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Starboard Value LP
Jeffrey Smith · Hedge Fund · Activist
Starboard Value LP is a New York-based investment firm founded in 2011 by Jeffrey Smith and Peter Feld following a spin-off from Ramius LLC. The firm is widely recognized as one of the most prolific activist hedge funds in the industry, focusing on deeply undervalued U.S. public companies. Starboard is known for its intensive fundamental research and proactive engagement with corporate boards and management teams to drive fundamental improvements and unlock shareholder value. Over the years, the firm has established a formidable reputation for its successful proxy contests and operational interventions across sectors such as technology, retail, and healthcare.
Simulated Performance
| Metric | Value |
|---|---|
| Total return | +9.3% |
| YTD return | +10.9% |
| Sharpe ratio | -1.98 |
| Win rate | 74% |
| AUM | $3.8B |
| Inception | Oct 1, 2025 |
| Updated | Sep 18, 2026 |
Institution Status
| Field | Value |
|---|---|
| AUM | $3.8B |
| Turnover | Low (<15%) |
| Avg holding | 18 Months |
| Inception | Oct 1, 2025 |
| Website | https://www.starboardvalue.com/ |
Current Holdings
Updated on Sep 18, 2026.
| Ticker | Name | Portfolio % | Return |
|---|---|---|---|
| QRVO | Qorvo Inc | 13.8% | +27.4% |
| KVUE | Kenvue Inc. | 13.8% | +9.0% |
| DT | Dynatrace Holdings LLC | 12.5% | +2.8% |
| BILL | Bill Com Holdings Inc | 11.2% | -7.0% |
| MTCH | Match Group Inc | 8.6% | +24.7% |
| LW | Lamb Weston Holdings Inc | 8.3% | +5.5% |
| ACTG | Acacia Research Corporation | 7.2% | +25.3% |
| KMX | CarMax Inc | 5.3% | +38.8% |
| RIOT | Riot Blockchain Inc | 5.1% | +20.6% |
| NWSA | News Corp A | 3.7% | +3.4% |
| FLS | Flowserve Corporation | 3.0% | -7.9% |
| FLR | Fluor Corporation | 2.2% | +2.9% |
| GPGI | GPGI, Inc. | 1.8% | -4.5% |
| TRIP | TripAdvisor Inc | 1.3% | -39.7% |
| BLMN | Bloomin Brands Inc | 1.2% | +11.9% |
| HR | Healthcare Realty Trust Incorporated | 1.0% | +0.0% |
| BIXI | Bitcoin Infrastructure Acquisition Corp Ltd. Class A Ordinary Shares | 0.1% | +1.6% |
Recent activity
| Date | Action | Ticker | Weight |
|---|---|---|---|
| Aug 31, 2026 | BUY | LW | 7.1% → 8.3% |
| Aug 31, 2026 | BUY | BILL | 7.2% → 11.2% |
| Aug 31, 2026 | BUY | BLMN | 0.9% → 1.2% |
| Aug 31, 2026 | SELL | ROG | 2.1% → 0.0% |
| Aug 31, 2026 | SELL | GEN | 5.3% → 0.0% |
Investment Style Analysis
Starboard Value LP is widely recognized for employing a Activist strategy. As of Sep 18, 2026, the firm oversees approximately $3.8B in assets under management (AUM). The portfolio demonstrates a clear preference for the Software - Application and Semiconductors sectors, reflecting a high-conviction approach to capital allocation.
Recent Market Moves
During the latest rebalancing period ending Aug 31, Starboard Value LP made a significant move by increasing exposure to LW. This adjustment aligns with the fund's dynamic approach to risk management and capital deployment in current market conditions.
Investment Philosophy
Starboard Value employs a focused, fundamental investment strategy centered on identifying undervalued public companies where it believes it can act as a catalyst for significant value creation. The firm's philosophy is rooted in active ownership and constructive engagement, often involving the proposal of detailed operational, strategic, or financial turnaround plans. By seeking board representation and working closely with management, Starboard aims to address corporate inefficiencies and suboptimal capital allocation. Their ultimate goal is to align the interests of the company with those of its shareholders to generate sustainable, long-term returns through fundamental improvements.
Disclaimer
The content provided on this page, including the simulated portfolio performance, holdings analysis, and AI-generated insights, is for informational and educational purposes only. It does not constitute financial advice, investment recommendations, or an offer to buy or sell any securities. All data is derived from historical SEC 13F filings and other public disclosures, which have a reporting lag. The "Simulated Performance" is a hypothetical reconstruction based on past disclosures and does not represent the actual returns of the institution. Past performance is not indicative of future results. Tritonix.ai is not affiliated with Starboard Value LP.
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Frequently asked questions
How is the simulated portfolio for Starboard Value LP constructed?
This simulation is powered by Tritonix AI using official SEC filings. We focus on the "Best Ideas" by filtering for only the Top 20 largest holdings and rebalancing them to 100%. The simulation tracks performance starting from Oct 1, 2025. Our AI monitors for updates every Monday to capture major shifts. This concentrated approach highlights the manager's true stock-picking skill and mirrors their actual investment returns.
What is Starboard Value LP's largest holding?
As of the latest filing, Starboard Value LP's top position is Qorvo Inc (QRVO), representing 13.8% of the portfolio. This reflects a high-conviction bet by the institution.
What is Starboard Value LP's historical performance and risk profile?
Our simulation indicates a total return of +9.3% with a win rate of 74%. Notably, the portfolio maintains a Sharpe Ratio of -1.98, suggesting an standard level of risk-adjusted returns compared to the broader market.
What sectors does Starboard Value LP primarily invest in?
Starboard Value LP has a strong preference for the Software - Application sector, which makes up 23.8% of their disclosed assets. The portfolio also has exposure to Semiconductors, indicating a specific thematic focus.
Is Starboard Value LP's portfolio concentrated or diversified?
Starboard Value LP runs a highly concentrated portfolio with 17 disclosed positions. The top 3 holdings alone account for 40.1% of the total portfolio weight, suggesting a strategy that favors deep research into a few key names.
How has Starboard Value LP performed in 2026?
Our AI-simulated model portfolio for Starboard Value LP tracks a Year-to-Date (YTD) return of +10.9%. This metric helps investors gauge the institution's effectiveness in the current market environment.
Does Jeffrey Smith manage Starboard Value LP directly?
Yes, Jeffrey Smith serves as the key portfolio manager for Starboard Value LP, overseeing the investment strategy and final capital allocation decisions.