Jeffrey Smith Starboard Value
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.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
BILL Holdings
BILL
|
+$326M |
| 2 |
Rogers Corp
ROG
|
+$57.9M |
| 3 |
Riot Platforms
RIOT
|
+$57.4M |
| 4 |
TripAdvisor
TRIP
|
+$17.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Becton Dickinson
BDX
|
+$262M |
| 2 |
Pfizer
PFE
|
+$207M |
| 3 |
Match Group
MTCH
|
+$151M |
| 4 |
Healthcare Realty
HR
|
+$81.2M |
| 5 |
Autodesk
ADSK
|
+$47M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 45.11% |
| 2 | Communication Services | 14.96% |
| 3 | Utilities | 6.42% |
| 4 | Consumer Staples | 6.39% |
| 5 | Real Estate | 4.92% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Qorvo
QRVO
$8.43B
| $684M | 12.87% |
7,510,871
-361,996
| -5% | -$32.2M |
|
|
2
Autodesk
ADSK
$53.6B
| $417M | 7.85% |
1,313,000
-154,348
| -11% | -$47M |
|
|
3
Match Group
MTCH
$9.38B
| $391M | 7.36% |
11,070,379
-4,241,537
| -28% | -$151M |
|
|
4
BILL Holdings
BILL
$4.76B
| $372M | 7% |
+7,024,848
| New | +$326M |
|
5
Gen Digital
GEN
$17.3B
| $346M | 6.5% |
12,171,000
-1,159,505
| -9% | -$34.7M |
|
6
iShares Core S&P Mid-Cap ETF
IJH
$126B
| $343M | 6.45% |
5,250,656
| – | – |
|
7
Algonquin Power & Utilities
AQN
$4.39B
| $341M | 6.42% |
63,489,420
| – | – |
|
8
Kenvue
KVUE
$36.6B
| $340M | 6.39% |
20,929,938
| – | – |
|
9
Salesforce
CRM
$171B
| $294M | 5.54% |
1,242,150
-10,097
| -0.8% | -$2.55M |
|
|
10
Healthcare Realty
HR
$6.65B
| $261M | 4.92% |
14,490,036
-4,800,636
| -25% | -$81.2M |
|
|
11
Becton Dickinson
BDX
$52.3B
| $226M | 4.25% |
1,207,998
-1,411,492
| -54% | -$262M |
|
12
News Corp Class B
NWS
$18.7B
| $208M | 3.91% |
6,017,000
-845,525
| -12% | -$28.5M |
|
13
Acacia Research
ACTG
$440M
| $199M | 3.74% |
61,123,595
| – | – |
|
14
News Corp Class A
NWSA
$16.4B
| $196M | 3.69% |
6,381,716
-417,220
| -6% | -$12.4M |
|
|
15
Riot Platforms
RIOT
$7.44B
| $168M | 3.16% |
8,818,000
+4,141,100
| +89% | +$57.4M |
|
|
16
TripAdvisor
TRIP
$1.17B
| $155M | 2.91% |
9,510,484
+1,011,430
| +12% | +$17.6M |
|
17
Alight
ALIT
$379M
| $150M | 2.81% |
2,293,295
| – | – |
|
|
18
Rogers Corp
ROG
$2.26B
| $135M | 2.54% |
1,676,502
+777,000
| +86% | +$57.9M |
|
19
Bloomin' Brands
BLMN
$996M
| $57.2M | 1.08% |
7,980,992
| – | – |
|
20
iShares Russell 2000 ETF
IWM
$81.9B
| $33.1M | 0.62% |
137,000
-203,000
| -60% | -$46.6M |
|
21
Fortrea Holdings
FTRE
$1.75B
| – | – |
-2,495,558
| Closed | -$12.3M |
|
22
Green Dot
GDOT
$766M
| – | – |
-1,733,298
| Closed | -$18.7M |
|
|
23
Pfizer
PFE
$160B
| – | – |
-8,542,149
| Closed | -$207M |
|
24
RB Global
RBA
$16.1B
| – | – |
-251,163
| Closed | -$26.7M |
|
|
25
PUT
Riot Platforms
RIOT
$7.44B
| – | – |
-187,600
| Closed | -$101K |
|
Similar funds
Jeffrey Smith's Q3 2025 Portfolio in Review
As of Q3 2025, Jeffrey Smith held 26 positions worth $5.31B, down 7.9% from $5.77B the previous quarter. Its ten largest holdings account for 71% of the portfolio.
Jeffrey Smith withdrew a net $512M in Q3 2025, closing 6 positions and reducing 10 holdings. Its most notable exit was Pfizer, an estimated $207M position sold in full.
By sector, the portfolio is most concentrated in Technology at 45% of assets, up from 38% a quarter earlier, followed by Communication Services and Utilities.
Against the trend, Jeffrey Smith opened a new position in BILL Holdings worth $372M.
- Jeffrey Smith's largest Q3 2025 buy was BILL Holdings: 7,024,848 shares worth $372M.
- Jeffrey Smith added most to Rogers Corp in Q3 2025, an estimated $57.9M increase.
- Jeffrey Smith's biggest Q3 2025 reduction was Becton Dickinson, cutting an estimated $262M.
- Jeffrey Smith fully exited Pfizer in Q3 2025, selling an estimated $207M.
- Jeffrey Smith's ten largest holdings make up 71% of its $5.31B portfolio in Q3 2025.
- Jeffrey Smith opened 1 new position and closed 6 in Q3 2025.
- Jeffrey Smith's portfolio value fell 7.9% quarter-over-quarter to $5.31B.
Based on Starboard Value's 13F filing for Q3 2025, filed 14 Nov 2025.