Institutional 13F · Context Only · Never a Buy List机构 13F · 仅供参考 · 非买入清单
Starboard Value
activist
B
Reliability improving可靠性走强
leaderboard rank榜单排名 #17WATCH观察
Book持仓规模
$4.5B
long US listed only仅美股多头
Positions持仓数
21
90% resolved已解析
Top-10 concentration前十集中度
84%
% of book占组合%
Turnover换手
LOW
17.1% per quarter每季
Median excess中位超额
-7%
buys vs SPY, since filing买入相对SPY，自披露起 · n 54
Hit rate胜率
32%
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: DevOps — added DT (+8.6pp of book this quarter)核心倾向：DevOps — 本季度加仓 DT（占组合 +8.6pp）
DevOpsDevOps
+8.6pp
8.6% of book held占组合持有
· 1 names标的
· Cloud Computing
DT
DevOpsDevOps
+8.6pp
8.6% of book held占组合持有
· 1 names标的
· Software
DT
Descriptive read of the latest filing — themes clustered from curated baskets (Finviz fallback), added-pp = Σ % of book bought this quarter. Not a forecast.基于最新披露的描述性解读——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，以公开披露日为锚相对SPY评分——精选幸存者队列中的描述性排名Reliability可靠性: improving走强 · 12 scored quarters已评分季度 · 17% positive为正 · recent-4 median近4季中位 -2% vs all-time对全期 -12%
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 | -63% | 0% | +3% |
| 2023-12-31 | 7 | -31% | 14% | -6% |
| 2024-03-31 | 4 | -32% | 25% | -4% |
| 2024-06-30 | 3 | -40% | 0% | -3% |
| 2024-09-30 | 2 | -25% | 50% | -0% |
| 2024-12-31 | 6 | -6% | 17% | -5% |
| 2025-03-31 | 4 | -19% | 50% | -4% |
| 2025-06-30 | 7 | -1% | 43% | -3% |
| 2025-09-30 | 4 | +8% | 50% | +2% |
| 2025-12-31 | 3 | -5% | 33% | -15% |
| 2026-03-31 | 8 | +1% | 50% | +3% |
| 2026-06-30 | 3 | -4% | 33% | — |
Sector exposure & rotation行业配置与轮动
value-weighted, latest filing; QoQ deltas vs prior quarter按市值加权，最新披露；季度环比变化对上季Current weights当前权重 · 2026-06-30
Technology
25.8%
▲ +2.6pp
Consumer Defensive
17.0%
▲ +1.1pp
Unclassified
15.2%
▲ +3.6pp
Industrials
12.3%
▲ +1.0pp
Communication Services
10.7%
▼ -4.1pp
Utilities
7.4%
▼ -0.3pp
Financial
6.2%
▲ +1.9pp
Consumer Cyclical
4.6%
▼ -2.0pp
Real Estate
0.9%
▼ -1.7pp
Theme categories主题类别
Consumer Defensive 11.5%
Artificial Intelligence 6.2%
US Sectors (EW) 2.6%
Rotating into (QoQ)轮入（环比）
Technology +2.6pp
Financial +1.9pp
Consumer Defensive +1.1pp
Rotating out of (QoQ)轮出（环比）
Communication Services -4.1pp
Healthcare -2.2pp
Consumer Cyclical -2.0pp
Quarter history — top-3 sectors季度历史 — 前三大行业
| 2026-06-30 | Technology 26% · Consumer Defensive 17% · Unclassified 15% |
| 2026-03-31 | Technology 23% · Consumer Defensive 16% · Communication Services 15% |
| 2025-12-31 | Technology 37% · Communication Services 15% · Unclassified 12% |
| 2025-09-30 | Technology 42% · Communication Services 18% · Unclassified 10% |
| 2025-06-30 | Technology 33% · Communication Services 18% · Healthcare 12% |
| 2025-03-31 | Technology 34% · Communication Services 16% · Healthcare 12% |
| 2024-12-31 | Technology 29% · Communication Services 17% · Unclassified 14% |
| 2024-09-30 | Technology 42% · Unclassified 18% · Communication Services 17% |
| 2024-06-30 | Technology 38% · Unclassified 20% · Communication Services 10% |
| 2024-03-31 | Technology 34% · Unclassified 22% · Healthcare 11% |
| 2023-12-31 | Technology 36% · Unclassified 16% · Healthcare 15% |
| 2023-09-30 | Technology 39% · Industrials 19% · Unclassified 16% |
