Starboard Value LP

New York, NY · CIK 1517137 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2011 · limited partnership

Assets managed$8.2bn
Staff44 · 16 in investment roles
Main clients (by assets)Private funds 67%, State and local governments 23%, Sovereign wealth funds 7%
Private funds2 (2 hedge) · $5.5bn gross assets
Websitestarboardvalue.com
Form ADV · 2026-09-11SEC adviser record

$4.5bn reported value -1.0% vs Q1 2026

21positions

84.3%in top 10

2 new 2 added 11 reduced 4 sold out vs Q1 2026

Options: 0 call positions (— notional), 1 put positions ($1.9m notional) – listed below, not included above.

This report includes the holdings of 5 other managers that share the investment decisions:

Feld Peter A – reports through this filing
Smith Jeffrey C – reports through this filing
Starboard Principal Co GP LLC – reports through this filing
Starboard Principal Co LP – reports through this filing
Starboard Value GP LLC – reports through this filing

Shares in two reports are counted once in each security's totals.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	ISHARES TR CORE S&P MCP ETF IJH	IJH	8,877,781	$684.6m15.14%	15.14%	Added +3.0m	+3,047,125 52.3%
2	QORVO INC COM QRVO	QRVO	5,611,526	$523.4m11.57%	11.57%	Reduced -1.9m	-1,899,345 -25.3%
3	KENVUE INC COM KVUE	KVUE	27,307,632	$521.8m11.54%	11.54%	Unchanged
4	DYNATRACE INC COM NEW DT	DT	8,866,692	$389.3m8.61%	8.61%	New
5	ALGONQUIN PWR UTILS CORP COM AQN	AQN	57,189,420	$335.1m7.41%	7.41%	Unchanged
6	MATCH GROUP INC NEW COM MTCH	MTCH	7,775,125	$295.8m6.54%	6.54%	Reduced -3.6m	-3,620,254 -31.8%
7	ACACIA RESH CORP ACACIA TCH COM ACTG	ACTG	61,123,595	$284.8m6.30%	6.30%	Unchanged
8	RIOT PLATFORMS INC COM RIOT	RIOT	10,114,576	$276.9m6.12%	6.12%	Reduced -5.4m	-5,430,000 -34.9%
9	BILL HOLDINGS INC COM BILL	BILL	7,025,748	$254.1m5.62%	5.62%	Added +900	+900 0.0%
10	LAMB WESTON HLDGS INC COM LW	LW	5,733,982	$247.6m5.48%	5.48%	Reduced -381.0k	-381,000 -6.2%
11	CARMAX INC COM KMX	KMX	3,206,438	$169.6m3.75%	3.75%	Reduced -3.0m	-2,994,924 -48.3%
12	FLOWSERVE CORP COM FLS	FLS	1,441,600	$106.9m2.36%	2.36%	New
13	FLUOR CORP NEW COM FLR	FLR	1,586,327	$83.1m1.84%	1.84%	Reduced -1.3m	-1,300,000 -45.0%
14	COMPOSECURE INC COM CL A GPGI	GPGI	5,027,028	$79.7m1.76%	1.76%	Unchanged
15	TRIPADVISOR INC COM TRIP	TRIP	5,096,996	$69.9m1.55%	1.55%	Reduced -5.7m	-5,678,000 -52.7%
16	NEWS CORP NEW CL B NWS	NWS	2,431,081	$68.2m1.51%	1.51%	Reduced -158.0k	-158,000 -6.1%
17	NEWS CORP NEW CL A NWSA	NWSA	2,040,100	$50.7m1.12%	1.12%	Reduced -3.6m	-3,565,026 -63.6%
18	HEALTHCARE RLTY TR CL A COM HR	HR	1,936,267	$39.1m0.86%	0.86%	Reduced -4.9m	-4,885,000 -71.6%
19	BLOOMIN BRANDS INC COM BLMN	BLMN	4,180,992	$38.2m0.85%	0.85%	Reduced -3.8m	-3,800,000 -47.6%
20	BITCOIN INFRASTRUCTURE ACQUI USD CL A ORD SHS BIXI	BIXI	300,000	$3.0m0.07%	0.07%	Unchanged
21	BITCOIN INFRASTRUCTURE ACQUI *W EXP 11/06/203 BIXIW	BIXIW	149,999	$47.5k0.00%	0.00%	Unchanged

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
GEN DIGITAL INC GEN	GEN	7,806,922	$147.0m7.8m shares
CLEARWATER ANALYTICS HLDGS I		5,459,031	$129.1m5.5m shares
BECTON DICKINSON & CO BDX	BDX	636,494	$100.1m636.5k shares
ROGERS CORP ROG	ROG	584,328	$62.7m584.3k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
RIOT PLATFORMS INC RIOT · Put	RIOT	Put	2,423,400	$1.9m2.4m shares	Added

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
BILL HOLDINGS INC BILL · 13D · filed 2026-08-24	BILL	10.1%≈ $312.5m	+1.5 pts	13D	2026-08-24
ALGONQUIN PWR UTILS CORP AQN · 13D · filed 2026-04-01	AQN	7.4%≈ $335.3m	-1.3 pts	13D	2026-04-01