Jeff Smith

Starboard Value·activist·Concentrated / activist

Accredited only

n/a since 2002

Portfolio value

$4.5B

Positions

Top 5 concentration

48%

New buys this quarter

Quarterly activity

What Jeff Smith bought and sold each quarter.

Mar 2026vs Dec 2025

Bought (7)

$LWNew buy5.8%$KMXNew buy5.7%$HYGputNew buy0.1%$IJHETFAdded+11%$RIOTAdded+28.2%$TRIPAdded+11.7%$IWMputAdded+398.6%

Sold (10)

$ADSKSold out$CRMSold out$ROGTrimmed-51.4%$HRTrimmed-45.9%$CWANTrimmed-45.2%$FLRTrimmed-44.4%$NWSTrimmed-41.7%$BDXTrimmed-31.6%$GENTrimmed-26.2%$AQNTrimmed-9.9%

Dec 2025vs Sep 2025

Bought (4)

$CWANNew buy4.6%$FLRNew buy3.9%$KVUEAdded+30.5%$RIOTAdded+44.5%

Sold (9)

$ALITSold out$ROGTrimmed-28.2%$NWSTrimmed-26.2%$CRMTrimmed-24.3%$ADSKTrimmed-23.7%$BDXTrimmed-23%$GENTrimmed-13%$HRTrimmed-13%$NWSATrimmed-7.6%

Sep 2025vs Jun 2025

Bought (4)

$BILLNew buy7%$RIOTAdded+81.3%$TRIPAdded+11.9%$ROGAdded+86.4%

Sold (12)

$FTRESold out$GDOTSold out$RBASold out$PFESold out$IWMETFTrimmed-59.7%$BDXTrimmed-53.9%$MTCHTrimmed-27.7%$HRTrimmed-24.9%$NWSTrimmed-12.3%$ADSKTrimmed-10.5%$GENTrimmed-8.7%$NWSATrimmed-6.1%

Jun 2025vs Mar 2025

Bought (8)

$TRIPNew buy1.9%$IWMETFNew buy1.3%$MTCHAdded+8.7%$BDXAdded+49.8%$CRMAdded+47.4%$IJHETFAdded+47.3%$PFEAdded+10.5%$ROGAdded+11.9%

Sold (9)

$GDOTTrimmed-62.4%$RIOTTrimmed-61.7%$FTRETrimmed-52.6%$ADSKTrimmed-26.6%$GENTrimmed-23.9%$NWSTrimmed-12.2%$NWSATrimmed-5.6%$BLMNTrimmed-5.4%$KVUETrimmed-5.1%

Mar 2025vs Dec 2024

Bought (4)

$QRVONew buy10.9%$BDXNew buy7.3%$ADSKAdded+92.7%$CRMAdded+51.9%

Sold (6)

$GDDYSold out$WIXSold out$PFETrimmed-49.7%$FTRETrimmed-29.6%$IJHETFTrimmed-10.1%$NWSTrimmed-7.9%

Dec 2024vs Sep 2024

Bought (8)

$KVUENew buy8.5%$PFENew buy7.4%$HRNew buy6.2%$IJHETFNew buy4.5%$RIOTNew buy2.3%$MTCHAdded+53.4%$ALITAdded+8.8%$AQNAdded+5.1%

Sold (8)

$HUMSold out$IWNETFSold out$CRMTrimmed-61.2%$WIXTrimmed-55.2%$ADSKTrimmed-44%$FTRETrimmed-11%$GDDYTrimmed-9.7%$GDOTTrimmed-8.2%

Sep 2024vs Jun 2024

Bought (3)

$ADSKNew buy10.9%$MTCHNew buy7.7%$IWNETFAdded+5.9%

Sold (6)

$IWRETFSold out$MRCYSold out$ACMSold out$HUMTrimmed-50.5%$GDDYTrimmed-32.1%$CRMTrimmed-14.3%

Jun 2024vs Mar 2024

Bought (4)

$CRMAdded+39.2%$ALITAdded+9%$NWSAAdded+20.9%$FTREAdded+50.9%

Sold (8)

$HUMTrimmed-55.8%$IWRETFTrimmed-42.9%$GDDYTrimmed-28.2%$ACMTrimmed-27.2%$IWNETFTrimmed-24.9%$WIXTrimmed-22.8%$MRCYTrimmed-13.9%$GENTrimmed-5.9%

Quarter-over-quarter change in disclosed positions.

Holdings

Stock	Move	% of portfolio	Reported px	Now	Since report
$QRVO QORVO INC	Held	13%	$77.40	$85.45	+10.4%
$KVUE KENVUE INC	Held	10.5%	$17.24	$19.18	+11.3%
$IJHETF ISHARES TR	Added	8.8%	$67.53	$75.70	+12.1%
$AQN ALGONQUIN PWR UTILS CORP	Trimmed	7.8%	$6.14	$5.66	-7.8%
$MTCH MATCH GROUP INC NEW	Held	7.8%	$30.71	$39.32	+28%
$ACTG ACACIA RESH CORP	Held	6.6%	$4.81	$4.38	-8.9%
$BILL BILL HOLDINGS INC	Held	6%	$38.30	$40.52	+5.8%
$LW LAMB WESTON HLDGS INC	New buy	5.8%	$42.26	$45.24	+7.1%
$KMX CARMAX INC	New buy	5.7%	$41.58	$51.01	+22.7%
$RIOT RIOT PLATFORMS INC	Added	4.3%	$11.80	$21.51	+82.2%
$GEN GEN DIGITAL INC	Trimmed	3.3%	$18.83	$25.99	+38%
$NWSA NEWS CORP NEW	Held	3.1%	$24.93	$27.49	+10.3%
$FLR FLUOR CORP	Trimmed	3%	$46.65	$50.21	+7.6%
$CWAN CLEARWATER ANALYTICS HLDGS I	Trimmed	2.9%	$23.65	$24.56	+3.8%
$HR HEALTHCARE RLTY TR	Trimmed	2.6%	$16.99	$20.69	+21.8%
$TRIP TRIPADVISOR INC	Added	2.6%	$10.66	$13.33	+25%
$BDX BECTON DICKINSON & CO	Trimmed	2.2%	$157.23	$150.85	-4.1%
$NWS NEWS CORP NEW	Trimmed	1.6%	$28.51	$31.13	+9.2%
$ROG ROGERS CORP	Trimmed	1.4%	$107.33	$139.04	+29.5%
$BLMN BLOOMIN BRANDS INC	Held	1%	$5.40	$8.06	+49.3%
$HYGPut option ISHARES TR	New buy	0.1%	$1.00	$79.75	+7875%
$IWMPut option ISHARES TR	Added	0.1%	$3.96	$297.24	+7415.5%

Notable sell-outs this quarter: $ADSK, $CRM

Source: SEC 13F via FMP · Mar 2026 report · 45-day filing delay. Long equity positions only. Not financial advice.