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.截至披露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。19 positions shown项持仓 · resolved已解析 19/21 (90%) · 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自披露 ↕ |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 |  IJH |
Ishares Tr | 15.1% | $685M | add | +52% | 2q | 80 · HIGH | — | — | -4% |
| 2 |  QRVO |
Qorvo Inc | 11.6% | $523M | trim | -25% | — | 68 · MODERATE | Technology | Wireless, 5G | +11% |
| 3 |  KVUE |
Kenvue Inc | 11.5% | $522M | hold | +0% | — | 66 · MODERATE | Consumer Defensive | Defensives, Consumer Staples (Equal-Weight) | -3% |
| 4 | DT |
Dynatrace Inc | 8.6% | $389M | new | — | 1q | 70 · MODERATE | Technology | DevOps, DevOps | +8% |
| 5 |  AQN |
Algonquin Power & Utilities | 7.4% | $335M | hold | +0% | — | 63 · MODERATE | Utilities | — | — |
| 6 |  MTCH |
Match Group Inc New | 6.5% | $296M | trim | -32% | — | 61 · MODERATE | Communication Services | Niche | +11% |
| 7 |  ACTG |
Acacia Resh Corp | 6.3% | $285M | hold | +0% | — | 59 · MODERATE | Industrials | — | — |
| 8 |  RIOT |
Riot Platforms Inc | 6.2% | $279M | trim | -23% | — | 57 · MODERATE | Financial | AI Neoclouds & HPC Hosting | +6% |
| 9 |  BILL |
Bill Holdings Inc | 5.6% | $254M | hold | +0% | — | 55 · MODERATE | Technology | — | -1% |
| 10 |  LW |
Lamb Weston Hldgs Inc | 5.5% | $248M | hold | -6% | — | 53 · MODERATE | Consumer Defensive | — | -5% |
| 11 |  KMX |
Carmax Inc | 3.8% | $170M | trim | -48% | — | 27 · LOW | Consumer Cyclical | — | +4% |
| 12 |  FLS |
Flowserve Corp | 2.4% | $107M | new | — | 1q | 30 · LOW | Industrials | — | -7% |
| 13 |  FLR |
Fluor Corp | 1.8% | $83M | trim | -45% | — | 23 · LOW | Industrials | — | +0% |
| 14 |  GPGI |
Gpgi Inc | 1.8% | $80M | hold | +0% | — | 21 · LOW | Industrials | — | +2% |
| 15 |  TRIP |
Tripadvisor Inc | 1.5% | $70M | trim | -53% | — | 19 · LOW | Communication Services | — | -11% |
| 16 |  NWS |
News Corp New | 1.5% | $68M | hold | -6% | — | 17 · LOW | Communication Services | Communication Services (Equal-Weight) | +5% |
| 17 |  NWSA |
News Corp New | 1.1% | $51M | trim | -64% | — | 16 · LOW | Communication Services | Communication Services (Equal-Weight) | +6% |
| 18 |  HR |
Healthcare Rlty Tr | 0.9% | $39M | trim | -72% | — | 14 · LOW | Real Estate | Healthcare | +0% |
| 19 |  BLMN |
Bloomin Brands Inc | 0.8% | $38M | trim | -48% | — | 12 · LOW | Consumer Cyclical | — | — |
Rotation detail轮动明细
this filing cycle, uncapped — adds/new and trims from the resolved book, exits from the rotation feed本披露周期，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 (3)
| IJH add |
15.1% | -4% |
| DT new |
8.6% | +8% |
| FLS new |
2.4% | -7% |
Rotated out of轮出 (14)
| QRVO trim |
-25% | +11% |
| MTCH trim |
-32% | +11% |
| RIOT trim |
-23% | +6% |
| KMX trim |
-48% | +4% |
| FLR trim |
-45% | +0% |
| TRIP trim |
-53% | -11% |
| NWSA trim |
-64% | +6% |
| HR trim |
-72% | +0% |
| BLMN trim |
-48% | — |
 BDX exit |
-100% | +3% |
 GEN exit |
-100% | +16% |
 HYG exit |
-100% | +1% |
 IWM exit |
-100% | -4% |
 ROG exit |
-100% | -5% |
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，以披露日为锚，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, reported long positions from managers with at least $100M in Section 13(f) securities. 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——衡量披露日之后持仓的表现，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。