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Activist investor · Long-only 13F filer

Starboard Value

$4.5B$46.5M vs prior 13FUS long stock positions · options add $1.9M at notional · not assets under managementSEC EDGAR · 13F-HR · filed 14 August 2026

Starboard Value's latest 13F filing covers the quarter ended 30 June 2026 and was filed 14 August 2026 (45 days after quarter end): 22 disclosed US-listed positions — $4.5 billion in long stock plus $2 million in options at notional value. Two new buys, two adds, nine trims and six exits against the prior quarter. Holdings are up to 45 days old by the time they clear EDGAR.

Portfolio · vs S&P 500Starboard ValueS&P 500
Sept 2025Starboard Value -15% · S&P: +12%

The line rebuilds Starboard Value's disclosed 13F holdings at each filing and holds them to the next, tracked against the S&P 500 where daily price history overlaps. Long US equity only — an illustrative read, not an audited return.

S&P 500 overlay: Finazon · prior-day close, most closes dollar-rounded at the source

Portfolio · vs S&P 500Starboard ValueS&P 500
Sept 2024Starboard Value -4% · S&P from Sept 2025: +12%

The line rebuilds Starboard Value's disclosed 13F holdings at each filing and holds them to the next, tracked against the S&P 500 where daily price history overlaps. Long US equity only — an illustrative read, not an audited return.

S&P 500 overlay: Finazon · prior-day close, most closes dollar-rounded at the source

Long stock value$4.5B
Positions22
Top holdingIJH · 15.1%
Top sectorTechnology 32%
New buys · Q2 20262
Exits · Q2 20266

Portfolio reconstructed from SEC EDGAR 13F filings · values as reported · as of Q2 2026

Top holdings — quarter ended 30 June 2026

Largest 15 of 22 positions
PositionValueWeightSharesLast quarter
IJHISHARES TR$684.6M15.1%8.9MAdded
QRVOQORVO INC$523.4M11.6%5.6MTrimmed
KVUEKENVUE INC$521.8M11.5%27.3MHeld
DTDYNATRACE INC$389.3M8.6%8.9MNew buy
AQNALGONQUIN POWER & UTILITIES$335.1M7.4%57.2MHeld
MTCHMATCH GROUP INC NEW$295.8M6.5%7.8MTrimmed
ACTGACACIA RESH CORP$284.8M6.3%61.1MHeld
RIOTRIOT PLATFORMS INC$276.9M6.1%10.1MTrimmed
BILLBILL HOLDINGS INC$254.1M5.6%7.0MHeld
LWLAMB WESTON HLDGS INC$247.6M5.5%5.7MHeld
KMXCARMAX INC$169.6M3.7%3.2MTrimmed
FLSFLOWSERVE CORP$106.9M2.4%1.4MNew buy
FLRFLUOR CORP$83.1M1.8%1.6MTrimmed
GPGIGPGI INC$79.7M1.8%5.0MHeld
TRIPTRIPADVISOR INC$69.9M1.5%5.1MTrimmed

† Share count moved sharply against value during the quarter — likely a stock split in the reporting, not a real position change.

Quarterly changes — quarter ended 30 June 2026

19 changes vs prior quarter
New buys2
Adds2
Trims9
Exits6

What changed against the previous quarter's filing: new positions first, then adds, trims and exits, each sorted by position size.

PositionChangeShares movedValue after
DTDYNATRACE INCNew buy+8.9M$389.3M
FLSFLOWSERVE CORPNew buy+1.4M$106.9M
IJHISHARES TRAdded+3.0M$684.6M
RIOTRIOT PLATFORMS INCPutAdded+1.6M$1.9M
QRVOQORVO INCTrimmed−1.9M$523.4M
MTCHMATCH GROUP INC NEWTrimmed−3.6M$295.8M
RIOTRIOT PLATFORMS INCTrimmed−5.4M$276.9M
KMXCARMAX INCTrimmed−3.0M$169.6M
FLRFLUOR CORPTrimmed−1.3M$83.1M
TRIPTRIPADVISOR INCTrimmed−5.7M$69.9M
NWSANEWS CORP NEWTrimmed−3.6M$50.7M
HRHEALTHCARE RLTY TRTrimmed−4.9M$39.1M
BLMNBLOOMIN BRANDS INCTrimmed−3.8M$38.2M
GENGEN DIGITAL INCSold out−7.8Mwas $147.0M
CWANCLEARWATER ANALYTICS HLDGS ISold out−5.5Mwas $129.1M
BDXBECTON DICKINSON & COSold out−636.5Kwas $100.1M
ROGROGERS CORPSold out−584.3Kwas $62.7M
HYGISHARES TRPutSold out−3.0Mwas $3.0M
IWMISHARES TRPutSold out−683.1Kwas $2.7M

Rows sharing a company name are separate securities of the same issuer — different share classes or option positions, as filed.

Sector allocation

Technology32%
Consumer Defensive17%
Other / unclassified17%
Industrials10%
Consumer Cyclical9%
Utilities7%
Financial Services6%
Real Estate1%

Holdings by sector

Technology carries the largest share of disclosed value, at 32%.

Technology32%
BILL · DT · MTCH · QRVO
Consumer Defensive17%
KVUE · LW
Other / unclassified17%
BIXI · BIXIW · GPGI · IJH · RIOT
Industrials10%
ACTG · FLR · FLS
Consumer Cyclical9%
BLMN · KMX · NWS · NWSA · TRIP
Utilities7%
AQN
Financial Services6%
RIOT
Real Estate1%
HR
What is Starboard Value's biggest holding?

As of the quarter ended 30 June 2026, the largest disclosed position was IJH (ISHARES TR), about 15.1% of the disclosed US-listed portfolio by reported value.

What did Jeffrey Smith's Starboard Value buy in Q2 2026?

2 new positions were disclosed for the quarter ended 30 June 2026: DT, FLS. Adds and trims are listed in the quarterly-changes table on this page.

How concentrated is the portfolio?

Fairly concentrated. The top five positions are 54% of disclosed value and the top ten are 84%.

When is Starboard Value's next 13F due?

13F filings for the quarter ended 30 September 2026 are due by 16 November 2026 — managers have 45 days after each calendar quarter ends. Whether Starboard Value files is up to the manager; we show whatever EDGAR receives.

Does this show the whole portfolio?

No. Form 13F covers US-listed long equity and some options only — no short bets, bonds, cash, private businesses, non-US holdings or timing inside the quarter. Amended filings replace originals; this page always shows the latest canonical version.

Read the form itself on SEC EDGAR or see our plain-words guide to 13F filings — Starboard Value may have already changed these positions since 30 June 2026.

Starboard Value 13F portfolio — holdings and quarterly moves · The Distributed