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Starboard Value Portfolio holdings

AUM $4.52B
1-Year Est. Return 19.34%
This Fund
S&P 500
This Quarter Est. Return
+3.63%
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
$5.31B
AUM Growth
-$454M
Cap. Flow
-$511M
Cap. Flow %
-9.62%
Top 10 Hldgs %
71.29%
Holding
26
New
1
Increased
3
Reduced
10
Closed
6

Top Buys

Rank Stock Value
1
BILL icon
BILL Holdings
BILL
+$326M
2
ROG icon
Rogers Corp
ROG
+$57.9M
3
RIOT icon
Riot Platforms
RIOT
+$57.4M
4
TRIP icon
TripAdvisor
TRIP
+$17.6M

Top Sells

Rank Stock Value
1
BDX icon
Becton Dickinson
BDX
+$262M
2
PFE icon
Pfizer
PFE
+$207M
3
MTCH icon
Match Group
MTCH
+$151M
4
HR icon
Healthcare Realty
HR
+$81.2M
5
ADSK icon
Autodesk
ADSK
+$47M

Sector Composition

Rank Sector Weight
1 Technology 45.11%
2 Communication Services 14.96%
3 Miscellaneous 7.07%
4 Utilities 6.42%
5 Consumer Staples 6.39%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
QRVO icon
1
Qorvo
QRVO
$8.36B
$684M 12.87%
7,510,871
-361,996
-5% -$32.2M
ADSK icon
2
Autodesk
ADSK
$55B
$417M 7.85%
1,313,000
-154,348
-11% -$47M
MTCH icon
3
Match Group
MTCH
$9.54B
$391M 7.36%
11,070,379
-4,241,537
-28% -$151M
BILL icon
4
BILL Holdings
BILL
$5.01B
$372M 7%
+7,024,848
New +$326M
GEN icon
5
Gen Digital
GEN
$18.6B
$346M 6.5%
12,171,000
-1,159,505
-9% -$34.7M
IJH icon
6
iShares Core S&P Mid-Cap ETF
IJH
$124B
$343M 6.45%
5,250,656
– –
AQN icon
7
Algonquin Power & Utilities
AQN
$4.36B
$341M 6.42%
63,489,420
– –
KVUE icon
8
Kenvue
KVUE
$36.8B
$340M 6.39%
20,929,938
– –
CRM icon
9
Salesforce
CRM
$211B
$294M 5.54%
1,242,150
-10,097
-0.8% -$2.55M
HR icon
10
Healthcare Realty
HR
$6.51B
$261M 4.92%
14,490,036
-4,800,636
-25% -$81.2M
BDX icon
11
Becton Dickinson
BDX
$51.6B
$226M 4.25%
1,207,998
-1,411,492
-54% -$262M
NWS icon
12
News Corp Class B
NWS
$18.7B
$208M 3.91%
6,017,000
-845,525
-12% -$28.5M
ACTG icon
13
Acacia Research
ACTG
$436M
$199M 3.74%
61,123,595
– –
NWSA icon
14
News Corp Class A
NWSA
$16.6B
$196M 3.69%
6,381,716
-417,220
-6% -$12.4M
RIOT icon
15
Riot Platforms
RIOT
$7.13B
$168M 3.16%
8,818,000
+4,141,100
+89% +$57.4M
TRIP icon
16
TripAdvisor
TRIP
$1.16B
$155M 2.91%
9,510,484
+1,011,430
+12% +$17.6M
ALIT icon
17
Alight
ALIT
$374M
$150M 2.81%
2,293,295
– –
ROG icon
18
Rogers Corp
ROG
$2.24B
$135M 2.54%
1,676,502
+777,000
+86% +$57.9M
BLMN icon
19
Bloomin' Brands
BLMN
$906M
$57.2M 1.08%
7,980,992
– –
IWM icon
20
iShares Russell 2000 ETF
IWM
$80.8B
$33.1M 0.62%
137,000
-203,000
-60% -$46.6M
FTRE icon
21
Fortrea Holdings
FTRE
$1.79B
– –
-2,495,558
Closed -$12.3M
GDOT icon
22
Green Dot
GDOT
$760M
– –
-1,733,298
Closed -$18.7M
PFE icon
23
Pfizer
PFE
$159B
– –
-8,542,149
Closed -$207M
RBA icon
24
RB Global
RBA
$15.9B
– –
-251,163
Closed -$26.7M
RIOT icon
25
PUT
Riot Platforms
RIOT
$7.13B
– –
-187,600
Closed -$101K

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MP
Munro Partners Melbourne, Australia $4.54B AUM 84.34% 1-Year Est. Return
U
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CGI
Comgest Global Investors Paris, France $4.55B AUM 11.62% 1-Year Est. Return
DACG
Donor Advised Charitable Giving San Francisco, California $4.49B AUM 26.39% 1-Year Est. Return
5NCM
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WA
WestEnd Advisors Charlotte, North Carolina $4.49B AUM 19.44% 1-Year Est. Return

Starboard Value's Q3 2025 Portfolio in Review

As of Q3 2025, Starboard Value 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.

Starboard Value withdrew a net $511M 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 Miscellaneous.

Against the trend, Starboard Value opened a new position in BILL Holdings worth $372M.

  • Starboard Value's largest Q3 2025 buy was BILL Holdings: 7,024,848 shares worth $372M.
  • Starboard Value added most to Rogers Corp in Q3 2025, an estimated $57.9M increase.
  • Starboard Value's biggest Q3 2025 reduction was Becton Dickinson, cutting an estimated $262M.
  • Starboard Value fully exited Pfizer in Q3 2025, selling an estimated $207M.
  • Starboard Value's ten largest holdings make up 71% of its $5.31B portfolio in Q3 2025.
  • Starboard Value opened 1 new position and closed 6 in Q3 2025.
  • Starboard Value'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.