Starboard Value Jeff Smith
Holdings as of the end of Q4 2025, reported in its 13F filing on Feb 17, 2026; changes vs Q3 2025. Source
Reported value
$5.3B
at quarter-end prices
Positions
22
top 10 are 69% of it
Bought · Q4 2025
5
3 new, 2 added 20%+
Sold · Q4 2025
6
1 sold out, 5 cut 20%+
Holdings 22
| # | Stock | Company | Shares | Value | Of portfolio | Shares vs Q3 2025 |
|---|---|---|---|---|---|---|
| 1 | QRVO | QORVO INC | 7,510,871 | $634.7M | 12.0% | — |
| 2 | KVUE | KENVUE INC | 27,307,632 | $471.1M | 8.9% | +30% |
| 3 | AQN | ALGONQUIN PWR UTILS CORP | 63,489,420 | $390.5M | 7.4% | — |
| 4 | BILL | BILL HOLDINGS INC | 7,024,848 | $383.1M | 7.3% | — |
| 5 | MTCH | MATCH GROUP INC NEW | 11,395,379 | $368M | 7.0% | +3% |
| 6 | IJH | ISHARES TR | 5,250,656 | $346.5M | 6.6% | — |
| 7 | ADSK | AUTODESK INC | 1,001,733 | $296.5M | 5.6% | -24% |
| 8 | GEN | GEN DIGITAL INC | 10,585,592 | $287.8M | 5.5% | -13% |
| 9 | CRM | SALESFORCE INC | 940,325 | $249.1M | 4.7% | -24% |
| 10 | — | CLEARWATER ANALYTICS HLDGS I | 9,959,031 | $240.2M | 4.5% | new |
| 11 | ACTG | ACACIA RESH CORP | 61,123,595 | $228.6M | 4.3% | — |
| 12 | HR | HEALTHCARE RLTY TR | 12,600,000 | $213.6M | 4.0% | -13% |
| 13 | FLR | FLUOR CORP NEW | 5,191,327 | $205.7M | 3.9% | new |
| 14 | BDX | BECTON DICKINSON & CO | 929,917 | $180.5M | 3.4% | -23% |
| 15 | RIOT | RIOT PLATFORMS INC | 12,744,576 | $161.5M | 3.1% | +45% |
| 16 | NWSA | NEWS CORP NEW | 5,895,487 | $154M | 2.9% | -8% |
| 17 | TRIP | TRIPADVISOR INC | 9,644,996 | $140.4M | 2.7% | +1% |
| 18 | NWS | NEWS CORP NEW | 4,439,081 | $131.5M | 2.5% | -26% |
| 19 | ROG | ROGERS CORP | 1,203,457 | $110.2M | 2.1% | -28% |
| 20 | BLMN | BLOOMIN BRANDS INC | 7,980,992 | $49.2M | 0.93% | — |
| 21 | IWM | ISHARES TR | 137,000 | $33.7M | 0.64% | — |
| 22 | — | BITCOIN INFRASTRUCTURE ACQUI | 300,000 | $3M | 0.06% | new |
Sold out in Q4 2025 1
| Stock | Company | Shares held in Q3 2025 | Value then | Of portfolio then |
|---|---|---|---|---|
| — | ALIGHT INC | 45,865,899 | $149.5M | 2.8% |
13F filings list US-listed long positions (stocks and ADRs) at the quarter's end: no shorts, cash, bonds or foreign shares; options and principal amounts are left out here. Trades made after the quarter ended don't show until the next filing. Changes compare share counts with the quarter before (splits can show as adds). Not investment advice.