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Jeffrey Smith Starboard Value
AUM
$4.52B
Turnover
28.57%
1-Year Est. Return
19.34%
Jeffrey Smith is the CEO of Starboard Value, one of the most active and successful activist investment firms of the past decade. Starboard is known for detailed operational white papers, board campaigns, and efforts to improve margins and capital allocation at portfolio companies. Smith’s firm is a regular presence in corporate governance and activist-investing news.
This Fund
S&P 500
This Quarter Est. Return
+17.96%
1 Year Est. Return
+19.34%
3 Year Est. Return
+55.97%
5 Year Est. Return
+85.4%
10 Year Est. Return
+430.11%
AUM
$4.52B
AUM Growth
-$51M
(-1.1%)
Cap. Flow
-$681M
Cap. Flow % of AUM
Cap. Flow %
-15.04%
Top 10 Holdings %
Top 10 Hldgs %
84.3%
Holding
28
New
2
Increased
3
Reduced
11
Closed
6
Avg Time Held
Equity + Options
1.2
years
Top 10 Avg Time Held
Equity + Options
1
year
Top 20 Avg Time Held
Equity + Options
1.2
years
Avg Time Held Equity only
1.3
years
Top 10 Avg Time Held Equity only
1
year
Top 20 Avg Time Held Equity only
1.2
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Dynatrace
DT
|
+$345M |
| 2 |
iShares Core S&P Mid-Cap ETF
IJH
|
+$224M |
| 3 |
Flowserve
FLS
|
+$110M |
| 4 |
BILL Holdings
BILL
|
+$33.2K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Qorvo
QRVO
|
+$175M |
| 2 |
Gen Digital
GEN
|
+$147M |
| 3 |
CarMax
KMX
|
+$130M |
| 4 |
Clearwater Analytics
CWAN
|
+$129M |
| 5 |
Match Group
MTCH
|
+$128M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 25.79% |
| 2 | Consumer Staples | 17.01% |
| 3 | Miscellaneous | 15.18% |
| 4 | Industrials | 12.26% |
| 5 | Communication Services | 9.17% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
iShares Core S&P Mid-Cap ETF
IJH
$121B
| $685M | 15.13% |
8,877,781
+3,047,125
| +52% | +$224M |
2024 Q4
6 quarters
|
|
|
2
DELISTED
Qorvo
QRVO
| $523M | 11.57% |
5,611,526
-1,899,345
| -25% | -$175M |
2025 Q1
5 quarters
|
|
3
Kenvue
KVUE
$36.3B
| $522M | 11.54% |
27,307,632
| – | – |
2024 Q4
6 quarters
|
|
|
4
Dynatrace
DT
$17.7B
| $389M | 8.61% |
+8,866,692
| New | +$345M |
2026 Q2
0 quarters
|
|
5
Algonquin Power & Utilities
AQN
$4.04B
| $335M | 7.41% |
57,189,420
| – | – |
2023 Q2
12 quarters
|
|
|
6
Match Group
MTCH
$9.9B
| $296M | 6.54% |
7,775,125
-3,620,254
| -32% | -$128M |
2024 Q3
7 quarters
|
|
7
Acacia Research
ACTG
$413M
| $285M | 6.3% |
61,123,595
| – | – |
2022 Q4
14 quarters
|
|
8
Riot Platforms
RIOT
$5.15B
| $277M | 6.12% |
10,114,576
-5,430,000
| -35% | -$122M |
2024 Q4
6 quarters
|
|
|
9
BILL Holdings
BILL
$3.89B
| $254M | 5.62% |
7,025,748
+900
| +0% | +$33.2K |
2025 Q3
3 quarters
|
|
10
Lamb Weston
LW
$7.38B
| $248M | 5.47% |
5,733,982
-381,000
| -6% | -$16.4M |
2026 Q1
1 quarter
|
|
|
11
CarMax
KMX
$7.57B
| $170M | 3.75% |
3,206,438
