Activist hedge fund Starboard Value has disclosed new, approximately $258 million stakes in food processor Lamb Weston and used auto retailer Carmax as of March 31. While both consumer stocks saw gains in Q1, their year-to-date performance has diverged, with Lamb Weston up over 5% and Carmax down more than 4% in 2026. These new positions place them among Starboard’s top holdings, alongside an increased stake in bitcoin miner Riot Platforms.
Activist hedge fund Starboard Value has reportedly initiated significant new positions in two major consumer-facing companies, according to its latest regulatory filing for the period ending March 31. The influential investor has added food processing giant Lamb Weston and used automobile retail leader Carmax to its portfolio, with both stakes valued at approximately $258 million each.
These strategic moves come as both stocks showed positive momentum in the first quarter, with Lamb Weston (LW) climbing nearly 2% and Carmax (KMX) surging more than 7%. However, their year-to-date performance has diverged, indicating a split trajectory in the current market landscape. As of 2026, Lamb Weston has demonstrated robust growth, gaining over 5%, while Carmax has experienced a slight dip, falling more than 4%.
The newly acquired positions highlight Starboard Value's conviction in these consumer names, with Lamb Weston and Carmax now ranking as the eighth and ninth largest holdings, respectively, within the hedge fund's top ten. Rounding out the top ten is Riot Platforms, a prominent player in bitcoin mining and digital infrastructure. While not a new addition, Starboard significantly increased its existing stake in Riot Platforms by 22%, pushing its valuation to roughly $192 million. Despite a modest decline of over 2% in the last quarter, Riot Platforms has delivered an impressive year-to-date performance, soaring more than 85%.
