Jeffrey Smith's Q1 2026 13F filing revealed new $258M positions in both LW and KMX, while fully divesting ADSK ($297M) and CRM ($249M). Total AUM stands at $4.5B across 20 holdings, with QRVO as the top position at 12.7% ($581M).
Top 5 Holdings — Q1 2026
- QRVO: $581M (12.7%)
- KVUE: $471M (10.3%)
- IJH: $394M (8.6%)
- AQN: $351M (7.7%)
- MTCH: $350M (7.6%)
Key Q1 2026 Trading Activity
The most striking development this quarter is Starboard Value's complete exit from the SaaS sector. ADSK and CRM together represented $546M in the prior quarter but were fully liquidated. In their place, LW — a food company operating potato and snack brands — and used-vehicle retailer KMX each entered the portfolio at $258M, significantly increasing consumer and retail sector exposure. This reflects a classic Starboard playbook: activist bets on undervalued consumer names ripe for operational restructuring.
- LW: New position $258M (5.6% weight) — signals potential activist campaign targeting an undervalued food stock
- KMX: New position $258M (5.6% weight) — positions for a used-car market rebound and restructuring pressure
- ADSK: Full exit $297M → 0 — eliminates SaaS valuation overhang, executes sector rotation
- CRM: Full exit $249M → 0 — completes full liquidation of enterprise SaaS exposure alongside ADSK
- RIOT: Increased +22% ($192M) — tactical short-term position expansion capitalizing on crypto momentum
- ROG: Reduced -51% ($63M) — cuts healthcare sector exposure by more than half as part of risk management
Among existing holdings, RIOT was increased by +22% (+$192M) and IJH by +11% (+$394M). The RIOT addition is interpreted as a short-term momentum bet on Bitcoin mining stocks, while the expanded IJH position — a mid-cap equity ETF — suggests a broader portfolio diversification intent. Conversely, ROG was trimmed by -51% and HR by -46%, confirming a rapid reduction in healthcare and telecom-related exposure.
Outlook: Activist Targets Shift Toward Consumer & Retail
Jeffrey Smith's latest portfolio overhaul signals a clear pivot away from high-valuation technology toward undervalued consumer and retail names. LW and KMX fit Starboard's traditional model of unlocking value through board intervention, and both positions could be precursors to public letters or board change demands. With QRVO (12.7%) and KVUE (10.3%) still holding the top two spots, the firm's semiconductor and consumer restructuring themes remain firmly intact.
