Quant check on Starboard Value's top Q4 holdings: QRVO, KVUE, AQN

At the close of 2025, Starboard Value reported AUM of $5.29B, slightly lower than $5.53B a year earlier. The fund maintained largely steady assets during 2025, even as the broader market advanced 16%. The portfolio remains concentrated in technology, communication services, and healthcare sectors.

Among Starboard's Q4 top holdings is semiconductor name Qorvo (QRVO [https://seekingalpha.com/symbol/QRVO]). Added in 2025 to the portfolio, the fund now holds over 7.5M shares of the company (QRVO [https://seekingalpha.com/symbol/QRVO]), valued at over $634M.

Other new names added to the fund over 2025 include Bill Holdings (BILL [https://seekingalpha.com/symbol/BILL]) with over 7M shares, worth $383M; Clearwater Analytics (CWAN [https://seekingalpha.com/symbol/CWAN]) worth $240M; Fluor (FLR [https://seekingalpha.com/symbol/FLR]) $205M; TripAdvisor (TRIP [https://seekingalpha.com/symbol/TRIP]) $140M; Bitcoin Infrastructure Acquisition (BIXI [https://seekingalpha.com/symbol/BIXI]) worth $3M; and others.

The fund also increased its stake in KENVUE (KVUE [https://seekingalpha.com/symbol/KVUE]) to over 27M shares, worth $471M, as per the fund's 13f filing [https://www.sec.gov/Archives/edgar/data/1517137/000092189526000450/xslForm13F_X02/infotable.xml]. Starboard added holdings in Salesforce (CRM [https://seekingalpha.com/symbol/CRM]) by 68% to 940K shares. Rogers (ROG [https://seekingalpha.com/symbol/ROG]) shares increased to over 1.2M shares.
[Close up image of wooden cubes with alphabet Q4 on office desk.]
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The stocks that Starboard Value completely exited in 2025 include Pfizer (PFE [https://seekingalpha.com/symbol/PFE]), GoDaddy (GDDY [https://seekingalpha.com/symbol/GDDY]), Wix (WIX [https://seekingalpha.com/symbol/WIX]), RB Global (RBA [https://seekingalpha.com/symbol/RBA]), and others.

Companies where the fund manager reduced holdings are Match Group (MTCH [https://seekingalpha.com/symbol/MTCH]), Gen Digital (GEN [https://seekingalpha.com/symbol/GEN]), Healthcare Realty Trust (HR [https://seekingalpha.com/symbol/HR]), and News Corp (NWS [https://seekingalpha.com/symbol/NWS]).

CHECK SA QUANT RATINGS ON STARBOARD VALUE'S TOP 15 HOLDINGS:

* Qorvo (QRVO [https://seekingalpha.com/symbol/QRVO]) Quant rating: 3.28 [https://seekingalpha.com/symbol/QRVO/ratings/quant-ratings] – Hold
* Kenvue (KVUE [https://seekingalpha.com/symbol/KVUE]) Quant rating: 3.01 [https://seekingalpha.com/symbol/KVUE/ratings/quant-ratings] – Hold
* Algonquin Power & Utilities (AQN [https://seekingalpha.com/symbol/AQN]) Quant rating: 2.86 [https://seekingalpha.com/symbol/AQN/ratings/quant-ratings] – Hold
* Bill Holdings (BILL [https://seekingalpha.com/symbol/BILL]) Quant rating: 4.57 [https://seekingalpha.com/symbol/BILL/ratings/quant-ratings] – Strong Buy
* Match Group (MTCH [https://seekingalpha.com/symbol/MTCH]) Quant rating: 2.86 [https://seekingalpha.com/symbol/MTCH/ratings/quant-ratings] – Hold
* iShares Core S&P Mid-Cap ETF (IJH [https://seekingalpha.com/symbol/IJH]) Quant rating: 3.56 [https://seekingalpha.com/symbol/IJH/ratings/quant-ratings] – Buy
* Autodesk (ADSK [https://seekingalpha.com/symbol/ADSK]) Quant rating: 3.35 [https://seekingalpha.com/symbol/ADSK/ratings/quant-ratings] – Hold
* Gen Digital (GEN [https://seekingalpha.com/symbol/GEN]) Quant rating: 3.06 [https://seekingalpha.com/symbol/GEN/ratings/quant-ratings] – Hold
* Salesforce (CRM [https://seekingalpha.com/symbol/CRM]) Quant rating: 3.41 [https://seekingalpha.com/symbol/CRM/ratings/quant-ratings] – Hold
* Clearwater Analytics (CWAN [https://seekingalpha.com/symbol/CWAN]) Quant rating: 2.95 [https://seekingalpha.com/symbol/CWAN/ratings/quant-ratings] – Hold
* Acacia Research (ACTG [https://seekingalpha.com/symbol/ACTG]) Quant rating: 3.01 [https://seekingalpha.com/symbol/ACTG/ratings/quant-ratings] – Hold
* Healthcare Realty Trust (HR [https://seekingalpha.com/symbol/HR]) Quant rating: 3.10 [https://seekingalpha.com/symbol/HR/ratings/quant-ratings] – Hold
* Fluor Corp (FLR [https://seekingalpha.com/symbol/FLR]) Quant rating: 2.94 [https://seekingalpha.com/symbol/FLR/ratings/quant-ratings] – Hold
* Becton, Dickinson and Company (BDX [https://seekingalpha.com/symbol/BDX]) Quant rating: 2.61 [https://seekingalpha.com/symbol/BDX/ratings/quant-ratings] – Hold

MORE ON QORVO, BILL.COM

* Fluor Corporation (FLR) Q4 2025 Earnings Call Transcript [https://seekingalpha.com/article/4870897-fluor-corporation-flr-q4-2025-earnings-call-transcript]
* Fluor Corporation 2025 Q4 - Results - Earnings Call Presentation [https://seekingalpha.com/article/4870950-fluor-corporation-2025-q4-results-earnings-call-presentation]
* Kimberly-Clark: After The Kenvue Merger Vote, Ready To Rumble? [https://seekingalpha.com/article/4868560-kimberly-clark-after-the-kenvue-merger-vote-ready-to-rumble]
* Starboard Value initiates new positions in CWAN, FLR, exits Alight among Q4 moves [https://seekingalpha.com/news/4552962-starboard-value-initiates-new-positions-in-cwan-flr-exits-alight-among-q4-moves]
* Clearwater Analytics Q4 2025 Earnings Preview [https://seekingalpha.com/news/4552626-clearwater-analytics-q4-2025-earnings-preview]