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Jeff Smith

Starboard Value

Starboard Value, Jeff Smith's operating-improvement activism

Starboard Value is one of the clearest operating-improvement activist managers. Jeff Smith's campaigns often focus on margins, capital allocation, board changes, and strategic alternatives, making public letters and presentations central to the analysis.

Sources Starboard Value official site SEC EDGAR profile Jeff Smith Starboard Value biography
Activist value / operational improvement CIK 1517137
2026-03-31 Latest 13F 19 Current holdings 31 Last 2 periods Change 0 Public materials
Latest 13F snapshot 2026-03-31 · 26 disclosed positions · $4.6B Top five 46.9%: QRVO, KVUE, IJH, AQN, MTCH

Performance materials

  • Starboard does not publish a continuous public fund-level return table. Campaign materials and filings provide context.

Firm and key people

  • Smith leads Starboard, a firm known for detailed activist presentations and operational plans.
  • The firm often targets companies where margins, governance, or strategic direction can improve.
  • Public campaign materials are usually more informative than the 13F alone.

Investment style

  • Focus on operating metrics, board composition, capital allocation, and strategic alternatives.
  • Large positions often come with a clear improvement plan.
  • Track campaign milestones, not only quarterly holding changes.

Public materials

View timeline
Shareholder letters / memos 0
Interview 0
Public video 0
Public Q&A / speeches / presentations 0

Current holdings

13F period 2026-03-31 · Filed 2026-05-15
Stocks Shares Value Weight
QRVO 7,510,871 $581.3M 12.7%
KVUE 27,307,632 $470.8M 10.3%
IJH 5,830,656 $393.7M 8.6%
AQN 57,189,420 $351.1M 7.7%
MTCH 11,395,379 $350.0M 7.6%
BILL 7,024,848 $269.1M 5.9%
LW 6,114,982 $258.4M 5.6%
KMX 6,201,362 $257.9M 5.6%
RIOT 15,544,576 $192.1M 4.2%
GEN 7,806,922 $147.0M 3.2%
NWSA 5,605,126 $139.7M 3.1%
FLR 2,886,327 $134.6M 2.9%
CWAN 5,459,031 $129.1M 2.8%
HR 6,821,267 $115.9M 2.5%
TRIP 10,774,996 $114.9M 2.5%
BDX 636,494 $100.1M 2.2%
GPGI 5,027,028 $86.0M 1.9%
ROG 584,328 $62.7M 1.4%
BLMN 7,980,992 $43.1M 0.9%

Last 2 quarters US 13F new / increased / reduced / sold-out positions

As of 13F 2026-03-31 · Filed 2026-05-15
Last 1 quarters Last 2 quarters Last 3 quarters Last 4 quarters
Stocks Action 13F period Current shares Previous shares Share change 13F value change
ADSK Sold out 2026-03-31 Filed 2026-05-15 0 1,001,733 -100.0% -$296.5M
LW New 2026-03-31 Filed 2026-05-15 6,114,982 0 - +$258.4M
KMX New 2026-03-31 Filed 2026-05-15 6,201,362 0 - +$257.9M
CRM Sold out 2026-03-31 Filed 2026-05-15 0 940,325 -100.0% -$249.1M
GEN Major reduction 2026-03-31 Filed 2026-05-15 7,806,922 10,585,592 -26.2% -$140.8M
CWAN Major reduction 2026-03-31 Filed 2026-05-15 5,459,031 9,959,031 -45.2% -$111.1M
HR Major reduction 2026-03-31 Filed 2026-05-15 6,821,267 12,600,000 -45.9% -$97.7M
GPGI New 2026-03-31 Filed 2026-05-15 5,027,028 0 - +$86.0M
BDX Major reduction 2026-03-31 Filed 2026-05-15 636,494 929,917 -31.6% -$80.4M
FLR Major reduction 2026-03-31 Filed 2026-05-15 2,886,327 5,191,327 -44.4% -$71.1M
ROG Major reduction 2026-03-31 Filed 2026-05-15 584,328 1,203,457 -51.4% -$47.5M
IJH Minor increase 2026-03-31 Filed 2026-05-15 5,830,656 5,250,656 11.0% +$47.2M
AQN Minor reduction 2026-03-31 Filed 2026-05-15 57,189,420 63,489,420 -9.9% -$39.3M
IWM Sold out 2026-03-31 Filed 2026-05-15 0 137,000 -100.0% -$33.7M
RIOT Major increase 2026-03-31 Filed 2026-05-15 15,544,576 12,744,576 22.0% +$30.7M
TRIP Minor increase 2026-03-31 Filed 2026-05-15 10,774,996 9,644,996 11.7% -$25.6M
NWSA Minor reduction 2026-03-31 Filed 2026-05-15 5,605,126 5,895,487 -4.9% -$14.3M
CWAN New 2025-12-31 Filed 2026-02-17 9,959,031 0 - +$240.2M
FLR New 2025-12-31 Filed 2026-02-17 5,191,327 0 - +$205.7M
ALIT Sold out 2025-12-31 Filed 2026-02-17 0 45,865,899 -100.0% -$149.5M
KVUE Major increase 2025-12-31 Filed 2026-02-17 27,307,632 20,929,938 30.5% +$131.4M
ADSK Major reduction 2025-12-31 Filed 2026-02-17 1,001,733 1,313,000 -23.7% -$120.6M
GEN Minor reduction 2025-12-31 Filed 2026-02-17 10,585,592 12,171,000 -13.0% -$57.7M
HR Minor reduction 2025-12-31 Filed 2026-02-17 12,600,000 14,490,036 -13.0% -$47.7M
BDX Major reduction 2025-12-31 Filed 2026-02-17 929,917 1,207,998 -23.0% -$45.6M
CRM Major reduction 2025-12-31 Filed 2026-02-17 940,325 1,242,150 -24.3% -$45.3M
NWSA Minor reduction 2025-12-31 Filed 2026-02-17 5,895,487 6,381,716 -7.6% -$42.0M
ROG Major reduction 2025-12-31 Filed 2026-02-17 1,203,457 1,676,502 -28.2% -$24.7M
MTCH Minor increase 2025-12-31 Filed 2026-02-17 11,395,379 11,070,379 2.9% -$23.0M
TRIP Minor increase 2025-12-31 Filed 2026-02-17 9,644,996 9,510,484 1.4% -$14.2M
RIOT Major increase 2025-12-31 Filed 2026-02-17 12,744,576 8,818,000 44.5% -$6.3M

Public video / Interview / Shareholder letter / Public Q&A

No viewpoint records yet.