Starboard Value

13F filer

5% stake reports: 30
5% stake stocks: 11
Latest report: 26/08/24

How this fund invests

Holdings of 06/30 · reported 08/14

Top 10 share: 84.3%; of 21 positions
Turnover this quarter: 28.6%; 2 new · 4 sold out
Share in stocks Koreans hold: 0.0%; 0 of the Korean top list

Largest weight increases

Dynatrace DT+8.6%p0.0% → 8.6%
Ishares TR+6.5%p8.6% → 15.1%
Flowserve FLS+2.4%p0.0% → 2.4%

Largest weight cuts

Gen Digital GEN−3.2%p3.2% → 0.0%
Clearwater Analytics Hldgs I−2.8%p2.8% → 0.0%
Becton Dickinson BDX−2.2%p2.2% → 0.0%

13F holdings

06/30 holdings · reported 08/14

Portfolio value: $4.5B
Stocks: 21
Quarters on file: 3

Stock	Shares		Weight
Ishares TRNot in the listed company registry	8,877,781 sh	$684.6M15.1%	15.1%	Added +52.3%
Qorvo QRVO	5,611,526 sh	$523.4M11.6%	11.6%	Trimmed −25.3%
Kenvue KVUE	27,307,632 sh	$521.8M11.5%	11.5%	No change
Dynatrace DT	8,866,692 sh	$389.3M8.6%	8.6%	New position
Algonquin Power & Utilities AQN	57,189,420 sh	$335.1M7.4%	7.4%	No change
Match Group MTCH	7,775,125 sh	$295.8M6.5%	6.5%	Trimmed −31.8%
Acacia Research ACTG	61,123,595 sh	$284.8M6.3%	6.3%	No change
Riot Platforms RIOT	10,114,576 sh	$276.9M6.1%	6.1%	Trimmed −34.9%
Bill Holdings BILL	7,025,748 sh	$254.1M5.6%	5.6%	Added +0.0%
Lamb Weston Holdings LW	5,733,982 sh	$247.6M5.5%	5.5%	Trimmed −6.2%
Carmax KMX	3,206,438 sh	$169.6M3.8%	3.8%	Trimmed −48.3%
Flowserve FLS	1,441,600 sh	$106.9M2.4%	2.4%	New position
Fluor FLR	1,586,327 sh	$83.1M1.8%	1.8%	Trimmed −45.0%
Gpgi	5,027,028 sh	$79.7M1.8%	1.8%	No change
TripAdvisor TRIP	5,096,996 sh	$69.9M1.5%	1.5%	Trimmed −52.7%
News NWS	2,431,081 sh	$68.2M1.5%	1.5%	Trimmed −6.1%
News NWSA	2,040,100 sh	$50.7M1.1%	1.1%	Trimmed −63.6%
Healthcare Realty Trust HR	1,936,267 sh	$39.1M0.9%	0.9%	Trimmed −71.6%
Bloomin' Brands BLMN	4,180,992 sh	$38.2M0.8%	0.8%	Trimmed −47.6%
Bitcoin Infrastructure AcquiNot in the listed company registry	300,000 sh	$3M0.1%	0.1%	No change

