Starboard Value

Jeff Smith · Hedge funds · notable · $4.6B reported 13(f) long value · filed as Starboard Value LP · latest quarter 2026-03-31 · CIK 1517137 · EDGAR ↗

sum of disclosed values for 2026-03-31; 0 positions carry a NULL value and are excluded from the sum, surfaced here rather than folded away: $4.6B
ALL retained default holdings for this (filer, period), including NULL-value ones: 26
positions with no comparable holding in the prior quarter (kind new), 2026-03-31: 7
positions absent from this quarter's filing after being held last quarter (kind exit), 2026-03-31 — inferred from absence, not a sale record: 3

A quarter-end snapshot. Filed up to 45 days later, so this page is not current holdings and never a complete portfolio. what a 13F is — and is not ↓ methodology §13F ↗

Position changes — into 2026-03-31

by shares · Δ value · filing link · how changes are classified §

Position changes into quarter 2026-03-31
position matched across quarters by exact reported CUSIP over a registry gap — producer-reconciled identity, never a name match `identity_reconciled_by_cusip`	the reported share count is unchanged across the pair; this build's data classified the change from its reported value; builds from 2026-09-10 on read it as NO CHANGE `classified_by_value` · EXIT = absent this quarter: disposed, delisted, under confidential treatment, or reported instead by an affiliated manager — the filing does not say which · change not classifiable: value undisclosed on one side of the quarter pair, or neither shares nor value can classify it · NO CHANGE = the share count is identical in both quarters; the value moved only with price, so the row is mark-to-market and never an ADD or a TRIM (NEW / ADD / TRIM / EXIT / NO CHANGE) · NO PRIOR = this filer has no comparable holdings list for the previous quarter on record — a first filing under this registration, or a quarter reported inside an affiliated manager's filing — so the position is not called a new stake	derived by Public Filings from the published aggregate; NULL means the source did not disclose a usable value — never zero	reported unit changed across the pair (SH↔PRN); the share delta is withheld rather than fabricated `shares_unit_mismatch`	Prev value	Curr value	Prev shares	Curr shares
position key `pos:16868` · issuer key `iss:1012` CORE S&P MCP ETF	ADD	+$47.2M	+580,000	$347M	$394M	5,250,656	5,830,656
position key `pos:10186` · issuer key `iss:71` COM	TRIM	−$39.3M	−6,300,000	$390M	$351M	63,489,420	57,189,420
position key `pos:17875` · issuer key `iss:1093` COM	NEW	+$258M	+6,114,982	$0	$258M	—	6,114,982
position key `pos:12416` · issuer key `iss:398` COM	NEW	+$258M	+6,201,362	$0	$258M	—	6,201,362
position key `pos:18103` · issuer key `iss:1560` COM	ADD	+$30.7M	+2,800,000	$161M	$192M	12,744,576	15,544,576
position key `pos:12294` · issuer key `iss:1325` COM	TRIM	−$141M	−2,778,670	$288M	$147M	10,585,592	7,806,922
position key `pos:10247` · issuer key `iss:1308` CL A	TRIM	−$14.3M	−290,361	$154M	$140M	5,895,487	5,605,126
position key `pos:14408` · issuer key `iss:753` COM	TRIM	−$71.1M	−2,305,000	$206M	$135M	5,191,327	2,886,327
position key `sid:sec:prov:6d2f93412ba27775b8643748fc66850c` · issuer key `cusip6:185123` CL A	TRIM	−$111M	−4,500,000	$240M	$129M	9,959,031	5,459,031
position key `pos:11953` · issuer key `iss:892` CL A COM	TRIM	−$97.7M	−5,778,733	$214M	$116M	12,600,000	6,821,267
position key `pos:13509` · issuer key `iss:1828` COM	ADD	−$25.6M	+1,130,000	$140M	$115M	9,644,996	10,774,996
position key `pos:15545` · issuer key `iss:247` COM	TRIM	−$80.4M	−293,423	$180M	$100M	929,917	636,494
position key `pos:16454` · issuer key `iss:498` COM CL A	NEW	+$86.0M	+5,027,028	$0	$86.0M	—	5,027,028
position key `pos:14246` · issuer key `iss:1308` CL B	TRIM	−$57.7M	−1,850,000	$132M	$73.8M	4,439,081	2,589,081
position key `pos:16321` · issuer key `iss:1571` COM	TRIM	−$47.5M	−619,129	$110M	$62.7M	1,203,457	584,328
position key `pos:12764` · issuer key `iss:1013` IBOXX HI YD ETF PUT	NEW	+$3.0M	+3,000,000	$0	$3.0M	—	3,000,000
position key `pos:15702` · issuer key `iss:1012` RUSSELL 2000 ETF PUT	NEW	+$2.7M	+683,100	$0	$2.7M	—	683,100
position key `pos:18103` · issuer key `iss:1560` COM PUT	NEW	+$705K	+792,500	$0	$705K	—	792,500
position key `pos:15391` · issuer key `iss:2050` *W EXP 11/06/203	NEW	+$44.6K	+149,999	$0	$44.6K	—	149,999
position key `pos:12725` · issuer key `iss:1615` COM	EXIT‡e	−$249M	−940,325	$249M	$0	940,325	—
position key `pos:15702` · issuer key `iss:1012` RUSSELL 2000 ETF	EXIT‡e	−$33.7M	−137,000	$33.7M	$0	137,000	—
position key `pos:17542` · issuer key `iss:193` COM	EXIT‡e	−$297M	−1,001,733	$297M	$0	1,001,733	—

Flags: no row carries a flag.

