Great investors · Jeff Smith · Q2 2025
What Jeff Smith bought and sold in Q2 2025
Starboard Value 13F portfolio as of Jun 30, 2025: 24 positions worth $5.8 bn. Largest: QRVO, MTCH, ADSK, BDX. Filed with the SEC on Aug 14, 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 Q2 2025
- IncreasedBecton, DickinsonBDX+2.6 pp
- NewTripadvisorTRIP+1.9 pp
- IncreasedSalesforceCRM+1.9 pp
- IncreasediShares Core S&P Midcap ETFIJH+1.8 pp
- NewiShares Russell 2000 ETFIWM+1.3 pp
- IncreasedMatch GroupMTCH+0.7 pp
Sells in Q2 2025
- ReducedAutodeskADSK−2.9 pp
- ReducedGen DigitalGEN−2.1 pp
- ReducedRIOT PlatformsRIOT−1.6 pp
- ReducedQorvoQRVO−0.6 pp
- ReducedNewsNWS−0.6 pp
- ReducedGreen DOTGDOT−0.5 pp
12 companies with material moves, out of 22 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 Q2 2025 13F lists 24 lines of US-listed securities worth $5.8 bn; the largest is QRVO at 11.6% of the portfolio. It was accepted by the SEC on Aug 14, 2025 at 4:08 PM ET.
Against the previous quarter, it opened 3 positions (TRIP, IWM and WIX), closed none, added to 6 (BDX, CRM, IJH and MTCH and 2 more) and trimmed 13 (ADSK, GEN, RIOT and QRVO and 9 more). 2 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Qorvo QRVO | 7.9 M | $668M | 11.6% | −4.8% |
| 2 | Match Group MTCH | 15.3 M | $473M | 8.20% | +8.7% |
| 3 | Autodesk ADSK | 1.5 M | $454M | 7.87% | −27% |
| 4 | Becton, Dickinson BDX | 2.6 M | $451M | 7.82% | +50% |
| 5 | Kenvue KVUE | 20.9 M | $438M | 7.59% | −5.1% |
| 6 | Gen Digital GEN | 13.3 M | $392M | 6.79% | −24% |
| 7 | Algonquin Power & Utilities AQN | 63.5 M | $364M | 6.31% | −4.4% |
| 8 | Salesforce CRM | 1.3 M | $341M | 5.92% | +47% |
| 9 | iShares Core S&P Midcap ETF IJH | 5.3 M | $326M | 5.64% | +47% |
| 10 | Healthcare Realty Trust HR | 19.3 M | $306M | 5.30% | −3.9% |
| 11 | Alight, Inc. / Delaware ALIT | 45.9 M | $260M | 4.50% | −4.3% |
| 12 | News NWS | 6.9 M | $235M | 4.08% | −12% |
| 13 | Acacia Research ACTG | 61.1 M | $219M | 3.79% | no change |
| 14 | Pfizer PFE | 8.5 M | $207M | 3.59% | +10% |
| 15 | News NWSA | 6.8 M | $202M | 3.50% | −5.6% |
| 16 | Tripadvisor TRIP | 8.5 M | $111M | 1.92% | new |
| 17 | iShares Russell 2000 ETF IWM | 340,000 | $73.4M | 1.27% | new |
| 18 | Bloomin’ Brands BLMN | 8.0 M | $68.7M | 1.19% | −5.4% |
| 19 | Rogers ROG | 899,502 | $61.6M | 1.07% | +12% |
| 20 | RIOT Platforms RIOT | 4.7 M | $52.8M | 0.92% | −63% |
| 21 | RB Global RBA | 251,163 | $26.7M | 0.46% | no change |
| 22 | Green DOT GDOT | 1.7 M | $18.7M | 0.32% | −62% |
| 23 | Fortrea Holdings FTRE | 2.5 M | $12.3M | 0.21% | −53% |
| 24 | WIX | 7.1 M | $7.1M | 0.12% | new |
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.