Great investors · Jeff Smith · Q1 2025
What Jeff Smith bought and sold in Q1 2025
Starboard Value 13F portfolio as of Mar 31, 2025: 21 positions worth $5.5 bn. Largest: QRVO, KVUE, ADSK, GEN. Filed with the SEC on May 15, 2025.
The 13F is filed by Starboard Value, not by Jeff Smith personally: these are the whole firm's positions. A “position” is a distinct security in the filing (by CUSIP); share classes of the same company are shown added together.
Buys in Q1 2025
- NewQorvoQRVO+10.8 pp
- NewBecton, DickinsonBDX+7.3 pp
- IncreasedAutodeskADSK+4.6 pp
- IncreasedSalesforceCRM+1.4 pp
Sells in Q1 2025
7 companies with material moves, out of 13 positions with a change. Only moves of 0.5 points of the portfolio or more are listed, measured as “traded weight” (what was bought or sold, excluding price effects). Smaller changes exist and are not listed: a position may have gone up or down without appearing above.
The full 13F, line by line
Starboard Value's Q1 2025 13F lists 21 lines of US-listed securities worth $5.5 bn; the largest is QRVO at 10.9% of the portfolio. It was accepted by the SEC on May 15, 2025 at 4:06 PM ET.
Against the previous quarter, it opened 2 positions (QRVO and BDX), closed 2 (GDDY and WIX), added to 4 (ADSK, CRM, AQN and ALIT) and trimmed 5 (PFE, IJH, NWS and MTCH and 1 more). 10 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Qorvo QRVO | 8.3 M | $599M | 10.9% | new |
| 2 | Kenvue KVUE | 22.1 M | $529M | 9.63% | no change |
| 3 | Autodesk ADSK | 2.0 M | $524M | 9.54% | +93% |
| 4 | Gen Digital GEN | 17.5 M | $465M | 8.47% | no change |
| 5 | Match Group MTCH | 14.1 M | $439M | 8.00% | −3.9% |
| 6 | Becton, Dickinson BDX | 1.7 M | $401M | 7.30% | new |
| 7 | Algonquin Power & Utilities AQN | 66.4 M | $341M | 6.22% | +1.7% |
| 8 | Healthcare Realty Trust HR | 20.1 M | $339M | 6.18% | no change |
| 9 | Alight, Inc. / Delaware ALIT | 47.9 M | $284M | 5.18% | +1.5% |
| 10 | News NWS | 7.8 M | $237M | 4.32% | −7.9% |
| 11 | Salesforce CRM | 849,679 | $228M | 4.15% | +52% |
| 12 | iShares Core S&P Midcap ETF IJH | 3.6 M | $208M | 3.79% | −10% |
| 13 | News NWSA | 7.2 M | $196M | 3.57% | no change |
| 14 | Pfizer PFE | 7.7 M | $196M | 3.57% | −50% |
| 15 | Acacia Research ACTG | 61.1 M | $196M | 3.56% | no change |
| 16 | RIOT Platforms RIOT | 12.7 M | $90.4M | 1.65% | no change |
| 17 | Bloomin’ Brands BLMN | 8.4 M | $60.5M | 1.10% | no change |
| 18 | Rogers ROG | 804,000 | $54.3M | 0.99% | no change |
| 19 | Fortrea Holdings FTRE | 5.3 M | $39.8M | 0.72% | −30% |
| 20 | Green DOT GDOT | 4.6 M | $38.9M | 0.71% | no change |
| 21 | RB Global RBA | 251,163 | $25.2M | 0.46% | no change |
One row per line of the filing (by CUSIP): share classes of the same company are listed separately here. “Change in shares” compares the count with the previous quarter, split-adjusted; the value is the one reported in the 13F at quarter end, not today's price.
Original documents: Starboard Value's 13F filings on EDGAR (SEC) ↗
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Source: 13F filings with the SEC. A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions. Not investment advice.