Starboard Value 13F: Q2 2026 Portfolio — $4.52B Across 22 Positions

Starboard Value’s Q2 2026 activity reinforces an already concentrated portfolio, with the top-10 accounting for 84.3% of total value. The biggest single thematic move was adding to the ETF exposure via a new build in iShares Core S&P Mcp ETF, where the position was added and its share count rose 52.3% on the quarter to a 15.13% weight. That ETF addition sits above the portfolio’s next-largest names and helps maintain the fund’s concentration.

Alongside the IJH add, the manager initiated two new holdings: Dynatrace and Flowserve. DT is a top-4 position at an 8.61% weight and was marked “new,” while FLS is a smaller 2.36% weight and also “new.” At the same time, action across multiple prior positions was a trimming exercise: Qorvo was trimmed (share count down 25.3%) to an 11.57% weight, Match Group was trimmed (down 31.8%) to 6.54%, and Riot Platforms was trimmed (down 34.9%) to 6.12%. Overall, the mix of 2 new positions against 11 trims (and 6 exits) suggests rotation within a still top-heavy structure rather than broad deconcentration.

A Form 13F is a quarterly snapshot institutional managers with over $100M in US-listed assets must file within 45 days of quarter end. It shows long equity positions only: no short book, no cash, no non-US listings, no timing inside the quarter. Treat it as a delayed map of where the manager's conviction sat on the reporting date — not a live portfolio, and not a buy list.