrastructure Acqui *W EXP 11/06/203 149,999 $45K New
Total filed on the 13F, all lines: $4.6B.
Portfolio Sells Q4 2025 → Q1 2026 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 Q4 2025 % Of Portfolio Change To Portfolio ▲ ADSK Autodesk Inc. Sold out 0.00% −5.62 CRM Salesforce Inc. Sold out 0.00% −4.72 GEN Gen Digital Inc. Reduce -26.3% 3.22% −2.23 CWAN Clearwater Analytics HDS-A Reduce -45.2% 2.83% −1.72 HR Healthcare Realty Trust Inc. Reduce -45.9% 2.54% −1.51 BDX Becton Dickinson and Co. Reduce -31.6% 2.19% −1.23 FLR Fluor Corp. Reduce -44.4% 2.95% −0.95 NWS News Corp. Class B Reduce -41.7% 1.62% −0.88 ROG Rogers Corp. Reduce -51.5% 1.37% −0.71 IWM iShares Russell 2000 ETF Sold out 0.00% −0.64 NWSA News Corp. Class A Reduce -4.9% 3.06% +0.14 AQN Algonquin Power & Utilities Reduce -9.9% 7.69% +0.29
Portfolio Buys Q4 2025 → Q1 2026 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 Q4 2025 % Of Portfolio Change To Portfolio ▼ LW Lamb Weston Holdings Inc. New 5.66% +5.66 KMX Carmax Inc. New 5.64% +5.64 IJH iShares Core S&P Midcap ETF Add +11.1% 8.62% +2.06 GPGI Gpgi Inc. New 1.88% +1.88 RIOT Riot Platforms Inc. Add +22.0% 4.21% +1.15 TRIP Tripadvisor Inc. Add +11.7% 2.51% −0.15
Options Activity Q4 2025 → Q1 2026 Security Type Change vs Q4 2025 Underlying Shares Value ▼ HYG Ishr Ibx Usd Hiyld CB ETF-Ui put New 3,000,000 $3.0M IWM iShares Russell 2000 ETF put New 683,100 $2.7M RIOT Riot Platforms Inc. put New 792,500 $705K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2025 → Q1 2026 Security Class Change vs Q4 2025 Shares / Principal Value ▼ BIXIW Bitcoin Infrastructure Acqui *W EXP 11/06/203 New 149,999 $45K
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