Institutional 13F · Context Only · Never a Buy List机构 13F · 仅供背景参考 · 非买入清单
Starboard Value
activist
A
Reliability improving可靠性走强
leaderboard rank榜单排名 #14
Book持仓规模
$4.6B
long US listed only仅美股多头
Positions持仓数
25
88% resolved已解析
Top-10 concentration前十集中度
75%
% of book占组合%
Turnover换手
LOW
16.7% per quarter每季
Median excess中位超额
-6%
buys vs SPY, since filing买入相对SPY，自申报起 · n 48
Hit rate胜率
42%
share of buys beating SPY跑赢SPY的买入占比
Core lean — the 10-second read核心倾向 — 10秒速读
Core lean: AI Neoclouds & HPC Hosting — added RIOT (+4.2pp of book this quarter)核心倾向：AI 新云与高性能算力托管 — 本季度加仓 RIOT（占组合 +4.2pp）
AI Neoclouds & HPC HostingAI 新云与高性能算力托管
+4.2pp
4.2% of book held占组合持有
· 1 names标的
· Artificial Intelligence
RIOT
Descriptive read of the latest filing — themes clustered from curated baskets (Finviz fallback), added-pp = Σ % of book bought this quarter. Not a forecast.基于最新申报的描述性解读——主题按精选篮子聚类（Finviz 兜底），added-pp = 本季度买入占组合百分比之和。非预测。
Grade & excess history评级与超额历史
per-quarter buy cohorts, scored on public filing dates vs SPY — descriptive ranks in a curated survivor cohort按季度买入队列，以公开申报日为锚相对SPY评分——精选幸存者队列中的描述性排名Reliability可靠性: improving走强 · 11 scored quarters已评分季度 · 27% positive为正 · recent-4 median近4季中位 -1% vs all-time对全期 -7%
Median excess by quarter各季度中位超额: █▄▅▁▄▅▃▅▆▅▆ (oldest → newest, shifted by the series minimum so negatives render由旧到新，按序列最小值平移以呈现负值)
| Quarter季度 | Buys买入数 | Median excess中位超额 | Hit胜率 | Median fwd 63d中位前瞻63日 |
|---|---|---|---|---|
| 2023-06-30 | 2 | +20% | 100% | +18% |
| 2023-12-31 | 6 | -17% | 33% | -4% |
| 2024-03-31 | 4 | -7% | 50% | +7% |
| 2024-06-30 | 3 | -65% | 0% | +4% |
| 2024-09-30 | 2 | -27% | 50% | +1% |
| 2024-12-31 | 6 | -5% | 33% | -5% |
| 2025-03-31 | 4 | -39% | 0% | -4% |
| 2025-06-30 | 7 | -10% | 43% | -1% |
| 2025-09-30 | 4 | +4% | 50% | -2% |
| 2025-12-31 | 3 | -6% | 33% | -14% |
| 2026-03-31 | 7 | +4% | 71% | — |
Sector exposure & rotation行业配置与轮动
value-weighted, latest filing; QoQ deltas vs prior quarter按市值加权，最新申报；季度环比变化对上季Current weights当前权重 · 2026-03-31
Unclassified
32.8%
▲ +5.2pp
Information Technology
20.0%
▼ -1.4pp
Communication Services
14.8%
▼ -0.2pp
Consumer Defensive
10.3%
▲ +1.4pp
Consumer Staples
5.7%
▲ +5.7pp
Consumer Discretionary
5.6%
▲ +5.6pp
Technology
3.2%
▼ -12.6pp
Industrials
2.9%
▼ -1.0pp
Real Estate
2.5%
▼ -1.5pp
Healthcare
2.2%
▼ -1.2pp
Theme categories主题类别
Consumer Defensive 10.3%
US Sectors (EW) 10.1%
Artificial Intelligence 4.2%
Rotating into (QoQ)轮入（环比）
Consumer Staples +5.7pp
Consumer Discretionary +5.6pp
Consumer Defensive +1.4pp
Rotating out of (QoQ)轮出（环比）
Technology -12.6pp
Real Estate -1.5pp
Information Technology -1.4pp
Quarter history — top-3 sectors季度历史 — 前三大行业
