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Jeffrey Smith Starboard Value

AUM $4.52B
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
+0.33%
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
$5.28B
AUM Growth
-$35.1M
Cap. Flow
+$67.9M
Cap. Flow %
1.29%
Top 10 Hldgs %
69.47%
Holding
23
New
3
Increased
4
Reduced
8
Closed
1

Top Buys

Rank Stock Value
1
FLR icon
Fluor
FLR
+$230M
2
CWAN
Clearwater Analytics
CWAN
+$199M
3
KVUE icon
Kenvue
KVUE
+$104M
4
RIOT icon
Riot Platforms
RIOT
+$67.2M
5
MTCH icon
Match Group
MTCH
+$10.7M

Top Sells

Rank Stock Value
1
ALIT icon
Alight
ALIT
+$150M
2
ADSK icon
Autodesk
ADSK
+$94.2M
3
CRM icon
Salesforce
CRM
+$75M
4
BDX icon
Becton Dickinson
BDX
+$52.9M
5
NWS icon
News Corp Class B
NWS
+$47M

Sector Composition

Rank Sector Weight
1 Technology 41.7%
2 Communication Services 12.38%
3 Consumer Staples 8.92%
4 Industrials 8.23%
5 Utilities 7.4%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
QRVO icon
1
Qorvo
QRVO
$8.43B
$635M 12.02%
7,510,871
– –
KVUE icon
2
Kenvue
KVUE
$36.6B
$471M 8.92%
27,307,632
+6,377,694
+30% +$104M
AQN icon
3
Algonquin Power & Utilities
AQN
$4.39B
$390M 7.4%
63,489,420
– –
BILL icon
4
BILL Holdings
BILL
$4.76B
$383M 7.26%
7,024,848
– –
MTCH icon
5
Match Group
MTCH
$9.38B
$368M 6.97%
11,395,379
+325,000
+3% +$10.7M
IJH icon
6
iShares Core S&P Mid-Cap ETF
IJH
$126B
$347M 6.56%
5,250,656
– –
ADSK icon
7
Autodesk
ADSK
$53.6B
$297M 5.62%
1,001,733
-311,267
-24% -$94.2M
GEN icon
8
Gen Digital
GEN
$17.3B
$288M 5.45%
10,585,592
-1,585,408
-13% -$42.7M
CRM icon
9
Salesforce
CRM
$171B
$249M 4.72%
940,325
-301,825
-24% -$75M
CWAN
10
DELISTED
Clearwater Analytics
CWAN
$240M 4.55%
+9,959,031
New +$199M
ACTG icon
11
Acacia Research
ACTG
$440M
$229M 4.33%
61,123,595
– –
HR icon
12
Healthcare Realty
HR
$6.65B
$214M 4.05%
12,600,000
-1,890,036
-13% -$33.6M
FLR icon
13
Fluor
FLR
$7.01B
$206M 3.9%
+5,191,327
New +$230M
BDX icon
14
Becton Dickinson
BDX
$52.3B
$180M 3.42%
929,917
-278,081
-23% -$52.9M
RIOT icon
15
Riot Platforms
RIOT
$7.44B
$161M 3.06%
12,744,576
+3,926,576
+45% +$67.2M
NWSA icon
16
News Corp Class A
NWSA
$16.4B
$154M 2.92%
5,895,487
-486,229
-8% -$12.8M
TRIP icon
17
TripAdvisor
TRIP
$1.17B
$140M 2.66%
9,644,996
+134,512
+1% +$2.05M
NWS icon
18
News Corp Class B
NWS
$18.7B
$132M 2.49%
4,439,081
-1,577,919
-26% -$47M
ROG icon
19
Rogers Corp
ROG
$2.26B
$110M 2.09%
1,203,457
-473,045
-28% -$40.6M
BLMN icon
20
Bloomin' Brands
BLMN
$996M
$49.2M 0.93%
7,980,992
– –
IWM icon
21
iShares Russell 2000 ETF
IWM
$81.9B
$33.7M 0.64%
137,000
– –
BIXI
22
Bitcoin Infrastructure Acquisition Corp
BIXI
$304M
$2.99M 0.06%
+300,000
New +$2.96M
ALIT icon
23
Alight
ALIT
$379M
– –
-2,293,295
Closed -$150M

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Jeffrey Smith's Q4 2025 Portfolio in Review

As of Q4 2025, Jeffrey Smith held 23 positions worth $5.28B, down 0.66% from $5.31B the previous quarter. Its ten largest holdings account for 69% of the portfolio.

Jeffrey Smith's Q4 2025 filing shows 3 new, 4 increased, 8 reduced and 1 closed positions. Its largest new stake was Fluor: 5,191,327 shares worth $206M. The largest sale was Alight, an estimated $150M.

By sector, the portfolio is most concentrated in Technology at 42% of assets, down from 45% a quarter earlier, followed by Communication Services and Consumer Staples.

  • Jeffrey Smith's largest Q4 2025 buy was Fluor: 5,191,327 shares worth $206M.
  • Jeffrey Smith added most to Kenvue in Q4 2025, an estimated $104M increase.
  • Jeffrey Smith's biggest Q4 2025 reduction was Autodesk, cutting an estimated $94.2M.
  • Jeffrey Smith fully exited Alight in Q4 2025, selling an estimated $150M.
  • Jeffrey Smith's ten largest holdings make up 69% of its $5.28B portfolio in Q4 2025.
  • Jeffrey Smith opened 3 new positions and closed 1 in Q4 2025.
  • Jeffrey Smith's portfolio value fell 0.66% quarter-over-quarter to $5.28B.

Based on Starboard Value's 13F filing for Q4 2025, filed 17 Feb 2026.