1–20 of the 22 changes on this page

Mark-to-market only (no share change) · 7

Positions whose share count is identical in both quarters; the value changed with price, not with a decision.

Positions held with no share change into quarter 2026-03-31
position matched across quarters by exact reported CUSIP over a registry gap — producer-reconciled identity, never a name match `identity_reconciled_by_cusip`	the reported share count is unchanged across the pair; this build's data classified the change from its reported value; builds from 2026-09-10 on read it as NO CHANGE `classified_by_value` · EXIT = absent this quarter: disposed, delisted, under confidential treatment, or reported instead by an affiliated manager — the filing does not say which · change not classifiable: value undisclosed on one side of the quarter pair, or neither shares nor value can classify it · NO CHANGE = the share count is identical in both quarters; the value moved only with price, so the row is mark-to-market and never an ADD or a TRIM (NEW / ADD / TRIM / EXIT / NO CHANGE) · NO PRIOR = this filer has no comparable holdings list for the previous quarter on record — a first filing under this registration, or a quarter reported inside an affiliated manager's filing — so the position is not called a new stake	derived by Public Filings from the published aggregate; NULL means the source did not disclose a usable value — never zero	Prev value	Curr value	Prev shares	Curr shares
position key `pos:12807` · issuer key `iss:1506` COM	NO CHANGE	−$53.4M	$635M	$581M	7,510,871	7,510,871
position key `pos:14474` · issuer key `iss:1052` COM	NO CHANGE	−$273K	$471M	$471M	27,307,632	27,307,632
position key `pos:14993` · issuer key `iss:1196` COM	NO CHANGE	−$18.0M	$368M	$350M	11,395,379	11,395,379
position key `pos:12220` · issuer key `iss:27` ACACIA TCH COM	NO CHANGE	+$65.4M	$229M	$294M	61,123,595	61,123,595
position key `pos:14819` · issuer key `iss:262` COM	NO CHANGE	−$114M	$383M	$269M	7,024,848	7,024,848
position key `pos:11023` · issuer key `iss:290` COM	NO CHANGE	−$6.1M	$49.2M	$43.1M	7,980,992	7,980,992
position key `pos:10393` · issuer key `iss:2050` USD CL A ORD SHS	NO CHANGE	−$12.0K	$3.0M	$3.0M	300,000	300,000

Flags: no row carries a flag.

Newest filing in this build: 2026-07-31. Per-row filing dates are on each receipt.

Truncated by Public Filings. Changes compare every position with a security identifier, new and exited included; holdings without one are counted, not compared. methodology §13F ↗

Reported positions — 2026-03-31

1–22 of 22 issuers · $4.6B disclosed value over 26 rows · 0 undisclosed-value rows

View

this build publishes the selected quarter and the one before it, so a displayed change can be inspected on both sides

This list carries reported issuer names and security identities, without a dated ticker mapping. Symbols are not inferred from names.

a position composed from a base filing plus NEW-HOLDINGS amendments keeps every source row here; the composition's latest filed date is the one shown served from this build's published holdings (derived from the filer's own reported rows); every row resolves to its filing

Share of total reported value, calculated only when the full position list has disclosed values. This is 13F long value, not total assets.

value undisclosed on the filing: retained and counted, excluded from sums, never shown as $0

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

QORVO INC · COM CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$581M

7,510,871

12.7%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

KENVUE INC · COM CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$471M

27,307,632

10.3%

—

ISHARES TR

2 positions · 2 reported rows

Rows Starboard Value LP reported for ISHARES TR, as it reported them
ISHARES TR · CORE S&P MCP ETF CUSIP — src ↗	$394M	5,830,656
ISHARES TR · RUSSELL 2000 ETF · PUT CUSIP — src ↗	$2.7M	683,100

ticker not yet mapped

$396M

6,513,756

8.7%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

ALGONQUIN PWR UTILS CORP · COM CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$351M

57,189,420

7.7%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

MATCH GROUP INC NEW · COM CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$350M

11,395,379

7.6%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

ACACIA RESH CORP · ACACIA TCH COM CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$294M

61,123,595

6.4%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

BILL HOLDINGS INC · COM CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$269M

7,024,848

5.9%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

LAMB WESTON HLDGS INC · COM CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$258M

6,114,982

5.6%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

CARMAX INC · COM CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$258M

6,201,362

5.6%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred) verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

NEWS CORP NEW

2 positions · 2 reported rows

Rows Starboard Value LP reported for NEWS CORP NEW, as it reported them
NEWS CORP NEW · CL A CUSIP — src ↗	$140M	5,605,126
NEWS CORP NEW · CL B CUSIP — src ↗	$73.8M	2,589,081

