Activist investor Jeff Smith's Starboard Value significantly increased its investment in the iShares Core S&P Mid-Cap ETF (IJH) during the second quarter of 2026. According to its latest 13F filing, the firm raised its holdings by over 52%, bringing its total position to 8.88 million shares valued at approximately $684.6 million. The move elevates the mid-cap ETF to Starboard's largest disclosed position, now accounting for over 15% of its reported portfolio.
This disclosure reflects trades executed between April 1 and June 30, 2026, and was made public on August 14. While Starboard is primarily known for taking concentrated stakes in individual companies to push for change, a large allocation to a broad market ETF could signal a bullish macroeconomic view on U.S. mid-sized companies. The firm has not publicly commented on its specific motive for the substantial increase in its IJH holdings.