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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
-2.5%
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
$394M
AUM Growth
+$87.4M
Cap. Flow
+$90.8M
Cap. Flow %
23.03%
Top 10 Hldgs %
95.16%
Holding
18
New
4
Increased
5
Reduced
5
Closed
2

Top Buys

Rank Stock Value
1
HAIN icon
Hain Celestial
HAIN
+$71M
2
UPBD icon
Upbound Group
UPBD
+$60.7M
3
NATI
National Instruments Corp
NATI
+$6.67M
4
JMBA
Jamba, Inc.
JMBA
+$4.62M
5
SCOR icon
Comscore
SCOR
+$4.15M

Top Sells

Rank Stock Value
1
BHE icon
Benchmark Electronics
BHE
+$48.4M
2
PRXL
Parexel International Corp
PRXL
+$6.07M
3
MX icon
Magnachip Semiconductor
MX
+$4.92M
4
IWM icon
iShares Russell 2000 ETF
IWM
+$2.02M
5
TRS icon
TriMas Corp
TRS
+$666K

Sector Composition

Rank Sector Weight
1 Technology 39.61%
2 Consumer Staples 29.73%
3 Consumer Discretionary 16.51%
4 Industrials 12.92%
5 Communication Services 0.68%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
UPBD icon
1
Upbound Group
UPBD
$1.1B
$79.7M 20.22%
8,983,609
+6,681,233
+290% +$60.7M
HAIN icon
2
Hain Celestial
HAIN
$71.6M
$70.2M 17.81%
+1,887,332
New +$71M
TIVO
3
DELISTED
Tivo Inc
TIVO
$47.3M 12.01%
2,525,000
– –
STKL
4
DELISTED
SunOpta
STKL
$47M 11.91%
6,756,907
+241,823
+4% +$1.73M
MED icon
5
Medifast
MED
$134M
$35M 8.89%
789,549
+17,084
+2% +$735K
MX icon
6
Magnachip Semiconductor
MX
$121M
$30.8M 7.82%
3,227,974
-625,000
-16% -$4.92M
BHE icon
7
Benchmark Electronics
BHE
$2.61B
$28.1M 7.14%
884,668
-1,543,553
-64% -$48.4M
JMBA
8
DELISTED
Jamba, Inc.
JMBA
$24.4M 6.19%
2,697,029
+481,262
+22% +$4.62M
NATI
9
DELISTED
National Instruments Corp
NATI
$6.83M 1.73%
+209,606
New +$6.67M
RT
10
DELISTED
Ruby Tuesday Georgia
RT
$5.68M 1.44%
2,022,973
– –
TRS icon
11
TriMas Corp
TRS
$1.41B
$5.63M 1.43%
271,563
-30,398
-10% -$666K
AJRD
12
DELISTED
Aerojet Rocketdyne Holdings
AJRD
$3.57M 0.91%
+164,556
New +$3.25M
SCOR icon
13
Comscore
SCOR
$77.1M
$2.82M 0.72%
+6,529
New +$4.15M
HMHC
14
DELISTED
Houghton Mifflin Harcourt Company
HMHC
$2.66M 0.68%
262,145
+48,379
+23% +$506K
IWM icon
15
iShares Russell 2000 ETF
IWM
$81.9B
$2.22M 0.56%
16,172
-14,750
-48% -$2.02M
WEB
16
DELISTED
Web.com Group, Inc.
WEB
$2.16M 0.55%
111,783
-15,023
-12% -$296K
PRXL
17
DELISTED
Parexel International Corp
PRXL
– –
-92,327
Closed -$6.07M
BDSI
18
DELISTED
BioDelivery Sciences International, Inc.
BDSI
– –
-188,750
Closed -$330K

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Glenn Welling's Q1 2017 Portfolio in Review

As of Q1 2017, Glenn Welling held 18 positions worth $394M, up 29% from $307M the previous quarter. Its ten largest holdings account for 95% of the portfolio.

Glenn Welling deployed $90.8M of net new capital in Q1 2017, opening 4 new positions and adding to 5 existing holdings. Its largest new stake was Hain Celestial: 1,887,332 shares worth $70.2M.

By sector, the portfolio is most concentrated in Technology at 40% of assets, down from 43% a quarter earlier, followed by Consumer Staples and Consumer Discretionary.

On the sell side, the largest reduction was Benchmark Electronics, an estimated $48.4M trimmed.

  • Glenn Welling's largest Q1 2017 buy was Hain Celestial: 1,887,332 shares worth $70.2M.
  • Glenn Welling added most to Upbound Group in Q1 2017, an estimated $60.7M increase.
  • Glenn Welling's biggest Q1 2017 reduction was Benchmark Electronics, cutting an estimated $48.4M.
  • Glenn Welling fully exited Parexel International Corp in Q1 2017, selling an estimated $6.07M.
  • Glenn Welling's ten largest holdings make up 95% of its $394M portfolio in Q1 2017.
  • Glenn Welling opened 4 new positions and closed 2 in Q1 2017.
  • Glenn Welling's portfolio value rose 29% quarter-over-quarter to $394M.

Based on Engaged Capital's 13F filing for Q1 2017, filed 15 May 2017.