| 2026-03-31 | Unclassified 33% · Information Technology 20% · Communication Services 15% |
| 2025-12-31 | Unclassified 28% · Information Technology 21% · Technology 16% |
| 2025-09-30 | Unclassified 24% · Information Technology 22% · Technology 20% |
| 2025-06-30 | Unclassified 24% · Technology 21% · Communication Services 18% |
| 2025-03-31 | Unclassified 22% · Technology 22% · Communication Services 16% |
| 2024-12-31 | Unclassified 29% · Technology 28% · Communication Services 17% |
| 2024-09-30 | Technology 40% · Unclassified 36% · Communication Services 17% |
| 2024-06-30 | Unclassified 40% · Technology 35% · Communication Services 10% |
| 2024-03-31 | Unclassified 43% · Technology 32% · Communication Services 8% |
| 2023-12-31 | Unclassified 36% · Technology 34% · Healthcare 10% |
| 2023-09-30 | Unclassified 38% · Technology 37% · Industrials 13% |
| 2023-06-30 | Unclassified 34% · Technology 33% · Industrials 18% |
Full book完整持仓
every resolved position as filed — click a column header to sort. Conviction is a descriptive composite, not a forecast.截至申报日的全部已解析持仓——点击列头排序。信念分为描述性综合指标，非预测。22 positions shown项持仓 · resolved已解析 22/25 (88%) · unresolved CUSIPs are excluded from this table but counted in book totals未解析CUSIP不列入本表，但计入组合总额
| #↕ | Ticker标的 ↕ | Company公司 ↕ | % book仓位% ↕ | Value金额 ↕ | Action动作 ↕ | Δ sharesΔ股数 ↕ | Add streak连加季数 ↕ | Conviction信念分 ↕ | Sector行业 ↕ | Themes主题 | Since filing自申报 ↕ |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 |  QRVO |
Qorvo Inc | 12.7% | $581M | hold | +0% | — | 70 · HIGH | Information Technology | Wireless, 5G | -12% |
| 2 |  KVUE |
Kenvue Inc | 10.3% | $471M | hold | +0% | — | 68 · MODERATE | Consumer Defensive | Defensives, Consumer Staples (Equal-Weight) | +10% |
| 3 |  IJH |
Ishares Tr | 8.6% | $394M | add | +11% | 1q | 72 · HIGH | — | — | +4% |
| 4 |  AQN |
Algonquin Pwr Utils Corp | 7.7% | $351M | hold | -10% | — | 65 · MODERATE | — | — | — |
| 5 |  MTCH |
Match Group Inc New | 7.7% | $350M | hold | +0% | — | 64 · MODERATE | Communication Services | Niche | +11% |
| 6 |  ACTG |
Acacia Resh Corp | 6.4% | $294M | hold | +0% | — | 62 · MODERATE | — | — | — |
| 7 |  BILL |
Bill Holdings Inc | 5.9% | $269M | hold | +0% | — | 60 · MODERATE | Information Technology | — | +9% |
| 8 |  LW |
Lamb Weston Hldgs Inc | 5.7% | $258M | new | — | 1q | 64 · MODERATE | Consumer Staples | — | +1% |
| 9 |  KMX |
Carmax Inc | 5.6% | $258M | new | — | 1q | 62 · MODERATE | Consumer Discretionary | — | +57% |
| 10 | RIOT |
Riot Platforms Inc | 4.2% | $193M | add | +28% | 3q | 61 · MODERATE | — | AI Neoclouds & HPC Hosting | -21% |
| 11 |  GEN |
Gen Digital Inc | 3.2% | $147M | trim | -26% | — | 29 · LOW | Technology | Technology (Equal-Weight) | +14% |
