Starboard Value LP
The positions Starboard Value LP reported on its Form 13F for Q2 2026, the quarter ending 30 Jun 2026, filed on 14 Aug 2026. Every figure below is the filing’s own: US-listed long equity, valued at the quarter end, with the change measured against the same manager’s previous filing.
What Starboard Value LP wrote
Letters & Theses13 reviewed claims from Starboard Value LP’s letters: what it argued, company by company, beside what it owns.
- Starboard Value's letter to CarMax's incoming CEO · 10 Mar 2026
- Starboard Value's letter to Autodesk shareholders on margins and board change · 19 Mar 2025
- Starboard's February 2019 letter to Bristol-Myers Squibb shareholders on the Celgene deal · 28 Feb 2019
- Starboard Value's letter to the Darden Restaurants board (July 2014) · 15 Jul 2014
Reported book is the quarter-end market value of the securities on the 13F, mostly US-listed long equity. It is not the manager’s assets under management: shorts, cash, leverage and most non-US or private holdings sit outside it.
Opened this quarter
A new position is the clearest thing a filing says. Somebody argued for it recently, and it is the easiest question to be ready for.
Sold out of this quarter
Exits are valued at what the position was worth in the previous filing, because by this one it is gone.
Every reported position, Q2 2026
22 positions, sorted by weight
| Position | Weight ↓ | Value | Shares | Change on the quarter | Action |
|---|---|---|---|---|---|
| iShares Core S&P Mid Cap ETF (IJH) CUSIP 464287507 | 15% | $685m | 8,877,781 | +$291m +3,047,125 shares | Added |
| Qorvo Inc (QRVO) CUSIP 74736K101 | 12% | $523m | 5,611,526 | -$58m -1,899,345 shares | Trimmed |
| Kenvue Inc (KVUE) CUSIP 49177J102 | 12% | $522m | 27,307,632 | +$51m 0 shares | Held |
| Dynatrace Inc (DT) CUSIP 268150109 | 8.6% | $389m | 8,866,692 | No earlier filing | New |
| Algonquin Power & Utilities (AQN) CUSIP 015857105 | 7.4% | $335m | 57,189,420 | -$16m 0 shares | Held |
| Match Group Inc New (MTCH) CUSIP 57667L107 | 6.5% | $296m | 7,775,125 | -$54m -3,620,254 shares | Trimmed |
| Acacia Resh Corp (ACTG) Acacia TCH Common · CUSIP 003881307 | 6.3% | $285m | 61,123,595 | -$9.2m 0 shares | Held |
| Riot Platforms Inc (RIOT) CUSIP 767292105 | 6.1% | $277m | 10,114,576 | +$85m -5,430,000 shares | Trimmed |
| Bill Holdings Inc (BILL) CUSIP 090043100 | 5.6% | $254m | 7,025,748 | -$15m +900 shares | Added |
| Lamb Weston HLDGS Inc (LW) CUSIP 513272104 | 5.5% | $248m | 5,733,982 | -$11m -381,000 shares | Trimmed |
| Carmax Inc (KMX) CUSIP 143130102 | 3.7% | $170m | 3,206,438 | -$88m -2,994,924 shares | Trimmed |
| Flowserve Corp (FLS) CUSIP 34354P105 | 2.4% | $107m | 1,441,600 | No earlier filing | New |
| Fluor Corp (FLR) CUSIP 343412102 | 1.8% | $83m | 1,586,327 | -$52m -1,300,000 shares | Trimmed |
| Gpgi Inc (GPGI) Common Class A · CUSIP 20459V105 | 1.8% | $80m | 5,027,028 | -$6.3m 0 shares | Held |
| Tripadvisor Inc (TRIP) CUSIP 896945201 | 1.5% | $70m | 5,096,996 | -$45m -5,678,000 shares | Trimmed |
| News Corp New (NWS) Class B · CUSIP 65249B208 | 1.5% | $68m | 2,431,081 | -$5.6m -158,000 shares | Trimmed |
| News Corp New (NWSA) Class A · CUSIP 65249B109 | 1.1% | $51m | 2,040,100 | -$89m -3,565,026 shares | Trimmed |
| Healthcare Rlty TR (HR) Class A Common · CUSIP 42226K105 | 0.9% | $39m | 1,936,267 | -$77m -4,885,000 shares | Trimmed |
| Bloomin Brands Inc (BLMN) CUSIP 094235108 | 0.8% | $38m | 4,180,992 | -$4.9m -3,800,000 shares | Trimmed |
| Bitcoin Infrastructure Acqui (BIXI) USD Class A Ordinary Shares · CUSIP G1143H101 | 0.1% | $3.0m | 300,000 | unchanged 0 shares | Held |
| Riot Platforms Inc (RIOT) puts · CUSIP 767292105 | 0.0% | $1.9m | 2,423,400 | +$1.2m +1,630,900 shares | Added |
| Bitcoin Infrastructure Acqui (BIXIW) *w EXP 11/06/203 · CUSIP G1143H119 | 0.0% | $0 | 149,999 | unchanged 0 shares | Held |
Every filing on file
| Quarter | Period end | Filed | Book | Positions | Top 10 | Filing |
|---|---|---|---|---|---|---|
| Q2 2026 | 30 Jun 2026 | 14 Aug 2026 | $4.5bn | 22 | 84% | 13F-HR |
| Q1 2026 | 31 Mar 2026 | 15 May 2026 | $4.6bn | 26 | 75% | 13F-HR |
| Q4 2025 | 31 Dec 2025 | 17 Feb 2026 | $5.3bn | 22 | 69% | 13F-HR |
| Q3 2025 | 30 Sept 2025 | 14 Nov 2025 | $5.3bn | 20 | 71% | 13F-HR |
| Q2 2025 | 30 Jun 2025 | 14 Aug 2025 | $5.8bn | 25 | 73% | 13F-HR |
| Q1 2025 | 31 Mar 2025 | 15 May 2025 | $5.5bn | 22 | 76% | 13F-HR |
| Q4 2024 | 31 Dec 2024 | 14 Feb 2025 | $5.5bn | 22 | 71% | 13F-HR |
| Q3 2024 | 30 Sept 2024 | 14 Nov 2024 | $4.7bn | 20 | 80% | 13F-HR |
Taking this into the room
Pick one name from the top of the book and one from the new positions, and know both properly: what the company earns, what it is priced at, and what has to be true for the position to work. That is a conversation. Reciting the whole table is not, and the interviewer wrote it.
A position sold out of is worth as much preparation as one opened. Ask what changed rather than asserting the fund was wrong, and be ready for the answer that the thesis played out and the money went somewhere better.
What this filing leaves out
A 13F covers US-listed long equity at one moment in time. Shorts, bonds, cash, private positions and non-US listings never appear, and options are reported in a form that will mislead you if you read them as a position. A long/short manager showing $8bn here may run a book several times that size.
The lag matters too. Positions are as at the quarter end and the filing arrives up to forty-five days later, so what you are reading is at least six weeks old and possibly four months. Phrase it as what the filing showed, not what the fund holds today.
You have read the book. Now have a view on one name
Pick a position, work out what it is worth, and be ready to defend it. That is the difference between a candidate who read the filing and one who did something with it.
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