Starboard Value LP

Starboard Value LP's latest 13F filing reveals a highly concentrated activist strategy with a portfolio of just 20 positions totaling $5.3 billion in assets under management. The fund's approach remains consistent with its activist methodology, showing no new position initiations or complete exits during the quarter, suggesting a patient, long-term engagement strategy with its current holdings. This stability reflects the typical activist playbook of maintaining positions while working behind the scenes to influence corporate governance and operational changes.

The portfolio composition shows significant concentration in technology and growth-oriented companies, with Qorvo (QRVO) representing the fund's largest commitment through what appears to be multiple position entries totaling nearly 25% of the portfolio at approximately $1.3 trillion in combined value. Other substantial positions include consumer products company Kenvue (KVUE) at 8.9%, software firms Autodesk (ADSK) and Bill.com (BILL) representing over 14% combined, and Match Group (MTCH) holdings totaling around 14.4% of assets. The presence of the iShares Core S&P Mid-Cap ETF (IJH) at 6.6% suggests some tactical allocation to broader mid-cap exposure, though this represents a smaller portion of the activist-focused strategy.

The data reveals Starboard's characteristic focus on companies where it can potentially drive value creation through operational improvements, strategic repositioning, or governance changes. The significant weightings in technology names like Qorvo, Autodesk, and Bill.com align with the fund's historical preference for companies with strong fundamentals that may be undervalued or facing execution challenges that activist intervention could address. The concentrated nature of these holdings, with the top positions representing substantial percentages of assets, demonstrates the high-conviction approach typical of activist strategies where funds seek to accumulate meaningful stakes to influence corporate decision-making.

Analysis generated Apr 5, 2026