Starboard Value 13F, Q4 2025
Jeff Smith · quarter ending 31 December 2025 · filed 17 February 2026 · SEC CIK 1517137
Common stock only: shares the fund reported owning at the quarter end, valued as filed.
Largest positions, Q4 2025
Weights are against the whole filed book. Changes are in shares held, against the Q3 2025 filing.
| Company | Ticker | Value | % of book | vs Q3 2025 |
|---|---|---|---|---|
| QORVO INC | QRVO | $634.74M | 12.0% | unchanged |
| KENVUE INC | KVUE | $471.06M | 8.9% | +31% shares |
| ALGONQUIN PWR UTILS CORP | AQN | $390.46M | 7.4% | unchanged |
| BILL HOLDINGS INC | BILL | $383.14M | 7.3% | unchanged |
| MATCH GROUP INC NEW | MTCH | $367.96M | 7.0% | +3% shares |
| ISHARES TR | IJH | $346.54M | 6.6% | unchanged |
| AUTODESK INC | ADSK | $296.52M | 5.6% | -24% shares |
| GEN DIGITAL INC | GEN | $287.82M | 5.5% | -13% shares |
| SALESFORCE INC | CRM | $249.10M | 4.7% | -24% shares |
| CLEARWATER ANALYTICS HLDGS I | $240.21M | 4.5% | new | |
| ACACIA RESH CORP | ACTG | $228.60M | 4.3% | unchanged |
| HEALTHCARE RLTY TR | HR | $213.57M | 4.0% | -13% shares |
| FLUOR CORP NEW | FLR | $205.73M | 3.9% | new |
| BECTON DICKINSON & CO | BDX | $180.47M | 3.4% | -23% shares |
| RIOT PLATFORMS INC | RIOT | $161.47M | 3.1% | +45% shares |
| NEWS CORP NEW | NWSA | $153.99M | 2.9% | -8% shares |
| TRIPADVISOR INC | TRIP | $140.43M | 2.7% | unchanged |
| NEWS CORP NEW | NWS | $131.53M | 2.5% | -26% shares |
| ROGERS CORP | ROG | $110.20M | 2.1% | -28% shares |
| BLOOMIN BRANDS INC | BLMN | $49.24M | 0.9% | unchanged |
| ISHARES TR | IWM | $33.72M | 0.6% | unchanged |
| BITCOIN INFRASTRUCTURE ACQUI | $2.99M | 0.1% | new |
What changed since Q3 2025
Against the Q3 2025 filing, Starboard Value opened 3 new positions, added to 3, trimmed 8, left 8 unchanged and exited 1. Every position is compared, matched on its CUSIP; a change of 2% or less in shares counts as unchanged.
New positions
- CLEARWATER ANALYTICS HLDGS I$240.21M
- FLR$205.73M
- BITCOIN INFRASTRUCTURE ACQUI$2.99M
Exited
- ALITEURwas $149.52M
Other quarters
Source: SEC Form 13F-HR, accession 0000921895-26-000450, filed by Starboard Value LP. Values are as filed and cover US-listed positions only; a 13F does not show short positions or holdings outside the US. A 13F may be filed up to 45 days after the quarter ends, so the fund may have traded since. Educational information, not financial advice.