Starboard Value Portfolio holdings
Starboard Value is an activist hedge fund that took control of Olive Garden owner Darden Restaurants in 2014, replacing its entire board. Jeffrey Smith, the firm's chief executive and chief investment officer, founded Starboard in 2002 with Mark Mitchell inside Ramius Capital, and it went independent in 2011 after years as Cowen's hedge fund. Peter Feld joined in 2005 and, with Smith, controls the business. The firm targets US public companies it believes are deeply undervalued, and prefers to work with their management and boards on a new strategic plan, moving more forcefully if management refuses to act. Other targets have included Smithfield Foods, Yahoo and Macy's, and pension funds, government entities and other institutional investors hold accounts it manages directly.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Becton Dickinson
BDX
|
+$160M |
| 2 |
TripAdvisor
TRIP
|
+$114M |
| 3 |
Salesforce
CRM
|
+$108M |
| 4 |
iShares Core S&P Mid-Cap ETF
IJH
|
+$99M |
| 5 |
iShares Russell 2000 ETF
IWM
|
+$68.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Autodesk
ADSK
|
+$151M |
| 2 |
Gen Digital
GEN
|
+$114M |
| 3 |
Riot Platforms
RIOT
|
+$68.2M |
| 4 |
News Corp Class B
NWS
|
+$30.2M |
| 5 |
Qorvo
QRVO
|
+$28.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 37.74% |
| 2 | Communication Services | 15.78% |
| 3 | Healthcare | 11.62% |
| 4 | Consumer Staples | 7.59% |
| 5 | Miscellaneous | 7.04% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
DELISTED
Qorvo
QRVO
| $668M | 11.59% |
7,872,867
-397,133
| -5% | -$28.7M |
2025 Q1
1 quarter
|
|
2
Match Group
MTCH
$9.47B
| $473M | 8.2% |
15,311,916
+1,226,015
| +9% | +$36.7M |
2024 Q3
3 quarters
|
|
|
3
Autodesk
ADSK
$55.3B
| $454M | 7.87% |
1,467,348
-532,652
| -27% | -$151M |
2024 Q3
3 quarters
|
|
|
4
Becton Dickinson
BDX
$59.4B
| $451M | 7.82% |
2,619,490
+870,490
| +50% | +$160M |
2025 Q1
1 quarter
|
|
5
DELISTED
Kenvue
KVUE
| $438M | 7.59% |
20,929,938
-1,124,062
| -5% | -$25.6M |
2024 Q4
2 quarters
|
|
|
6
Gen Digital
GEN
$18B
| $392M | 6.79% |
13,330,505
-4,186,099
| -24% | -$114M |
2018 Q3
27 quarters
|
|
7
Algonquin Power & Utilities
AQN
$4.31B
| $364M | 6.31% |
63,489,420
-2,943,580
| -4% | -$16.1M |
2023 Q2
8 quarters
|
|
|
8
Salesforce
CRM
$179B
| $341M | 5.92% |
1,252,247
+402,568
| +47% | +$108M |
2022 Q4
10 quarters
|
|
|
9
iShares Core S&P Mid-Cap ETF
IJH
$124B
| $326M | 5.64% |
5,250,656
+1,685,781
| +47% | +$99M |
2024 Q4
2 quarters
|
|
10
Healthcare Realty
HR
$6.54B
| $306M | 5.3% |
19,290,672
-781,328
| -4% | -$11.9M |
2024 Q4
2 quarters
|
|
11
Alight
ALIT
$350M
| $260M | 4.5% |
2,293,295
-102,905
| -4% | -$11M |
2024 Q1
5 quarters
|
|
|
12
News Corp Class B
NWS
$16B
| $235M | 4.08% |
6,862,525
-952,306
| -12% | -$30.2M |
2023 Q4
6 quarters
|
|
13
Acacia Research
ACTG
$406M
| $219M | 3.79% |
61,123,595
| – | – |
2022 Q4
10 quarters
|
|
14
Pfizer
PFE
$165B
| $207M | 3.59% |
8,542,149
+811,149
| +10% | +$18.9M |
2024 Q4
2 quarters
|
|
15
News Corp Class A
NWSA
$14.5B
| $202M | 3.5% |
6,798,936
-402,457
| -6% | -$11.1M |
2023 Q4
6 quarters
|
|
|
16
TripAdvisor
TRIP
$853M
| $111M | 1.92% |
+8,499,054
| New | +$114M |
2025 Q2
0 quarters
|
|
|
17
iShares Russell 2000 ETF
IWM
$77.1B
| $73.4M | 1.27% |
+340,000
| New | +$68.4M |
2025 Q2
0 quarters
|
|
18
Bloomin' Brands
BLMN
$889M
| $68.7M | 1.19% |
7,980,992
-460,008
| -5% | -$3.69M |
2023 Q3
7 quarters
|
|
19
Rogers Corp
ROG
$2.24B
| $61.6M | 1.07% |
899,502
+95,502
| +12% | +$6.16M |
2023 Q1
9 quarters
|
|
|
20
Riot Platforms
RIOT
$6.57B
| $52.8M | 0.92% |
4,676,900
-8,023,100
| -63% | -$68.2M |
2024 Q4
2 quarters
|
|
21
RB Global
RBA
$17.3B
| $26.7M | 0.46% |
251,163
| – | – |
2023 Q1
9 quarters
|
|
22
Green Dot
GDOT
$659M
| $18.7M | 0.32% |
1,733,298
-2,871,083
| -62% | -$25.9M |
2020 Q1
21 quarters
|
|
23
Fortrea Holdings
FTRE
$1.95B
| $12.3M | 0.21% |
2,495,558
-2,772,442
| -53% | -$14.9M |
2023 Q4
6 quarters
|
|
|
24
PUT
Riot Platforms
RIOT
$6.57B
| $101K | ﹤0.01% |
+187,600
| New | +$1.59M |
2025 Q2
0 quarters
|
|
Similar funds
Starboard Value's Q2 2025 Portfolio in Review
As of Q2 2025, Starboard Value held 25 positions worth $5.77B, up 4.9% from $5.5B the previous quarter. Its ten largest holdings account for 73% of the portfolio.
Starboard Value's Q2 2025 filing shows 4 new, 6 increased and 13 reduced positions. Its largest new stake was TripAdvisor: 8,499,054 shares worth $111M. The largest sale was Autodesk, an estimated $151M.
By sector, the portfolio is most concentrated in Technology at 38% of assets, down from 39% a quarter earlier, followed by Communication Services and Healthcare.
- Starboard Value's largest Q2 2025 buy was TripAdvisor: 8,499,054 shares worth $111M.
- Starboard Value added most to Becton Dickinson in Q2 2025, an estimated $160M increase.
- Starboard Value's biggest Q2 2025 reduction was Autodesk, cutting an estimated $151M.
- Starboard Value's ten largest holdings make up 73% of its $5.77B portfolio in Q2 2025.
- Starboard Value opened 4 new positions and closed 0 in Q2 2025.
- Starboard Value's portfolio value rose 4.9% quarter-over-quarter to $5.77B.
Based on Starboard Value's 13F filing for Q2 2025, filed 14 Aug 2025.