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Livermore
Livermore
ZHEN

Starboard Value

Superinvestor

Starboard Value LP

SEC CIK
0001517137
Manager
Jeff Smith
Style
Activist
Latest filing
Aug 14, 2026

The latest 13F from Starboard Value covers Q2 2026 (filed Aug 14, 2026): 21 long positions worth $4.52B. The top 10 holdings make up 84.3% of the portfolio, and the largest is iShares Core S&P Mid-Cap ETF at 15.1%. Livermore has 23 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
2
Est. +$496.2M
Added
2
Est. +$235.0M
Reduced
11
Est. −$1.01B
Sold out
4
Est. −$438.9M

Top 5 holdings

Share of this quarter's portfolio value

  1. iShares Core S&P Mid-Cap ETF464287507
    15.1%$684.6M
  2. QRVOQorvo, Inc.
    11.6%$523.4MHistory
  3. KVUEKenvue Inc.
    11.5%$521.8MHistory
  4. DTDynatrace, Inc.
    8.6%$389.3MHistory
  5. AQNAlgonquin Power & Utilities Corp.
    7.4%$335.1MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. DTDynatrace, Inc.
    +$389.3MNewHistory
  2. iShares Core S&P Mid-Cap ETF464287507
    +$235.0MAdded
  3. FLSFlowserve Corp
    +$106.9MNewHistory
  4. BILLBILL Holdings, Inc.
    +$32.5KAddedHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. DTDynatrace, Inc.
    +8.61 pp0.0% → 8.6%History
  2. iShares Core S&P Mid-Cap ETF464287507
    +6.52 pp8.6% → 15.1%
  3. FLSFlowserve Corp
    +2.36 pp0.0% → 2.4%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. QRVOQorvo, Inc.
    −$177.2MReducedHistory
  2. KMXCarMax Inc
    −$158.4MReducedHistory
  3. RIOTRiot Platforms, Inc.
    −$148.7MReducedHistory
  4. GENGen Digital Inc.
    −$147.0MSold outHistory
  5. MTCHMatch Group, Inc.
    −$137.8MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. GENGen Digital Inc.
    −3.22 pp3.2% → 0.0%History
  2. CWANClearwater Analytics Holdings, Inc.
    −2.83 pp2.8% → 0.0%History
  3. BDXBecton Dickinson & Co
    −2.19 pp2.2% → 0.0%History
  4. NWSANews Corp
    −1.94 pp3.1% → 1.1%History
  5. KMXCarMax Inc
    −1.89 pp5.6% → 3.8%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$4.52B
−$46.5M (−1.0%) vs. prior quarter
Positions
21
−2 vs. prior quarter
Top 10 concentration
84.3%
Top 10 as share of value
Turnover
16.1%
Q2 2026, one quarter
Average holding period
6.6 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $7.54B (Q1 2022)

Q1 2021: $4.69BQ2 2021: $5.09BQ3 2021: $5.46BQ4 2021: $7.21BQ1 2022: $7.54BQ2 2022: $5.50BQ3 2022: $4.55BQ4 2022: $5.22BQ1 2023: $4.99BQ2 2023: $4.63BQ3 2023: $3.90BQ4 2023: $4.80BQ1 2024: $4.84BQ2 2024: $4.30BQ3 2024: $4.70BQ4 2024: $5.53BQ1 2025: $5.50BQ2 2025: $5.77BQ3 2025: $5.31BQ4 2025: $5.28BQ1 2026: $4.57BQ2 2026: $4.52B
Q1 2021Q2 2026
13F filings of Starboard Value by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 14, 202621$4.52BiShares Core S&P Mid-Cap ETFQRVOKVUEvs. Q1 2026SEC
Q1 2026May 15, 202623$4.57BQRVOKVUEiShares Core S&P Mid-Cap ETFvs. Q4 2025SEC
Q4 2025Feb 17, 202622$5.28BQRVOKVUEAQNvs. Q3 2025SEC
Q3 2025Nov 14, 202520$5.31BQRVOADSKMTCHvs. Q2 2025SEC
Q2 2025Aug 14, 202524$5.77BQRVOMTCHADSKvs. Q1 2025SEC
Q1 2025May 15, 202522$5.50BQRVOKVUEADSKvs. Q4 2024SEC
Q4 2024Feb 14, 202522$5.53BGDDYGENMTCHvs. Q3 2024SEC
Q3 2024Nov 14, 202419$4.70BADSKGDDYGENvs. Q2 2024SEC
Q2 2024Aug 14, 202420$4.30BGDDYGENCRMvs. Q1 2024SEC
Q1 2024May 15, 202422$4.84BGDDYGENAQNvs. Q4 2023SEC
Q4 2023Feb 14, 202426$4.80BGDDYHUMGENvs. Q3 2023SEC
Q3 2023Nov 14, 202325$3.90BGDDYHUMCRMvs. Q2 2023SEC
Q2 2023Aug 11, 202348$4.63BGDDYSPLKCRMvs. Q1 2023SEC
Q1 2023May 17, 2023Amended105$4.99BGDDYCRMACMvs. Q4 2022SECSEC
Q4 2022Feb 14, 2023147$5.22BGDDYACMWTWvs. Q3 2022SEC
Q3 2022Nov 14, 2022176$4.55BGDDYACMHUMvs. Q2 2022SEC
Q2 2022Aug 12, 2022182$5.50BGDDYACMHUMvs. Q1 2022SEC
Q1 2022May 13, 2022169$7.54BGDDYHUNACMvs. Q4 2021SEC
Q4 2021Feb 14, 2022135$7.21BHUNGDDYACMvs. Q3 2021SEC
Q3 2021Nov 12, 202158$5.46BACMGENCTVAvs. Q2 2021SEC
Q2 2021Aug 13, 202162$5.09BACMGENCTVAvs. Q1 2021SEC
Q1 2021May 14, 202137$4.69BCTVAACMGEN–SEC

