Estimated from 13F holdings — long US equities only; follow-the-filing returns are net of an assumed 10 bps per unit of turnover.
About the fund
Starboard Value is an American investment management firm and hedge fund headquartered in New York City. Founded in 2002, the firm specializes in activist investing, taking significant stakes in publicly traded companies to drive changes in strategy, governance, and capital allocation.
Investment approach
Starboard Value employs a focused and fundamental approach to investing in publicly traded companies. The firm identifies deeply undervalued companies and actively engages with their management teams and boards of directors to execute strategies that unlock shareholder value. This often involves proxy contests, restructuring, and advocating for changes in governance or capital allocation.
History
Starboard Value began in 2002 as part of Ramius Capital, a subsidiary of the Cowen Group. In 2008, it merged with the Cowen Group and operated as its hedge fund until 2011, when it became an independent firm. The firm has since established a reputation for activist investing, frequently seeking board seats and operational changes at publicly traded companies.
Notable positions & campaigns
- Darden Restaurants2014 — Starboard replaced the entire board of directors and Jeffrey Smith became chairman after criticizing the company's operations.
- AOL2011 — Starboard sought board seats and urged the company to return capital to shareholders and spin off its Patch division.
- Mellanox Technologies2017 — Starboard pushed for board seats and operational improvements at the semiconductor firm.
- Symantec2018 — Starboard nominated directors and successfully placed members on the board.
- BILL Holdings2025 — Starboard entered into a cooperation agreement resulting in the appointment of new independent directors.
- Pfizer2024 — Starboard disclosed a $1 billion position in the drugmaker.
Profile generated 2026-10-09 from public sources; may be incomplete or out of date.
- Founded by
- Jeffrey Smith, Mark Mitchell
- Founded
- 2002
- HQ
- New York, United States
- Reported AUM
- $8.2bn (as of September 11, 2026)
- Website
- starboardvalue.com
Management
- Jeffrey Chad SmithChief Executive Officer and Chief Investment Officer
- Peter Alexander FeldPortfolio Manager and Head of Research
- Pat John GargiuloChief Financial Officer
- Tatiana LewinGeneral Counsel
- Lorelei B MartinChief Compliance Officer
Holdings heatmap
Latest 13F (2026-06-30): top 21 positions grouped by sector, sized by weight, coloured by the change in weight since the previous 13F.
Holdings map
Each tile is a position, sized by reported value and coloured by the stock's own price return (red down, green up) — the LiquidRound / finviz-style map.
Copy portfolio vs SPY
Growth of $1 following each filing the trading day after it was filed.
Top holdings
Latest 13F (2026-06-30).
| # | Ticker | Value | Weight |
|---|---|---|---|
| 1 | IJH | $685M | 15.1% |
| 2 | QRVO | $523M | 11.6% |
| 3 | KVUE | $522M | 11.5% |
| 4 | DT | $389M | 8.6% |
| 5 | AQN | $335M | 7.4% |
| 6 | MTCH | $296M | 6.5% |
| 7 | ACTG | $285M | 6.3% |
| 8 | RIOT | $277M | 6.1% |
| 9 | BILL | $254M | 5.6% |
| 10 | LW | $248M | 5.5% |
| 11 | KMX | $170M | 3.8% |
| 12 | FLS | $107M | 2.4% |
| 13 | FLR | $83M | 1.8% |
| 14 | GPGI | $80M | 1.8% |
| 15 | TRIP | $70M | 1.5% |
| 16 | NWS | $68M | 1.5% |
| 17 | NWSA | $51M | 1.1% |
| 18 | HR | $39M | 0.9% |
| 19 | BLMN | $38M | 0.8% |
| 20 | — | $3M | 0.1% |
| 21 | — | $47,460 | 0.0% |
Sector mix
Top-25 holdings by weight.
Changes this quarter
| Move | Ticker | Prev wt | Now wt |
|---|---|---|---|
| new | DT | 0.0% | 8.6% |
| added | IJH | 8.6% | 15.1% |
| exited | GEN | 3.2% | 0.0% |
| exited | — | 2.8% | 0.0% |
| new | FLS | 0.0% | 2.4% |
| exited | BDX | 2.2% | 0.0% |
| trimmed | NWSA | 3.1% | 1.1% |
| trimmed | RIOT | 4.2% | 6.1% |
| trimmed | KMX | 5.6% | 3.8% |
| trimmed | HR | 2.5% | 0.9% |
| exited | ROG | 1.4% | 0.0% |
| trimmed | QRVO | 12.7% | 11.6% |
| trimmed | MTCH | 7.7% | 6.5% |
| trimmed | FLR | 2.9% | 1.8% |
| trimmed | TRIP | 2.5% | 1.5% |
| trimmed | LW | 5.7% | 5.5% |
| trimmed | NWS | 1.6% | 1.5% |
| trimmed | BLMN | 0.9% | 0.8% |
Quarterly copy returns
Each 13F held from the day after filing until the next filing.
| 13F period | Copy | SPY | Alpha | Coverage |
|---|---|---|---|---|
| 2026-06-30 | -2.6% | +0.4% | -3.0% | 88% |
| 2026-03-31 | +11.3% | +4.9% | +6.4% | 84% |
| 2025-12-31 | +2.5% | +7.9% | -5.5% | 83% |
| 2025-09-30 | +0.4% | +3.4% | -3.0% | 84% |
| 2025-06-30 | -5.9% | +3.7% | -9.7% | 84% |
| 2025-03-31 | +4.8% | +8.6% | -3.8% | 84% |
| 2024-12-31 | -4.9% | -2.5% | -2.4% | 91% |
| 2024-09-30 | -0.3% | +4.7% | -5.1% | 86% |
| 2024-06-30 | +5.7% | +6.2% | -0.5% | 86% |
| 2024-03-31 | -0.5% | +4.9% | -5.4% | 85% |
| 2023-12-31 | +8.8% | +5.6% | +3.1% | 91% |
| 2023-09-30 | +11.2% | +12.1% | -0.8% | 90% |
| 2023-06-30 | +6.4% | +0.7% | +5.7% | 77% |
| 2023-03-31 | +13.0% | +8.9% | +4.1% | 72% |
| 2022-12-31 | -7.3% | +0.1% | -7.4% | 73% |
| 2022-09-30 | +5.6% | +4.4% | +1.2% | 69% |
Filing dates
- 2026-08-1413F-HR for 2026-06-30 · $4.5B · 22 rows
- 2026-05-1513F-HR for 2026-03-31 · $4.6B · 26 rows
- 2026-02-1713F-HR for 2025-12-31 · $5.3B · 22 rows
- 2025-11-1413F-HR for 2025-09-30 · $5.3B · 20 rows
- 2025-08-1413F-HR for 2025-06-30 · $5.8B · 25 rows
- 2025-05-1513F-HR for 2025-03-31 · $5.5B · 22 rows
- 2025-02-1413F-HR for 2024-12-31 · $5.5B · 22 rows
- 2024-11-1413F-HR for 2024-09-30 · $4.7B · 20 rows
- 2024-08-1413F-HR for 2024-06-30 · $4.3B · 20 rows
- 2024-05-1513F-HR for 2024-03-31 · $4.8B · 23 rows
- 2024-02-1413F-HR for 2023-12-31 · $4.8B · 28 rows
- 2023-11-1413F-HR for 2023-09-30 · $3.9B · 25 rows
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