Great investors · Jeff Smith · Q1 2026
What Jeff Smith bought and sold in Q1 2026
Starboard Value 13F portfolio as of Mar 31, 2026: 23 positions worth $4.6 bn. Largest: QRVO, KVUE, IJH, AQN. Filed with the SEC on May 15, 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 Q1 2026
- NewLamb Weston HoldingsLW+4.9 pp
- NewCarmaxKMX+4.9 pp
- NewGPGIGPGI+1.6 pp
- IncreasediShares Core S&P Midcap ETFIJH+0.7 pp
- IncreasedRIOT PlatformsRIOT+0.7 pp
Sells in Q1 2026
- Sold outAutodeskADSK−5.6 pp
- Sold outSalesforceCRM−4.7 pp
- ReducedFluorFLR−2.0 pp
- ReducedClearwater Analytics HoldingsCWAN−2.0 pp
- ReducedHealthcare Realty TrustHR−1.9 pp
- ReducedRogersROG−1.3 pp
- ReducedNewsNWS−1.0 pp
- ReducedGen DigitalGEN−1.0 pp
- ReducedBecton, DickinsonBDX−0.9 pp
- ReducedAlgonquin Power & UtilitiesAQN−0.7 pp
- Sold outiShares Russell 2000 ETFIWM−0.6 pp
16 companies with material moves, out of 19 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 2026 13F lists 23 lines of US-listed securities worth $4.6 bn; the largest is QRVO at 12.7% of the portfolio. It was accepted by the SEC on May 15, 2026 at 4:17 PM ET.
Against the previous quarter, it opened 4 positions (LW, KMX, GPGI and BIXIW), closed 3 (ADSK, CRM and IWM), added to 3 (IJH, RIOT and TRIP) and trimmed 9 (FLR, CWAN, HR and GEN and 5 more). 7 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Qorvo QRVO | 7.5 M | $581M | 12.7% | no change |
| 2 | Kenvue KVUE | 27.3 M | $471M | 10.3% | no change |
| 3 | iShares Core S&P Midcap ETF IJH | 5.8 M | $394M | 8.62% | +11% |
| 4 | Algonquin Power & Utilities AQN | 57.2 M | $351M | 7.69% | −9.9% |
| 5 | Match Group MTCH | 11.4 M | $350M | 7.66% | no change |
| 6 | Acacia Research ACTG | 61.1 M | $294M | 6.44% | no change |
| 7 | BILL Holdings BILL | 7.0 M | $269M | 5.89% | no change |
| 8 | Lamb Weston Holdings LW | 6.1 M | $258M | 5.66% | new |
| 9 | Carmax KMX | 6.2 M | $258M | 5.64% | new |
| 10 | RIOT Platforms RIOT | 15.5 M | $192M | 4.21% | +22% |
| 11 | Gen Digital GEN | 7.8 M | $147M | 3.22% | −26% |
| 12 | News NWSA | 5.6 M | $140M | 3.06% | −4.9% |
| 13 | Fluor FLR | 2.9 M | $135M | 2.95% | −44% |
| 14 | Clearwater Analytics Holdings CWAN | 5.5 M | $129M | 2.83% | −45% |
| 15 | Healthcare Realty Trust HR | 6.8 M | $116M | 2.54% | −46% |
| 16 | Tripadvisor TRIP | 10.8 M | $115M | 2.51% | +12% |
| 17 | Becton, Dickinson BDX | 636,494 | $100M | 2.19% | −32% |
| 18 | GPGI GPGI | 5.0 M | $86.0M | 1.88% | new |
| 19 | News NWS | 2.6 M | $73.8M | 1.62% | −42% |
| 20 | Rogers ROG | 584,328 | $62.7M | 1.37% | −51% |
| 21 | Bloomin’ Brands BLMN | 8.0 M | $43.1M | 0.94% | no change |
| 22 | Bitcoin Infrastructure Acquisition BIXI | 300,000 | $3.0M | 0.07% | no change |
| 23 | Bitcoin Infrastructure Acquisition BIXIW | 149,999 | $44.6K | 0.00% | new |
Positions it closed (3)
- Autodesk ADSKwas 5.62% · 1.0 M shares
- Salesforce CRMwas 4.72% · 940,325 shares
- Ishares Tr IWMwas 0.64% · 137,000 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.