$214M

8,194,207

4.7%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

RIOT PLATFORMS INC

2 positions · 2 reported rows

Rows Starboard Value LP reported for RIOT PLATFORMS INC, as it reported them
RIOT PLATFORMS INC · COM CUSIP — src ↗	$192M	15,544,576
RIOT PLATFORMS INC · COM · PUT CUSIP — src ↗	$705K	792,500

$193M

16,337,076

4.2%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

GEN DIGITAL INC · COM CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$147M

7,806,922

3.2%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

FLUOR CORP · COM CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$135M

2,886,327

2.9%

—

CLEARWATER ANALYTICS HLDGS I · CL A CUSIP 185123106
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$129M

5,459,031

2.8%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

HEALTHCARE RLTY TR · CL A COM CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$116M

6,821,267

2.5%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

TRIPADVISOR INC · COM CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$115M

10,774,996

2.5%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

BECTON DICKINSON & CO · COM CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$100M

636,494

2.2%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

GPGI INC · COM CL A CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$86.0M

5,027,028

1.9%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

ROGERS CORP · COM CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$62.7M

584,328

1.4%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

BLOOMIN BRANDS INC · COM CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$43.1M

7,980,992

0.9%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

BITCOIN INFRASTRUCTURE ACQUI

2 positions · 2 reported rows

Rows Starboard Value LP reported for BITCOIN INFRASTRUCTURE ACQUI, as it reported them
BITCOIN INFRASTRUCTURE ACQUI · USD CL A ORD SHS CUSIP — src ↗	$3.0M	300,000
BITCOIN INFRASTRUCTURE ACQUI · *W EXP 11/06/203 CUSIP — src ↗	$44.6K	149,999

$3.0M

449,999

0.1%

—

ISHARES TR · IBOXX HI YD ETF · PUT CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$3.0M

3,000,000

0.1%

1–20 of 22 issuers

Change kind and share change are in Position changes above; Congress overlap is planned.

One line per issuer, largest first; a row with no issuer key stands on its own line. Open a line for its rows as this filer reported them. The list holds every row this filer reported for the quarter. Issuer totals on the holders pages count each manager's own report once; that never removes a row here. how positions are grouped ↗

Book shape

2026-03-31 · concentration · vs tracked median · tick = median

Top-25 concentration: 100.0%above median 80.0%
Concentration index: 678 bpsabove median 446 bps
Positions with value: 26 / 26median book 97.5 positions

Concentration uses reported 13F long value, not total assets. The index is withheld when any position lacks a value. Medians are over the 8,748 tracked filers with a 2026-03-31 book; the index median over the 8,662 with a complete book.

holdings whose <value> did not parse — retained and counted, never zero-filled: 0 · share of the period's disclosed value held in the top-N positions; denominator is reported 13F value, not total assets: 100.0% · integer Herfindahl–Hirschman index in basis points over disclosed position values: 678 · QoQ moves: 29

Filing history

AVAILABLE QUARTERS

Available filing periods
Period	Source
2025-09-30	EDGAR ↗
2025-12-31	EDGAR ↗
2026-03-31	EDGAR ↗

PLANNED sector rotation · Congress overlap · signals for this filer

Complete source filings on SEC EDGAR

The complete filing on EDGAR.

The position list above is served from the published Public Filings build, each position as this filer reported it; where the page cannot embed every reported row, the list says how many it leaves out. This block is provenance, not a substitute: the filing itself is the record, and it is one click away. Public Filings decided on 2026-08-01 to serve this list from its published build; filings newer than this build are on EDGAR.

Open Starboard Value LP's 13F filings on SEC EDGAR ↗

Notes on this data

Reported positions

Quarter-end holdings as filed

Explore the full published position list and its source filing. This record excludes the manager’s cash, shorts and non-13(f) assets.

Share changes

Compare consecutive quarters

Position changes retain the producer’s classification and comparability flags. Share counts and reported values describe different changes.

Coverage

A snapshot, not current holdings

Use the quarter selector to inspect available periods. Unknown values stay unknown and each table states its coverage.

A 13F is a quarterly, long-only snapshot filed up to 45 days late — not current holdings. what a 13F covers ↗

13F reports cover LONG positions in Section 13(f) securities (US exchange-traded equities plus reportable options, warrants, certain convertibles) held by managers with at least $100M in such securities — so managers below that threshold are absent entirely. No short positions, no cash, no non-13(f) assets — not a full portfolio, and not a census of institutional ownership.

Positions are quarter-end snapshots filed up to 45 days late — not current holdings. A position may have been changed or closed before you ever see it, and is older still by however long ago that quarter ended.

Values are the manager's stated market value at quarter-end in era-dependent units (whole dollars for form versions effective 2023-01-03 onward, thousands before), normalized here to whole dollars with unit_basis carried on every record.

Affiliated managers may report the same position (otherManager), so one position can appear under more than one filer.

Positions under confidential treatment may be omitted until a later amendment discloses them.

These are disclosures, not investment advice (ARCHITECTURE.md §5.2 / M2-CONTRACT §5).