Recent moves

Starboard Value
Full saleGen Digital
Full sale
Gen Digital
GEN
est. $147M
7,806,922 sh
est. $147M
Reported 08/14
06/30 holdings
Starboard Value
BuyFlowserve
Buy
Flowserve
FLS
est. $106.9M
1,441,600 sh
est. $106.9M
Reported 08/14
06/30 holdings
Starboard Value
BuyDynatrace
Buy
Dynatrace
DT
est. $389.3M
8,866,692 sh
est. $389.3M
Reported 08/14
06/30 holdings
Starboard Value
Full saleBecton Dickinson
Full sale
Becton Dickinson
BDX
est. $100.1M
636,494 sh
est. $100.1M
Reported 08/14
06/30 holdings
Starboard Value
Full saleRogers
Full sale
Rogers
ROG
est. $62.7M
584,328 sh
est. $62.7M
Reported 08/14
06/30 holdings
Starboard Value
SellRiot Platforms
Sell
Riot Platforms
RIOT
est. $148.7M
5,430,000 sh
est. $148.7M
Reported 08/14
06/30 holdings
Starboard Value
SellCarmax
Sell
Carmax
KMX
est. $158.4M
2,994,924 sh
est. $158.4M
Reported 08/14
06/30 holdings
Starboard Value
SellQorvo
Sell
Qorvo
QRVO
est. $177.2M
1,899,345 sh
est. $177.2M
Reported 08/14
06/30 holdings
Starboard Value
SellMatch Group
Sell
Match Group
MTCH
est. $137.8M
3,620,254 sh
est. $137.8M
Reported 08/14
06/30 holdings
Starboard Value
SellHealthcare Realty Trust
Sell
Healthcare Realty Trust
HR
est. $98.5M
4,885,000 sh
est. $98.5M
Reported 08/14
06/30 holdings
Starboard Value
SellNews
Sell
News
NWSA
est. $88.5M
3,565,026 sh
est. $88.5M
Reported 08/14
06/30 holdings
Starboard Value
SellTripAdvisor
Sell
TripAdvisor
TRIP
est. $77.8M
5,678,000 sh
est. $77.8M
Reported 08/14
06/30 holdings
Starboard Value
SellFluor
Sell
Fluor
FLR
est. $68.1M
1,300,000 sh
est. $68.1M
Reported 08/14
06/30 holdings
Starboard Value
Full saleSalesforce
Full sale
Salesforce
CRM
est. $249.1M
940,325 sh
est. $249.1M
Reported 05/15
03/31 holdings
Starboard Value
Full saleAutodesk
Full sale
Autodesk
ADSK
est. $296.5M
1,001,733 sh
est. $296.5M
Reported 05/15
03/31 holdings
Starboard Value
BuyCarmax
Buy
Carmax
KMX
est. $257.9M
6,201,362 sh
est. $257.9M
Reported 05/15
03/31 holdings
Starboard Value
BuyLamb Weston Holdings
Buy
Lamb Weston Holdings
LW
est. $258.4M
6,114,982 sh
est. $258.4M
Reported 05/15
03/31 holdings
Starboard Value
BuyGpgi
Buy
Gpgi
GPGI
est. $86M
5,027,028 sh
est. $86M
Reported 05/15
03/31 holdings
Starboard Value
SellFluor
Sell
Fluor
FLR
est. $107.5M
2,305,000 sh
est. $107.5M
Reported 05/15
03/31 holdings
Starboard Value
SellHealthcare Realty Trust
Sell
Healthcare Realty Trust
HR
est. $98.2M
5,778,733 sh
est. $98.2M
Reported 05/15
03/31 holdings

5% stake reports

	Stock			Kind
08/24	Bill Holdings BILL08/24	10.1%8,642,510 sh	+1.5pp	13DAmendment
06/02	Qorvo QRVO06/02	6.4%5,614,022 sh	−1.7pp	13DAmendment
05/08	Bloomin' Brands BLMN05/08	4.9%4,180,992 sh	No earlier report	13DAmendment
05/06	Match Group MTCH05/06	4.6%10,833,200 sh	No earlier report	13DAmendment
04/03	TripAdvisor TRIP04/03	4.4%5,096,996 sh	−5.0pp	13DAmendment
04/01	Algonquin Power & Utilities AQN04/01	7.4%57,215,415 sh	−1.3pp	13DAmendment
03/23	TripAdvisor TRIP03/23	9.4%10,774,996 sh	+0.0pp	13DAmendment
03/06	TripAdvisor TRIP03/06	9.4%10,774,996 sh	+0.0pp	13DAmendment
02/17	TripAdvisor TRIP02/17	9.4%10,774,996 sh	+0.4pp	13DAmendment
01/23	Rogers ROG01/23	3.3%599,328 sh	−3.4pp	13DAmendment
25/12/05	Alight, Inc. / Delaware ALIT25/12/05	0%0 sh	No earlier report	13DAmendment
25/10/31	Rogers ROG25/10/31	6.7%1,203,457 sh	−2.6pp	13DAmendment
25/10/29	Qorvo QRVO25/10/29	8.1%7,514,022 sh	−0.8pp	13DAmendment
25/10/16	Bill Holdings BILL25/10/16	8.6%8,639,900 sh	+0.1pp	13DAmendment
25/09/25	Healthcare Realty Trust HR25/09/25	4.1%14,492,496 sh	No earlier report	13DAmendment
25/09/08	Bill Holdings BILL25/09/08	8.5%8,639,900 sh	+0.0pp	13DAmendment
25/09/04	Bill Holdings BILL25/09/04	8.5%8,639,900 sh	First report	13D
25/08/06	Rogers ROG25/08/06	9.3%1,676,502 sh	First report	13D
25/07/03	TripAdvisor TRIP25/07/03	9%10,635,484 sh	First report	13D
25/05/19	Qorvo QRVO25/05/19	8.9%8,270,655 sh	+0.0pp	13DAmendment