Great investors · Jeff Smith · Q3 2025
What Jeff Smith bought and sold in Q3 2025
Starboard Value 13F portfolio as of Sep 30, 2025: 20 positions worth $5.3 bn. Largest: QRVO, ADSK, NWS, MTCH. Filed with the SEC on Nov 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 Q3 2025
- NewBILL HoldingsBILL+6.5 pp
- IncreasedRIOT PlatformsRIOT+1.4 pp
- IncreasedRogersROG+1.1 pp
Sells in Q3 2025
- ReducedBecton, DickinsonBDX−4.6 pp
- Sold outPfizerPFE−3.6 pp
- ReducedMatch GroupMTCH−2.6 pp
- ReducedHealthcare Realty TrustHR−1.5 pp
- ReducediShares Russell 2000 ETFIWM−0.9 pp
- ReducedAutodeskADSK−0.8 pp
- ReducedQorvoQRVO−0.6 pp
- ReducedGen DigitalGEN−0.6 pp
- ReducedNewsNWS−0.5 pp
12 companies with material moves, out of 17 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 Q3 2025 13F lists 20 lines of US-listed securities worth $5.3 bn; the largest is QRVO at 12.9% of the portfolio. It was accepted by the SEC on Nov 14, 2025 at 4:08 PM ET.
Against the previous quarter, it opened 1 position (BILL), closed 4 (PFE, RBA, GDOT and FTRE), added to 3 (RIOT, ROG and TRIP) and trimmed 9 (BDX, MTCH, HR and ADSK and 5 more). 7 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Qorvo QRVO | 7.5 M | $684M | 12.9% | −4.6% |
| 2 | Autodesk ADSK | 1.3 M | $417M | 7.85% | −11% |
| 3 | Match Group MTCH | 11.1 M | $391M | 7.36% | −28% |
| 4 | BILL Holdings BILL | 7.0 M | $372M | 7.00% | new |
| 5 | Gen Digital GEN | 12.2 M | $346M | 6.50% | −8.7% |
| 6 | iShares Core S&P Midcap ETF IJH | 5.3 M | $343M | 6.45% | no change |
| 7 | Algonquin Power & Utilities AQN | 63.5 M | $341M | 6.42% | no change |
| 8 | Kenvue KVUE | 20.9 M | $340M | 6.39% | no change |
| 9 | Salesforce CRM | 1.2 M | $294M | 5.54% | no change |
| 10 | Healthcare Realty Trust HR | 14.5 M | $261M | 4.92% | −25% |
| 11 | Becton, Dickinson BDX | 1.2 M | $226M | 4.25% | −54% |
| 12 | News NWS | 6.0 M | $208M | 3.91% | −12% |
| 13 | Acacia Research ACTG | 61.1 M | $199M | 3.74% | no change |
| 14 | News NWSA | 6.4 M | $196M | 3.69% | −6.1% |
| 15 | RIOT Platforms RIOT | 8.8 M | $168M | 3.16% | +89% |
| 16 | Tripadvisor TRIP | 9.5 M | $155M | 2.91% | +12% |
| 17 | Alight, Inc. / Delaware ALIT | 45.9 M | $150M | 2.81% | no change |
| 18 | Rogers ROG | 1.7 M | $135M | 2.54% | +86% |
| 19 | Bloomin’ Brands BLMN | 8.0 M | $57.2M | 1.08% | no change |
| 20 | iShares Russell 2000 ETF IWM | 137,000 | $33.1M | 0.62% | −60% |
Positions it closed (4)
- Pfizer PFEwas 3.59% · 8.5 M shares
- RB Global RBAwas 0.46% · 251,163 shares
- Green DOT GDOTwas 0.32% · 1.7 M shares
- Fortrea Holdings FTREwas 0.21% · 2.5 M shares
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.