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JEFF SMITH'S STARBOARD JUST OPENED TWO NEW $258M POSITIONS IN LAMB WESTON AND CARMAX Here are their updated largest holdings and every move they made in Q1 2026, as per @ralliesai: Top 10 holdings: 🥇 Qorvo $QRVO: $581M 🥈 Kenvue $KVUE: $471M 🥉 iShares Core S&P Mid-Cap ETF $IJH: $394M 4. Algonquin Power $AQN: $351M 5. Match Group $MTCH: $350M 6. Acacia Research $ACTG: $294M 7. Bill Holdings $BILL: $269M 8. Lamb Weston $LW: $258M (NEW) 9. CarMax $KMX: $258M (NEW) 10. Riot Platforms $RIOT: $192M New positions: - Lamb Weston $LW: $258M - CarMax $KMX: $258M - GPGI $CMPO: $86M - iShares High Yield $HYG puts: $3M - iShares Russell 2000 $IWM puts: $2.7M - Riot Platforms $RIOT puts: $705K Biggest adds: - Riot Platforms $RIOT: +22% shares - TripAdvisor $TRIP: +12% - iShares Core S&P Mid-Cap $IJH: +11% Biggest trims: - Rogers Corp $ROG: -51% shares - Healthcare Realty $HR: -46% - Clearwater Analytics $CWAN: -45% - Fluor $FLR: -44% - News Corp Class B $NWS: -42% - Becton Dickinson $BDX: -32% - Gen Digital $GEN: -26% - Algonquin Power $AQN: -10% Full exits: - Autodesk $ADSK: $297M - Salesforce $CRM: $249M - iShares Russell 2000 $IWM common: $34M (rotated into puts) The rotation: out of enterprise SaaS and broad small-cap. Into two major new activist positions in consumer names plus bearish hedges on high yield and the Russell 2000.