-2,994,924
| -48% | -$130M |
2026 Q1
1 quarter
|
|
|
12
Flowserve
FLS
$8.96B
| $107M | 2.36% |
+1,441,600
| New | +$110M |
2026 Q2
0 quarters
|
|
13
Fluor
FLR
$6.28B
| $83.1M | 1.84% |
1,586,327
-1,300,000
| -45% | -$63.7M |
2025 Q4
2 quarters
|
|
14
GPGI Inc
GPGI
$3.61B
| $79.7M | 1.76% |
5,027,028
| – | – |
2026 Q1
1 quarter
|
|
15
TripAdvisor
TRIP
$1.09B
| $69.9M | 1.54% |
5,096,996
-5,678,000
| -53% | -$64.2M |
2025 Q2
4 quarters
|
|
16
News Corp Class B
NWS
$17.7B
| $68.2M | 1.51% |
2,431,081
-158,000
| -6% | -$4.7M |
2023 Q4
10 quarters
|
|
17
News Corp Class A
NWSA
$16.2B
| $50.7M | 1.12% |
2,040,100
-3,565,026
| -64% | -$92.4M |
2023 Q4
10 quarters
|
|
18
Healthcare Realty
HR
$5.99B
| $39.1M | 0.86% |
1,936,267
-4,885,000
| -72% | -$94.9M |
2024 Q4
6 quarters
|
|
19
Bloomin' Brands
BLMN
$852M
| $38.2M | 0.84% |
4,180,992
-3,800,000
| -48% | -$27.7M |
2023 Q3
11 quarters
|
|
20
Bitcoin Infrastructure Acquisition Corp
BIXI
$304M
| $3M | 0.07% |
300,000
| – | – |
2025 Q4
2 quarters
|
|
|
21
PUT
Riot Platforms
RIOT
$5.15B
| $1.92M | 0.04% |
2,423,400
+1,630,900
| +206% | +$36.8M |
2026 Q1
1 quarter
|
|
|
22
Bitcoin Infrastructure Acquisition Corp Warrant
BIXIW
$2.42M
| $47.5K | ﹤0.01% |
149,999
| – | – |
2026 Q1
1 quarter
|
|
23
Becton Dickinson
BDX
$52.2B
| – | – |
-636,494
| Closed | -$100M | – |
|
|
24
DELISTED
Clearwater Analytics
CWAN
| – | – |
-5,459,031
| Closed | -$129M | – |
|
|
25
Gen Digital
GEN
$14.5B
| – | – |
-7,806,922
| Closed | -$147M | – |
|
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Jeffrey Smith's Q2 2026 Portfolio in Review
As of Q2 2026, Jeffrey Smith held 28 positions worth $4.52B, down 1.1% from $4.57B the previous quarter. Its ten largest holdings account for 84% of the portfolio.
Jeffrey Smith withdrew a net $681M in Q2 2026, closing 6 positions and reducing 11 holdings. Its most notable exit was Gen Digital, an estimated $147M position sold in full.
By sector, the portfolio is most concentrated in Technology at 26% of assets, down from 26% a quarter earlier, followed by Consumer Staples and Miscellaneous.
Against the trend, Jeffrey Smith opened a new position in Dynatrace worth $389M.
- Jeffrey Smith's largest Q2 2026 buy was Dynatrace: 8,866,692 shares worth $389M.
- Jeffrey Smith added most to iShares Core S&P Mid-Cap ETF in Q2 2026, an estimated $224M increase.
- Jeffrey Smith's biggest Q2 2026 reduction was Qorvo, cutting an estimated $175M.
- Jeffrey Smith fully exited Gen Digital in Q2 2026, selling an estimated $147M.
- Jeffrey Smith's ten largest holdings make up 84% of its $4.52B portfolio in Q2 2026.
- Jeffrey Smith opened 2 new positions and closed 6 in Q2 2026.
- Jeffrey Smith's portfolio value fell 1.1% quarter-over-quarter to $4.52B.
Based on Starboard Value's 13F filing for Q2 2026, filed 14 Aug 2026.