Jeffrey Smith Q1 2026 Portfolio — New Stakes in LW & KMX, Full Exits from ADSK & CRM
Starboard Value LP's Jeffrey Smith initiated $258M positions in both LW and KMX during Q1 2026, shifting his portfolio's center of gravity toward consumer and retail sectors. Simultaneously, he fully exited ADSK and CRM, dramatically reducing exposure to large-cap SaaS.
- Jeffrey Smith opened $258M stakes in LW and KMX, fully exiting ADSK and CRM in Q1 2026
- Total AUM is $4.5B across 20 holdings; QRVO leads at 12.7%
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
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.
Frequently Asked Questions
What new positions did Jeffrey Smith initiate in Q1 2026?
Jeffrey Smith initiated new positions in LW ($258M), KMX ($258M), GPGI ($86M), and HYG ($3M) in Q1 2026. LW and KMX were the largest new additions, each representing 5.6% of the portfolio.
What was the biggest change in Jeffrey Smith's Q1 2026 portfolio?
The most significant change was the full exit from ADSK ($297M) and CRM ($249M). The combined $546M SaaS position was completely liquidated, replaced by new $258M stakes in LW and KMX — a clear sector rotation away from enterprise software.
What is Jeffrey Smith's (Starboard Value) largest holding?
As of Q1 2026, QRVO is the top holding at $581M, representing 12.7% of the portfolio. KVUE ranks second at $471M (10.3%), followed by IJH at $394M (8.6%).
What is Starboard Value LP's total AUM?
Based on the Q1 2026 13F filing, Starboard Value LP's total AUM is approximately $4.5B, spread across 20 holdings.
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