13D and 13G filings

Companies where Starboard Value reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

5 companies, largest stake first.

Companies where Starboard Value owns 5% or more
CompanyLatest formStakeChangeFirst filedLatest filingFiling
ROGRogers Corp13D9.30%1.68M sharesNewAug 6, 20251 filingAug 6, 2025SEC
TRIPTripAdvisor, Inc.13D9.00%10.6M sharesNewJul 3, 20251 filingJul 3, 2025SEC
QRVOQorvo, Inc.13D/A8.90%8.27M shares0.00 ppfrom 8.90%Jan 17, 20254 filingsMay 19, 2025SEC
AQNAlgonquin Power & Utilities Corp.13D/A8.70%66.4M shares–Mar 14, 20251 filingMar 14, 2025SEC
BILLBILL Holdings, Inc.13D/A8.50%8.64M shares0.00 ppfrom 8.50%Sep 4, 20252 filingsSep 8, 2025SEC

Latest filings

16 filings on file made by Starboard Value or listing it as a reporting person, newest first.

Schedule 13D and 13G filings by Starboard Value
CompanyFiled (ET)FormStakeChangeEvent dateFiling
HRHealthcare Realty Trust IncSep 25, 20259:45 PM ET13D/A4.10%14.5M shares–Below 5%Sep 23, 2025SEC
BILLBILL Holdings, Inc.Sep 8, 20254:27 PM ET13D/A8.50%8.64M shares0.00 ppfrom 8.50%Sep 5, 2025SEC
BILLBILL Holdings, Inc.Sep 4, 20255:01 PM ET13D8.50%8.64M sharesNewAug 28, 2025SEC
ROGRogers CorpAug 6, 20256:00 PM ET13D9.30%1.68M sharesNewJul 30, 2025SEC
TRIPTripAdvisor, Inc.Jul 3, 20258:00 AM ET13D9.00%10.6M sharesNewJun 26, 2025SEC
QRVOQorvo, Inc.May 19, 20252:44 PM ET13D/A8.90%8.27M shares0.00 ppfrom 8.90%May 19, 2025SEC
FTREFortrea Holdings Inc.May 12, 20259:50 PM ET13D/A3.00%2.72M shares−2.40 ppfrom 5.40%Below 5%May 8, 2025SEC
GDOTGreen Dot CorpMay 9, 20259:19 PM ET13D/A3.80%2.07M shares−1.70 ppfrom 5.50%Below 5%May 9, 2025SEC
GDOTGreen Dot CorpApr 15, 20259:05 PM ET13D/A5.50%3.02M shares−2.50 ppfrom 8.00%Apr 11, 2025SEC
QRVOQorvo, Inc.Apr 14, 20254:05 PM ET13D/A8.90%8.27M shares0.00 ppfrom 8.90%Apr 14, 2025SEC
GDOTGreen Dot CorpApr 8, 20256:45 PM ET13D/A8.00%4.36M shares–Apr 4, 2025SEC
QRVOQorvo, Inc.Mar 24, 20255:43 PM ET13D/A8.90%8.27M shares+1.20 ppfrom 7.70%Mar 21, 2025SEC
AQNAlgonquin Power & Utilities Corp.Mar 14, 20258:12 PM ET13D/A8.70%66.4M shares–Mar 13, 2025SEC
FTREFortrea Holdings Inc.Feb 24, 20256:25 PM ET13D/A5.40%4.86M shares−0.40 ppfrom 5.80%Feb 21, 2025SEC
FTREFortrea Holdings Inc.Jan 31, 20259:45 PM ET13D/A5.80%5.20M shares–Jan 29, 2025SEC
QRVOQorvo, Inc.Jan 17, 20258:00 AM ET13D7.70%7.29M sharesNewJan 10, 2025SEC