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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
-7.39%
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
$713M
AUM Growth
-$81.9M
Cap. Flow
-$17.4M
Cap. Flow %
-2.44%
Top 10 Hldgs %
93.57%
Holding
19
New
3
Increased
5
Reduced
4
Closed
3

Top Buys

Rank Stock Value
1
BHE icon
Benchmark Electronics
BHE
+$23.8M
2
VYX icon
NCR Voyix
VYX
+$21M
3
INWK
InnerWorkings, Inc.
INWK
+$13.4M
4
PETX
Aratana Therapeutics, Inc.
PETX
+$8.32M
5
PBYI icon
Puma Biotechnology
PBYI
+$7.31M

Top Sells

Rank Stock Value
1
UPBD icon
Upbound Group
UPBD
+$65.4M
2
JMBA
Jamba, Inc.
JMBA
+$30.2M
3
CASY icon
Casey's General Stores
CASY
+$3.85M
4
CLS icon
Celestica
CLS
+$2.49M
5
UEIC icon
Universal Electronics
UEIC
+$2.34M

Sector Composition

Rank Sector Weight
1 Consumer Staples 51.81%
2 Technology 24.15%
3 Industrials 16.12%
4 Healthcare 6.6%
5 Communication Services 1.33%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
HAIN icon
1
Hain Celestial
HAIN
$71.6M
$319M 44.74%
11,761,242
– –
UPBD icon
2
Upbound Group
UPBD
$1.1B
$65.2M 9.14%
4,533,609
-4,450,000
-50% -$65.4M
APOG icon
3
Apogee Enterprises
APOG
$868M
$61.6M 8.64%
1,491,020
– –
BHE icon
4
Benchmark Electronics
BHE
$2.61B
$53.1M 7.45%
2,268,787
+901,913
+66% +$23.8M
STKL
5
DELISTED
SunOpta
STKL
$50.4M 7.07%
6,856,907
– –
TIVO
6
DELISTED
Tivo Inc
TIVO
$31.4M 4.41%
2,525,000
– –
VYX icon
7
NCR Voyix
VYX
$1.09B
$30.7M 4.3%
1,758,873
+1,178,921
+203% +$21M
PETX
8
DELISTED
Aratana Therapeutics, Inc.
PETX
$23.7M 3.33%
4,065,079
+1,665,079
+69% +$8.32M
ANIK icon
9
Anika Therapeutics
ANIK
$291M
$16.3M 2.29%
386,926
+124,379
+47% +$4.91M
CLS icon
10
Celestica
CLS
$37.4B
$15.6M 2.19%
1,444,681
-207,758
-13% -$2.49M
INWK
11
DELISTED
InnerWorkings, Inc.
INWK
$13.5M 1.89%
+1,704,656
New +$13.4M
GRPN icon
12
Groupon
GRPN
$797M
$9.48M 1.33%
125,796
+82,390
+190% +$7.24M
UEIC icon
13
Universal Electronics
UEIC
$62.5M
$7.55M 1.06%
191,810
-59,866
-24% -$2.34M
PBYI icon
14
Puma Biotechnology
PBYI
$477M
$6.96M 0.98%
+151,689
New +$7.31M
BW icon
15
Babcock & Wilcox
BW
$1.23B
$4.64M 0.65%
450,678
-32,176
-7% -$534K
ASTE icon
16
Astec Industries
ASTE
$1B
$3.71M 0.52%
+73,605
New +$3.8M
CASY icon
17
Casey's General Stores
CASY
$30.9B
– –
-36,672
Closed -$3.85M
CCRN
18
DELISTED
Cross Country Healthcare
CCRN
– –
-207,680
Closed -$2.34M
JMBA
19
DELISTED
Jamba, Inc.
JMBA
– –
-2,834,002
Closed -$30.2M

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Glenn Welling's Q3 2018 Portfolio in Review

As of Q3 2018, Glenn Welling held 19 positions worth $713M, down 10% from $795M the previous quarter. Its ten largest holdings account for 94% of the portfolio.

Glenn Welling's Q3 2018 filing shows 3 new, 5 increased, 4 reduced and 3 closed positions. Its largest new stake was InnerWorkings, Inc.: 1,704,656 shares worth $13.5M. The largest sale was Upbound Group, an estimated $65.4M.

By sector, the portfolio is most concentrated in Consumer Staples at 52% of assets, up from 51% a quarter earlier, followed by Technology and Industrials.

  • Glenn Welling's largest Q3 2018 buy was InnerWorkings, Inc.: 1,704,656 shares worth $13.5M.
  • Glenn Welling added most to Benchmark Electronics in Q3 2018, an estimated $23.8M increase.
  • Glenn Welling's biggest Q3 2018 reduction was Upbound Group, cutting an estimated $65.4M.
  • Glenn Welling fully exited Jamba, Inc. in Q3 2018, selling an estimated $30.2M.
  • Glenn Welling's ten largest holdings make up 94% of its $713M portfolio in Q3 2018.
  • Glenn Welling opened 3 new positions and closed 3 in Q3 2018.
  • Glenn Welling's portfolio value fell 10% quarter-over-quarter to $713M.

Based on Engaged Capital's 13F filing for Q3 2018, filed 14 Nov 2018.