Starboard Value Exits Salesforce, Autodesk; Adds Lamb Weston, CarMax

A 13F filing with the U.S. Securities and Exchange Commission (SEC) revealed that activist hedge fund Starboard Value, led by Jeff Smith, fully exited its positions in Salesforce (NYSE:CRM) and Autodesk (NASDAQ:ADSK) during the first quarter of 2026. In their place, the fund opened new long positions in Lamb Weston (NYSE:LW) and CarMax (NYSE:KMX), and added to existing stakes in other companies.

Details

According to the filing submitted on May 15, 2026, Starboard Value liquidated its entire holdings in Salesforce and Autodesk. The filing did not specify reasons for the move, but it aligns with the fund's activist strategy of pushing for change in target companies.

Context

Starboard Value had invested in Salesforce in early 2023, advocating for margin improvements and cost restructuring. In Autodesk, the fund had been pushing for better performance. The exits suggest the fund believes it has achieved its goals or found better opportunities elsewhere.

What It Means for Investors

Starboard Value's moves can signal which sectors the fund finds attractive. The shift from tech stocks (Salesforce and Autodesk) to consumer stocks (Lamb Weston and CarMax) may reflect expectations of changing market dynamics. However, investors should not view these moves as direct recommendations and should conduct their own analysis.