# Starboard Value: 13F portfolio, Q2 2026

Investment firm, New York.

Source: SEC Form 13F filed 2026-08-14 for the quarter ended 2026-06-30: https://www.sec.gov/Archives/edgar/data/1517137/000092189526002172/0000921895-26-002172-index.htm
Values are as the manager reported them in the filing, not current market prices.
Page: https://valuepeg.com/managers/starboard-value
Updated: 2026-08-14 · Next filing due by 2026-11-14

## Summary
- Reported value: $4.5B (Q1 2026: $4.6B)
- Positions: 21 (Q1 2026: 23)
- Top 10 holdings: 84.3% of the portfolio
- This quarter: 2 new, 2 added to, 11 trimmed, 4 sold out

## What Starboard Value did in Q2 2026
Starboard Value opened new positions in Dynatrace and Flowserve. It raised its stake in Ishares Tr by 52%. It sold out of 4 positions, among them Gen Digital, Clearwater Analytics Hldgs I and Becton Dickinson. It cut Healthcare Realty Trust by 72%, News by 64% and TripAdvisor by 53%. Ishares Tr is now the largest holding, at 15.1% of the portfolio.

## Biggest buys
- Dynatrace (DT): New
- Flowserve (FLS): New
- Ishares Tr (IJH): +52%
- BILL Holdings (BILL): +0.0%

## Biggest sells
- Gen Digital (GEN): Sold out
- Clearwater Analytics Hldgs I (CWAN): Sold out
- Becton Dickinson (BDX): Sold out
- Rogers (ROG): Sold out
- Healthcare Realty Trust (HR): −72%

## Top 15 holdings
| # | Company | Ticker | % of portfolio | Reported value | Change vs Q1 2026 | Held since |
|---|---|---|---|---|---|---|
| 1 | Ishares Tr | IJH | 15.1% | $684.6M | +52% | Q4 2024 |
| 2 | Qorvo | QRVO | 11.6% | $523.4M | −25% | Q1 2025 |
| 3 | Kenvue | KVUE | 11.5% | $521.8M | No change | Q4 2024 |
| 4 | Dynatrace | DT | 8.6% | $389.3M | New | Q2 2026 |
| 5 | Algonquin Power & Utilities | AQN | 7.4% | $335.1M | No change | Q3 2024 or earlier |
| 6 | Match Group | MTCH | 6.5% | $295.8M | −32% | Q3 2024 or earlier |
| 7 | Acacia Research | ACTG | 6.3% | $284.8M | No change | Q3 2024 or earlier |
| 8 | Riot Platforms | RIOT | 6.1% | $276.9M | −35% | Q4 2024 |
| 9 | BILL Holdings | BILL | 5.6% | $254.1M | +0.0% | Q3 2025 |
| 10 | Lamb Weston Holdings | LW | 5.5% | $247.6M | −6% | Q1 2026 |
| 11 | Carmax | KMX | 3.8% | $169.6M | −48% | Q1 2026 |
| 12 | Flowserve | FLS | 2.4% | $106.9M | New | Q2 2026 |
| 13 | Fluor | FLR | 1.8% | $83.1M | −45% | Q4 2025 |
| 14 | Gpgi | GPGI | 1.8% | $79.7M | No change | Q1 2026 |
| 15 | TripAdvisor | TRIP | 1.5% | $69.9M | −53% | Q2 2025 |

6 more positions and every quarter's holdings are on Valuepeg for members: https://valuepeg.com/managers/starboard-value

## Other value investors
- TCI Fund Management: https://valuepeg.com/managers/tci-fund-management
- Third Avenue Management: https://valuepeg.com/managers/third-avenue
- Third Point (Dan Loeb): https://valuepeg.com/managers/third-point
- Tiger Global Management (Chase Coleman): https://valuepeg.com/managers/tiger-global
- Trian Fund Management: https://valuepeg.com/managers/trian-fund-management

## About this data
- **What is a 13F?** A quarterly report to the SEC in which an investment manager with over $100 million in US-listed stocks lists what it holds.
- **How current is it?** Managers file up to 45 days after each quarter ends, so the holdings may have changed since.
- **Whose figures are these?** The values are as the manager reported them in the filing, not today's prices. The SEC lets a manager keep some positions confidential for a time, and those are not in the filing.
- **What does it leave out?** Short positions, cash, bonds and most holdings outside US markets. Options are left out here too.

Not investment advice.