Starboard Value bought Clearwater and Fluor in Q4, sold Alight

Jeffrey Smith’s Starboard Value disclosed in an SEC filing its holdings as of December 31, 2025. Starboard had two new buys during the fourth quarter: Clearwater Analytics (CWAN) and Fluor (FLR). Starboard exited one position during the quarter – Alight (ALIT). The fund increased its stake in four holdings, by size of previous position, Kenvue (KVUE), Riot Platforms (RIOT), TripAdvisor (TRIP) and Match Group (MTCH). Starboard reduced its stake in a number of holdings, including by size of previous position, Autodesk (ADSK), News Corp. (NWSA), Gen Digital (GEN), Healthcare Realty Trust (HR) and Salesforce (CRM). Starboard’s top holdings as of December 31, in order of size, were Qorvo (QRVO), Kenvue, Algonquin Power (AQN), Bill (BILL) and Match Group.