| 12 |  NWSA |
News Corp New | 3.0% | $140M | hold | -5% | — | 28 · LOW | Communication Services | Communication Services (Equal-Weight) | +6% |
| 13 |  FLR |
Fluor Corp | 2.9% | $135M | trim | -44% | — | 26 · LOW | Industrials | — | +12% |
| 14 |  HR |
Healthcare Rlty Tr | 2.5% | $116M | trim | -46% | — | 24 · LOW | Real Estate | Healthcare | -0% |
| 15 |  TRIP |
Tripadvisor Inc | 2.5% | $115M | add | +12% | 1q | 28 · LOW | Communication Services | — | +52% |
| 16 |  BDX |
Becton Dickinson & Co | 2.2% | $100M | trim | -32% | — | 21 · LOW | Healthcare | Health Care (Equal-Weight) | +11% |
| 17 |  GPGI |
Gpgi Inc | 1.9% | $86M | new | — | 1q | 14 · LOW | — | — | — |
| 18 |  NWS |
News Corp New | 1.6% | $74M | trim | -42% | — | 18 · LOW | Communication Services | Communication Services (Equal-Weight) | +8% |
| 19 |  ROG |
Rogers Corp | 1.4% | $63M | trim | -51% | — | 16 · LOW | Information Technology | — | -3% |
| 20 |  BLMN |
Bloomin Brands Inc | 0.9% | $43M | hold | +0% | — | 15 · LOW | — | — | — |
| 21 |  HYG |
Ishares Tr | 0.1% | $3M | new | — | 1q | 8 · LOW | — | — | -1% |
| 22 |  IWM |
Ishares Tr | 0.1% | $3M | add | +399% | 1q | 17 · LOW | — | — | +5% |
Rotation detail轮动明细
this filing cycle, uncapped — adds/new and trims from the resolved book, exits from the rotation feed本申报周期，不设上限——新建/加仓与减持取自已解析持仓，清仓取自轮动数据Rotated into轮入 (8)
| IJH add |
8.6% | +4% |
| LW new |
5.7% | +1% |
| KMX new |
5.6% | +57% |
| RIOT add |
4.2% | -21% |
| TRIP add |
2.5% | +52% |
| GPGI new |
1.9% | — |
| HYG new |
0.1% | -1% |
| IWM add |
0.1% | +5% |
Rotated out of轮出 (8)
| GEN trim |
-26% | +14% |
| FLR trim |
-44% | +12% |
| HR trim |
-46% | -0% |
| BDX trim |
-32% | +11% |
| NWS trim |
-42% | +8% |
| ROG trim |
-51% | -3% |
 ADSK exit |
-100% | -10% |
 CRM exit |
-100% | -2% |
Trade log交易记录
last 40 graded trades, filing-date anchored, newest first — variable hold vs SPY最近40笔已评分交易，以申报日为锚，最新在前——持有期不定，相对SPYNo graded trades available for this fund.该基金暂无已评分交易。
Caveats注意事项 —
13F = quarterly, ~45-day lag, long-only US listed ≥$100M. No shorts, no cash, no non-US positions. This desk is context — ownership is never a directional signal here.13F = 季度披露，约45天滞后，仅含美股多头且持仓≥1亿美元。不含空头、现金或非美股仓位。本台仅为背景参考——持仓数据在此永远不是方向性信号。
Grades and reliability are descriptive ranks within a curated survivor cohort — they measure what filings did after their filing dates, not a manager-selection edge. Conviction and core-lean reads are descriptive composites earning a forward record via the pre-registered ledger (L5); sector/theme classification applies the current map to history.评级与可靠性为精选幸存者队列中的描述性排名——衡量申报日之后持仓的表现，而非经理选择能力。信念分与核心倾向为描述性综合指标，通过预注册账本（L5）积累前瞻记录；行业/主题分类将当前映射应用于历史。