Activist investor Starboard Value LP revised its December-quarter holdings across a range of companies, increasing stakes in cryptocurrency miner Riot Platforms and consumer health company Kenvue while reducing positions in a number of other publicly traded firms, according to a filing with the U.S. Securities and Exchange Commission.
The filing, submitted on Tuesday, shows Starboard raised its exposure to Riot Platforms and Kenvue in the period that ended in December. At the same time, the filing indicates the firm trimmed shares in Rogers Corp, News Corp, Salesforce and Autodesk during the quarter.
In a separate development reported on Monday, Starboard is preparing a substantial governance push at Tripadvisor. The activist investor plans to seek a major overhaul of the travel site’s board and is getting ready to nominate a majority slate for the company’s eight-member board, the report said.
Starboard’s disclosed ownership of Tripadvisor increased slightly during the quarter. The filing lists 9.6 million Tripadvisor shares held by the firm at the end of December, with a reported value of about $140 million. That compares with 9.5 million shares reported at the end of September, reflecting a modest uptick in the position during the three-month period.
The SEC filing is the primary document outlining the changes in Starboard’s portfolio during the December quarter. It identifies both the increased stakes and the reductions across the named companies but does not in itself explain the activist’s strategic rationale for each move beyond the reported intention to seek board changes at Tripadvisor.
Starboard’s activity during the quarter thus encompasses both increased investment in select companies and selective exits or reductions in others, alongside an explicit governance campaign directed at Tripadvisor’s board composition.
Context and market implications
Although the filing details the adjustments in holdings and the planned board challenge at Tripadvisor, it does not provide further commentary on timing, potential nominees, or intended operational changes at the targeted companies. The information disclosed is limited to positions and the stated intent to pursue a majority slate at Tripadvisor.