Starboard Value LP

Starboard Value LP is a New York-based activist investment firm specializing in identifying and investing in deeply undervalued public companies. Founded in 2002 by Jeffrey Smith and Mark Mitchell, the firm operates with a core mission to unlock shareholder value through active engagement with management teams and boards of directors. Starboard Value became an independent entity in 2011, spinning off from Ramius LLC, the asset management arm of Cowen Group. Its headquarters are located in New York City, New York.

The firm provides discretionary investment management services to private investment funds and separately managed accounts, focusing primarily on publicly traded U.S. companies. Starboard Value employs a fundamental analysis approach to pinpoint opportunities for value creation, often advocating for operational improvements, strategic changes, and enhanced corporate governance. As of December 31, 2025, Starboard Value LP managed approximately $8.152 billion in assets.

Led by CEO and Chief Investment Officer Jeffrey Smith, Starboard Value is known for its high-profile activist campaigns. Recent engagements include acquiring a significant stake in Pfizer in 2024 to advocate for strategic changes, and involvement with Kenvue and BILL Holdings in 2025. While the firm secured board changes at companies like Healthcare Realty Trust and Riot Platforms in 2024, its overall returns for that year lagged behind some activist peers, partly due to challenges in campaigns targeting larger companies.