Great investors · Jeff Smith · Q4 2025
What Jeff Smith bought and sold in Q4 2025
Starboard Value 13F portfolio as of Dec 31, 2025: 22 positions worth $5.3 bn. Largest: QRVO, KVUE, AQN, BILL. Filed with the SEC on Feb 17, 2026.
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 Q4 2025
- NewClearwater Analytics HoldingsCWAN+4.5 pp
- NewFluorFLR+3.9 pp
- IncreasedKenvueKVUE+2.1 pp
- IncreasedRIOT PlatformsRIOT+0.9 pp
Sells in Q4 2025
- Sold outAlight, Inc. / DelawareALIT−2.8 pp
- ReducedAutodeskADSK−1.7 pp
- ReducedSalesforceCRM−1.5 pp
- ReducedBecton, DickinsonBDX−1.0 pp
- ReducedNewsNWS−0.9 pp
- ReducedRogersROG−0.8 pp
- ReducedGen DigitalGEN−0.8 pp
- ReducedHealthcare Realty TrustHR−0.6 pp
12 companies with material moves, out of 15 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 Q4 2025 13F lists 22 lines of US-listed securities worth $5.3 bn; the largest is QRVO at 12.0% of the portfolio. It was accepted by the SEC on Feb 17, 2026 at 4:04 PM ET.
Against the previous quarter, it opened 3 positions (CWAN, FLR and BIXI), closed 1 (ALIT), added to 4 (KVUE, RIOT, MTCH and TRIP) and trimmed 8 (ADSK, CRM, BDX and GEN and 4 more). 7 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Qorvo QRVO | 7.5 M | $635M | 12.0% | no change |
| 2 | Kenvue KVUE | 27.3 M | $471M | 8.92% | +30% |
| 3 | Algonquin Power & Utilities AQN | 63.5 M | $390M | 7.40% | no change |
| 4 | BILL Holdings BILL | 7.0 M | $383M | 7.26% | no change |
| 5 | Match Group MTCH | 11.4 M | $368M | 6.97% | +2.9% |
| 6 | iShares Core S&P Midcap ETF IJH | 5.3 M | $347M | 6.56% | no change |
| 7 | Autodesk ADSK | 1.0 M | $297M | 5.62% | −24% |
| 8 | Gen Digital GEN | 10.6 M | $288M | 5.45% | −13% |
| 9 | Salesforce CRM | 940,325 | $249M | 4.72% | −24% |
| 10 | Clearwater Analytics Holdings CWAN | 10.0 M | $240M | 4.55% | new |
| 11 | Acacia Research ACTG | 61.1 M | $229M | 4.33% | no change |
| 12 | Healthcare Realty Trust HR | 12.6 M | $214M | 4.05% | −13% |
| 13 | Fluor FLR | 5.2 M | $206M | 3.90% | new |
| 14 | Becton, Dickinson BDX | 929,917 | $180M | 3.42% | −23% |
| 15 | RIOT Platforms RIOT | 12.7 M | $161M | 3.06% | +45% |
| 16 | News NWSA | 5.9 M | $154M | 2.92% | −7.6% |
| 17 | Tripadvisor TRIP | 9.6 M | $140M | 2.66% | +1.4% |
| 18 | News NWS | 4.4 M | $132M | 2.49% | −26% |
| 19 | Rogers ROG | 1.2 M | $110M | 2.09% | −28% |
| 20 | Bloomin’ Brands BLMN | 8.0 M | $49.2M | 0.93% | no change |
| 21 | iShares Russell 2000 ETF IWM | 137,000 | $33.7M | 0.64% | no change |
| 22 | Bitcoin Infrastructure Acquisition BIXI | 300,000 | $3.0M | 0.06% | new |
Positions it closed (1)
- Alight, Inc. / Delaware ALITwas 2.81% · 45.9 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.