SEC 13F Intelligence

Notable Investors / Q1 2026

Jeffrey Smith’s Portfolio — Starboard Value LP

Co-Founder & CEO, Starboard Value

CIK 0001517137 · 777 THIRD AVENUE, 18TH FLOOR, NEW YORK, NY, 10017 · (212) 845-7977

About Jeffrey Smith

Jeffrey Smith runs Starboard Value, the most prolific board-seat activist of its era — famously replacing Darden Restaurants' entire board in 2014 — with campaigns spanning technology, consumer, and healthcare companies.

Starboard's 13F is a live campaign roster: concentrated stakes in companies undergoing (or about to undergo) operational and governance pressure, with turnover tracking the lifecycle of each activist engagement.

Portfolio data below is from Starboard Value LP’s SEC 13F filings. View the full filer page →

Reported Value
$4.6B
Q1 2026
Positions
26
Filings on Record
31
2019–present window
Filed
May 15, 2026
original filing

Summary

Starboard Value LP reported $4.6B in U.S.-listed holdings across 26 positions for Q1 2026.

Its largest position, QRVO, represents 12.7% of the portfolio.

Compared with Q4 2025, the fund opened 5 new positions and exited 2.

Portfolio Metrics

Turnover
+15.2%
vs prior filed quarter
Top-10 Concentration
+74.7%
share of reported value
Largest Position
+12.7%
Qorvo
New / Exited
5 / 2
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $3.2BQ4 ’18Q1 ’19: $4.1BQ2 ’19: $3.3BQ3 ’19: $3.0BQ4 ’19: $3.5BQ4 ’19Q1 ’20: $2.5BQ2 ’20: $2.8BQ3 ’20: $3.4BQ4 ’20: $3.9BQ4 ’20Q1 ’21: $4.7BQ2 ’21: $5.1BQ3 ’21: $5.5BQ4 ’21: $7.2BQ4 ’21Q1 ’22: $7.5BQ2 ’22: $5.5BQ3 ’22: $4.5BQ4 ’22: $5.2BQ4 ’22Q1 ’23: $5.0BQ2 ’23: $4.6BQ3 ’23: $3.9BQ4 ’23: $4.8BQ4 ’23Q1 ’24: $4.8BQ2 ’24: $4.3BQ3 ’24: $4.7BQ4 ’24: $5.5BQ4 ’24Q1 ’25: $5.5BQ2 ’25: $5.8BQ3 ’25: $5.3BQ4 ’25: $5.3BQ4 ’25Q1 ’26: $4.6Bfilingsflow.com

Portfolio Composition

By security type
Common Stock: 85.8%ETP: 8.7%Other: 2.9%REIT: 2.5%
  • Common Stock · 85.8% · $3.9B
  • ETP · 8.7% · $399M
  • Other · 2.9% · $132M
  • REIT · 2.5% · $116M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
LWLAMB WESTON HLDGS INCNEW+6.11M6.11M+$258M$258M
KMXCARMAX INCNEW+6.20M6.20M+$258M$258M
GPGIGPGI INCNEW+5.03M5.03M+$86M$86M
ISHARES TRNEW+3.00M3.00M+$3M$3M
BITCOIN INFRASTRUCTURE ACQUINEW+150.0K150.0K+$44,550$44,550
ISHARES TRADDED+546.1K683.1K−$31M$3M
ADSKAUTODESK INCSOLD OUT−1.00M0−$297M$0
CRMSALESFORCE INCSOLD OUT−940.3K0−$249M$0

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q1 2026

21 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1QRVOQORVO INChistory →COM12.71%$581M7.51M
2KVUEKENVUE INChistory →COM10.29%$471M27.31M
3ISHARES TRCORE S&P MCP ETF8.61%$394M5.83M
4AQNALGONQUIN PWR UTILS CORPhistory →COM7.68%$351M57.19M
5MTCHMATCH GROUP INC NEWhistory →COM7.65%$350M11.40M
6ACTGACACIA RESH CORPhistory →ACACIA TCH COM6.43%$294M61.12M
7BILLBILL HOLDINGS INChistory →COM5.88%$269M7.02M
8LWLAMB WESTON HLDGS INChistory →COM5.65%$258M6.11M
9KMXCARMAX INChistory →COM5.64%$258M6.20M
10NWSANEWS CORP NEWCL A · CL B4.67%$214M8.19M
11RIOTRIOT PLATFORMS INChistory →COM4.20%$192M15.54M
12GENGEN DIGITAL INChistory →COM3.21%$147M7.81M
13FLRFLUOR CORPhistory →COM2.94%$135M2.89M
14CLEARWATER ANALYTICS HLDGS ICL A2.82%$129M5.46M
15HRHEALTHCARE RLTY TRhistory →CL A COM2.53%$116M6.82M
16TRIPTRIPADVISOR INChistory →COM2.51%$115M10.77M
17BDXBECTON DICKINSON & COhistory →COM2.19%$100M636.5K
18GPGIGPGI INChistory →COM CL A1.88%$86M5.03M
19RG6ROGERS CORPhistory →COM1.37%$63M584.3K
20BLMNBLOOMIN BRANDS INChistory →COM0.94%$43M7.98M
21BITCOIN INFRASTRUCTURE ACQUIUSD CL A ORD SHS · *W EXP 11/06/2030.07%$3M450.0K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$4.6B26May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$5.3B22Feb 17, 202613F-HRchanges · EDGAR ↗
Q3 2025$5.3B20Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$5.8B25Aug 14, 202513F-HRchanges · EDGAR ↗
Q1 2025$5.5B22May 15, 202513F-HRchanges · EDGAR ↗
Q4 2024$5.5B22Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$4.7B20Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$4.3B20Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$4.8B23May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$4.8B28Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$3.9B25Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$4.6B48Aug 11, 202313F-HRchanges · EDGAR ↗
Q1 2023REVEALED$5.0B106May 12, 202313F-HRchanges · EDGAR ↗
Q4 2022$5.2B148Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$4.5B177Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$5.5B185Aug 12, 202213F-HRchanges · EDGAR ↗
Q1 2022$7.5B171May 13, 202213F-HRchanges · EDGAR ↗
Q4 2021$7.2B136Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$5.5B67Nov 12, 202113F-HRchanges · EDGAR ↗
Q2 2021$5.1B73Aug 13, 202113F-HRchanges · EDGAR ↗
Q1 2021$4.7B38May 14, 202113F-HRchanges · EDGAR ↗
Q4 2020$3.9B18Feb 16, 202113F-HRchanges · EDGAR ↗
Q3 2020$3.4B19Nov 13, 202013F-HRchanges · EDGAR ↗
Q2 2020$2.8B21Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$2.5B18May 15, 202013F-HRchanges · EDGAR ↗
Q4 2019$3.5B16Feb 14, 202013F-HRchanges · EDGAR ↗
Q3 2019$3.0B16Nov 14, 201913F-HRchanges · EDGAR ↗
Q2 2019$3.3B20Aug 14, 201913F-HRchanges · EDGAR ↗
Q1 2019$4.1B20May 15, 201913F-HRchanges · EDGAR ↗
Q4 2018$3.2B16Feb 14, 201913F-HRchanges · EDGAR ↗

Other Included Managers

This filing reports holdings on behalf of 5 additional managers.

  • Starboard Value GP LLC028-14565
  • Starboard Principal Co LP028-14566
  • Starboard Principal Co GP LLC028-14567
  • Smith Jeffrey C028-14568
  • Feld Peter A028-14569

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.