Starboard Value
Jeff SmithNew York, NYfiles as Starboard Value LP
$4.5bn in 21 US stocks at the end of 30 June 2026. The top 10 are 84.3% of the money. It changed about 20.6% of the portfolio this quarter.
Value
$4.5bn
Stocks
21
Top 10 share
84.3%
Turnover
20.6%
What changed this quarter
New
Bought for the first time this quarter.
- DynatraceDT8.6% of the fund
- FlowserveFLS2.4% of the fund
Added
Bought more of a stock they already held.
- Ishares TRIJH15.1% of the fund+52%
Cut
Sold some of their stake.
- QorvoQRVO11.6% of the fund-25%
- Match GroupMTCH6.5% of the fund-32%
- Riot PlatformsRIOT6.1% of the fund-35%
- Lamb Weston HoldingsLW5.5% of the fund-6%
- CarMaxKMX3.8% of the fund-48%
- FluorFLR1.8% of the fund-45%
- TripAdvisorTRIP1.5% of the fund-53%
- NewsNWS1.5% of the fund-6%
- NewsNWSA1.1% of the fund-64%
- Healthcare Realty TrustHR0.9% of the fund-72%
- Bloomin' BrandsBLMN0.8% of the fund-48%
Sold out
Sold their entire stake.
- Gen DigitalGEN-100%
- Clearwater Analytics Hldgs I-100%
- Becton DickinsonBDX-100%
- RogersROG-100%
Holdings
- Ishares TRIJH
- Share
- 15.1%
- Value
- $685m
- Shares
- 8,877,781
+52%
- Algonquin Power & UtilitiesAQN
- Share
- 7.4%
- Value
- $335m
- Shares
- 57,189,420
Held
- Bitcoin Infrastructure AcquisitionBIXI
- Share
- <0.1%
- Value
- $3m
- Shares
- 300,000
Held
- Bitcoin Infrastructure AcquiBIXIW
- Share
- <0.1%
- Value
- $47,460
- Shares
- 149,999
Held
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Ishares TRIJH | 15.1% | $685m | 8,877,781 | +52% |
| QorvoQRVO | 11.6% | $523m | 5,611,526 | -25% |
| KenvueKVUE | 11.5% | $522m | 27,307,632 | Held |
| DynatraceDT | 8.6% | $389m | 8,866,692 | New |
| Algonquin Power & UtilitiesAQN | 7.4% | $335m | 57,189,420 | Held |
| Match GroupMTCH | 6.5% | $296m | 7,775,125 | -32% |
| Acacia ResearchACTG | 6.3% | $285m | 61,123,595 | Held |
| Riot PlatformsRIOT | 6.1% | $277m | 10,114,576 | -35% |
| BILL HoldingsBILL | 5.6% | $254m | 7,025,748 | Held |
| Lamb Weston HoldingsLW | 5.5% | $248m | 5,733,982 | -6% |
| CarMaxKMX | 3.8% | $170m | 3,206,438 | -48% |
| FlowserveFLS | 2.4% | $107m | 1,441,600 | New |
| FluorFLR | 1.8% | $83m | 1,586,327 | -45% |
| GpgiGPGI | 1.8% | $80m | 5,027,028 | Held |
| TripAdvisorTRIP | 1.5% | $70m | 5,096,996 | -53% |
| NewsNWS | 1.5% | $68m | 2,431,081 | -6% |
| NewsNWSA | 1.1% | $51m | 2,040,100 | -64% |
| Healthcare Realty TrustHR | 0.9% | $39m | 1,936,267 | -72% |
| Bloomin' BrandsBLMN | 0.8% | $38m | 4,180,992 | -48% |
| Bitcoin Infrastructure AcquisitionBIXI | <0.1% | $3m | 300,000 | Held |
| Bitcoin Infrastructure AcquiBIXIW | <0.1% | $47,460 | 149,999 | Held |
Options (1)
- Riot PlatformsRIOT
- Type
- Put
- Value
- $2m
- Contracts
- 2,423,400
| Company | Type | Value | Contracts |
|---|---|---|---|
| Riot PlatformsRIOT | Put | $2m | 2,423,400 |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is down 21.6% since 30 June 2025.
Where the money is
Technology33.9%
Everyday goods17.0%
Financial services14.3%
Utilities7.4%
Retail & consumer4.6%
Industrials4.2%
Media & telecom2.6%
Real estate0.9%
Other15.1%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.