13F portfolio / Activist
Starboard Value
Jeff Smith (co-founder, CEO)
Starboard Value is a US activist hedge fund founded by Jeffrey Smith and Mark Mitchell, with Smith as CEO. It is known for proxy contests and board campaigns at underperforming mid- and large-cap companies.
- Reported 13F value
- $4.5B
- Positions
- 21
- Est. 1-yearEstimate
- +7.0%SPY +15.7%
- Est. 3-year, annualizedEstimate
- +13.0%SPY +22.8%
As of Jun 30, 2026 · filed Aug 14, 2026
Holdings
2 new · 1 added · 11 trimmed · 7 unchanged · 4 sold out
| 1 | IJH on Yahoo Finance (opens in a new tab) | iShares TrCORE S&P MCP ETF | 15.1% | $685M | 8,877,781 | Added +52.3% | $65.60 | $72.19 | +10.0% |
| 2 | QRVO on Yahoo Finance (opens in a new tab) | Qorvo IncCOM | 11.6% | $523M | 5,611,526 | Trimmed -25.3% | — | $114.17 | — |
| 3 | KVUE on Yahoo Finance (opens in a new tab) | Kenvue IncCOM | 11.5% | $522M | 27,307,632 | Unchanged | $19.49 | $18.75 | -3.8% |
| 4 | DT on Yahoo Finance (opens in a new tab) | Dynatrace IncCOM NEW | 8.6% | $389M | 8,866,692 | New | $38.95 | $60.09 | +54.3% |
| 5 | AQN on Yahoo Finance (opens in a new tab) | Algonquin Power & UtilitiesCOM | 7.4% | $335M | 57,189,420 | Unchanged | $5.81* | $5.24 | -9.8% |
| 6 | MTCH on Yahoo Finance (opens in a new tab) | Match Group Inc NewCOM | 6.5% | $296M | 7,775,125 | Trimmed -31.8% | $32.83 | $42.65 | +29.9% |
| 7 | ACTG on Yahoo Finance (opens in a new tab) | Acacia Resh CorpACACIA TCH COM | 6.3% | $285M | 61,123,595 | Unchanged | $3.62* | $4.17 | +15.3% |
| 8 | RIOT on Yahoo Finance (opens in a new tab) | Riot Platforms IncCOM | 6.1% | $277M | 10,114,576 | Trimmed -34.9% | $14.05 | $13.91 | -1.0% |
| 9 | BILL on Yahoo Finance (opens in a new tab) | Bill Holdings IncCOM | 5.6% | $254M | 7,025,748 | Unchanged | $46.44 | $45.30 | -2.5% |
| 10 | LW on Yahoo Finance (opens in a new tab) | Lamb Weston Hldgs IncCOM | 5.5% | $248M | 5,733,982 | Trimmed -6.2% | $43.81 | $53.44 | +22.0% |
| 11 | KMX on Yahoo Finance (opens in a new tab) | Carmax IncCOM | 3.8% | $170M | 3,206,438 | Trimmed -48.3% | $43.78 | $52.64 | +20.2% |
| 12 | FLS on Yahoo Finance (opens in a new tab) | Flowserve CorpCOM | 2.4% | $107M | 1,441,600 | New | $75.61 | $70.05 | -7.4% |
| 13 | FLR on Yahoo Finance (opens in a new tab) | Fluor CorpCOM | 1.8% | $83M | 1,586,327 | Trimmed -45.0% | $44.24 | $47.07 | +6.4% |
| 14 | GPGI on Yahoo Finance (opens in a new tab) | Gpgi IncCOM CL A | 1.8% | $80M | 5,027,028 | Unchanged | $21.66 | $12.42 | -42.7% |
| 15 | TRIP on Yahoo Finance (opens in a new tab) | Tripadvisor IncCOM | 1.5% | $70M | 5,096,996 | Trimmed -52.7% | $13.59 | $9.23 | -32.1% |
| 16 | NWS on Yahoo Finance (opens in a new tab) | News Corp NewCL B | 1.5% | $68M | 2,431,081 | Trimmed -6.1% | $22.18 | $32.73 | +47.6% |
| 17 | NWSA on Yahoo Finance (opens in a new tab) | News Corp NewCL A | 1.1% | $51M | 2,040,100 | Trimmed -63.6% | $24.08 | $29.86 | +24.0% |
| 18 | HR on Yahoo Finance (opens in a new tab) | Healthcare Rlty TrCL A COM | 0.9% | $39M | 1,936,267 | Trimmed -71.6% | $15.72 | $17.35 | +10.4% |
| 19 | BLMN on Yahoo Finance (opens in a new tab) | Bloomin Brands IncCOM | 0.8% | $38M | 4,180,992 | Trimmed -47.6% | $23.04* | $9.81 | -57.4% |
| 20 | BIXI on Yahoo Finance (opens in a new tab) | Bitcoin Infrastructure AcquiUSD CL A ORD SHS | 0.1% | $3M | 300,000 | Unchanged | $9.85 | $10.10 | +2.5% |
| 21 | BIXIW on Yahoo Finance (opens in a new tab) | Bitcoin Infrastructure Acqui*W EXP 11/06/203 | 0.0% | $47K | 149,999 | Unchanged | $0.30 | $0.22 | -27.3% |
Sold out since Q1 2026
- GEN on Yahoo Finance (opens in a new tab)Gen Digital Inc$147M at Q1 2026
- —Clearwater Analytics Hldgs I$129M at Q1 2026
- BDX on Yahoo Finance (opens in a new tab)Becton Dickinson & Co$100M at Q1 2026
- ROG on Yahoo Finance (opens in a new tab)Rogers Corp$63M at Q1 2026
Estimated, from reported holdings
Quarter by quarter
High-conviction buys (new positions at 3% or more of the portfolio) since Q3 2023: 16. Of 10 with six months of history, 0.0% beat the S&P 500 from the filing date.
Source: SEC Form 13F-HR 0000921895-26-002172, compared with the Q1 2026 report. 1 option rows are excluded from weights. Tickers map from CUSIP via OpenFIGI. Estimated returns weight each position’s next-quarter total return (Yahoo Finance adjusted closes) by its quarter-end value and assume no trades. Estimated cost averages daily adjusted closes in each quarter the share count rose, from Q3 2023 onward (* = held at the start of our data). Price is the latest close.
Important information
Form 13F data is delayed. Managers have up to 45 days after each calendar quarter to file, so holdings shown may have changed materially since the report date. 13F reports cover long positions in US-listed equities and certain other securities only; they exclude short positions, most non-US holdings, cash, bonds and private investments, and managers may request confidential treatment for some positions. Options rows are listed in filings but are not counted in the holdings and weights shown here.
Estimated holdings returns, estimated cost and high-conviction results are hypothetical calculations from quarter-end holdings and public prices, assuming no trades between reports. They are not the actual returns or costs of any fund or manager and do not reflect fees, trading, leverage, shorts or cash. Biographies are drawn from cited public sources. This page is for information only and is not individualized investment advice or a recommendation to buy or sell any security. Gulfstream Capital and its clients may hold positions in securities shown.