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GW

Glenn Welling Engaged Capital

AUM $327M
1-Year Est. Return 22.96%
 

Glenn Welling is the founder of Engaged Capital, an activist investment firm focused primarily on small- and mid-cap U.S. companies. Engaged Capital seeks undervalued businesses where operational improvement, cost discipline, or strategic change can unlock value. Welling’s campaigns are closely watched in the activist community for mid-market corporate engagement.

This Fund
S&P 500
This Quarter Est. Return
-8.97%
1 Year Est. Return
+22.96%
3 Year Est. Return
+26.15%
5 Year Est. Return
+72.38%
10 Year Est. Return
+552.21%
AUM
$174M
AUM Growth
+$550K
Cap. Flow
+$29.8M
Cap. Flow %
17.08%
Top 10 Hldgs %
96.4%
Holding
17
New
2
Increased
6
Reduced
4
Closed
5

Top Buys

Rank Stock Value
1
BDBD
BOULDER BRANDS INC
BDBD
+$22.5M
2
HTWR
HEARTWARE INTERNATIONAL INC COM STK (DE)
HTWR
+$15.7M
3
MX icon
Magnachip Semiconductor
MX
+$7.95M
4
TIVO
Tivo Inc
TIVO
+$5.44M
5
HZN
Horizon Global Corporation
HZN
+$3.69M

Top Sells

Rank Stock Value
1
EXAR
Exar Corporation
EXAR
+$8.49M
2
ABM icon
ABM Industries
ABM
+$6.86M
3
SEAC
Seachange International Inc
SEAC
+$3.66M
4
STKL
SunOpta
STKL
+$3.5M
5
BGFV
Big 5 Sporting Goods
BGFV
+$3.4M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 36.06%
2 Technology 18.97%
3 Industrials 8.04%
4 Materials 3.33%
5 Consumer Staples 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BDBD
1
DELISTED
BOULDER BRANDS INC
BDBD
$47.8M 27.41%
5,836,087
+2,816,704
+93% +$22.5M
JMBA
2
DELISTED
Jamba, Inc.
JMBA
$24M 13.74%
1,681,212
+46,294
+3% +$681K
MED icon
3
Medifast
MED
$134M
$19.8M 11.36%
737,465
+1,199
+0.2% +$34.9K
TRS icon
4
TriMas Corp
TRS
$1.41B
$16.2M 9.29%
990,959
-76,877
-7% -$1.5M
MX icon
5
Magnachip Semiconductor
MX
$121M
$16.1M 9.22%
2,438,792
+960,657
+65% +$7.95M
BHE icon
6
Benchmark Electronics
BHE
$2.61B
$13.6M 7.82%
626,301
+166,757
+36% +$3.56M
HTWR
7
DELISTED
HEARTWARE INTERNATIONAL INC COM STK (DE)
HTWR
$10.8M 6.19%
+206,469
New +$15.7M
TIVO
8
DELISTED
Tivo Inc
TIVO
$10.5M 6.02%
1,000,000
+450,000
+82% +$5.44M
RTK
9
DELISTED
Rentech, Inc.
RTK
$5.81M 3.33%
1,036,888
-99,502
-9% -$752K
ABM icon
10
ABM Industries
ABM
$2.74B
$3.53M 2.02%
129,135
-217,016
-63% -$6.86M
ZIXI
11
DELISTED
Zix Corporation
ZIXI
$3.37M 1.93%
800,817
-51,005
-6% -$242K
HZN
12
DELISTED
Horizon Global Corporation
HZN
$2.92M 1.67%
+330,531
New +$3.69M
BGFV
13
DELISTED
Big 5 Sporting Goods
BGFV
– –
-239,154
Closed -$3.4M
STKL
14
DELISTED
SunOpta
STKL
– –
-326,076
Closed -$3.5M
SEAC
15
DELISTED
Seachange International Inc
SEAC
– –
-26,118
Closed -$3.66M
EXAR
16
DELISTED
Exar Corporation
EXAR
– –
-868,510
Closed -$8.49M
RNF
17
DELISTED
RENTECH NITROGEN PARTNERS, L.P. INT
RNF
– –
-96,201
Closed -$1.38M

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Glenn Welling's Q3 2015 Portfolio in Review

As of Q3 2015, Glenn Welling held 17 positions worth $174M, up 0.32% from $174M the previous quarter. Its ten largest holdings account for 96% of the portfolio.

Glenn Welling deployed $29.8M of net new capital in Q3 2015, opening 2 new positions and adding to 6 existing holdings. Its largest new stake was HEARTWARE INTERNATIONAL INC COM STK (DE): 206,469 shares worth $10.8M.

By sector, the portfolio is most concentrated in Consumer Discretionary at 36% of assets, down from 45% a quarter earlier, followed by Technology and Industrials.

On the sell side, the largest reduction was ABM Industries, an estimated $6.86M trimmed.

  • Glenn Welling's largest Q3 2015 buy was HEARTWARE INTERNATIONAL INC COM STK (DE): 206,469 shares worth $10.8M.
  • Glenn Welling added most to BOULDER BRANDS INC in Q3 2015, an estimated $22.5M increase.
  • Glenn Welling's biggest Q3 2015 reduction was ABM Industries, cutting an estimated $6.86M.
  • Glenn Welling fully exited Exar Corporation in Q3 2015, selling an estimated $8.49M.
  • Glenn Welling's ten largest holdings make up 96% of its $174M portfolio in Q3 2015.
  • Glenn Welling opened 2 new positions and closed 5 in Q3 2015.
  • Glenn Welling's portfolio value rose 0.32% quarter-over-quarter to $174M.

Based on Engaged Capital's 13F filing for Q3 2015, filed 13 Nov 2015.