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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
-23%
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
$539M
AUM Growth
-$174M
Cap. Flow
+$27.1M
Cap. Flow %
5.03%
Top 10 Hldgs %
93.74%
Holding
18
New
2
Increased
3
Reduced
6
Closed
3

Top Buys

Rank Stock Value
1
DFRG
Del Frisco's Restaurant Group, Inc. Common Stock
DFRG
+$23.6M
2
MGLN
Magellan Health Services, Inc.
MGLN
+$15.8M
3
UPBD icon
Upbound Group
UPBD
+$11.6M
4
APOG icon
Apogee Enterprises
APOG
+$7.1M
5
INWK
InnerWorkings, Inc.
INWK
+$4.88M

Top Sells

Rank Stock Value
1
CLS icon
Celestica
CLS
+$15.6M
2
UEIC icon
Universal Electronics
UEIC
+$7.55M
3
PBYI icon
Puma Biotechnology
PBYI
+$6.96M
4
PETX
Aratana Therapeutics, Inc.
PETX
+$3.53M
5
BHE icon
Benchmark Electronics
BHE
+$736K

Sector Composition

Rank Sector Weight
1 Consumer Staples 39.51%
2 Technology 29.4%
3 Industrials 16.23%
4 Healthcare 9%
5 Consumer Discretionary 4.41%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
HAIN icon
1
Hain Celestial
HAIN
$71.6M
$187M 34.59%
11,761,242
– –
UPBD icon
2
Upbound Group
UPBD
$1.1B
$86.4M 16.01%
5,333,609
+800,000
+18% +$11.6M
APOG icon
3
Apogee Enterprises
APOG
$868M
$50.4M 9.35%
1,689,332
+198,312
+13% +$7.1M
BHE icon
4
Benchmark Electronics
BHE
$2.61B
$47.4M 8.78%
2,236,787
-32,000
-1% -$736K
STKL
5
DELISTED
SunOpta
STKL
$26.5M 4.92%
6,856,907
– –
VYX icon
6
NCR Voyix
VYX
$1.09B
$24.8M 4.61%
1,754,635
-4,238
-0.2% -$66.5K
DFRG
7
DELISTED
Del Frisco's Restaurant Group, Inc. Common Stock
DFRG
$23.8M 4.41%
+3,328,000
New +$23.6M
TIVO
8
DELISTED
Tivo Inc
TIVO
$23.8M 4.41%
2,525,000
– –
PETX
9
DELISTED
Aratana Therapeutics, Inc.
PETX
$21.4M 3.96%
3,487,149
-577,930
-14% -$3.53M
MGLN
10
DELISTED
Magellan Health Services, Inc.
MGLN
$14.6M 2.7%
+255,761
New +$15.8M
ANIK icon
11
Anika Therapeutics
ANIK
$291M
$12.6M 2.34%
374,926
-12,000
-3% -$433K
INWK
12
DELISTED
InnerWorkings, Inc.
INWK
$9.66M 1.79%
2,582,346
+877,690
+51% +$4.88M
GRPN icon
13
Groupon
GRPN
$797M
$7.83M 1.45%
122,270
-3,526
-3% -$227K
ASTE icon
14
Astec Industries
ASTE
$1B
$2.22M 0.41%
73,605
– –
BW icon
15
Babcock & Wilcox
BW
$1.23B
$1.47M 0.27%
377,472
-73,206
-16% -$651K
CLS icon
16
Celestica
CLS
$37.4B
– –
-1,444,681
Closed -$15.6M
PBYI icon
17
Puma Biotechnology
PBYI
$477M
– –
-151,689
Closed -$6.96M
UEIC icon
18
Universal Electronics
UEIC
$62.5M
– –
-191,810
Closed -$7.55M

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Glenn Welling's Q4 2018 Portfolio in Review

As of Q4 2018, Glenn Welling held 18 positions worth $539M, down 24% from $713M the previous quarter. Its ten largest holdings account for 94% of the portfolio.

Glenn Welling deployed $27.1M of net new capital in Q4 2018, opening 2 new positions and adding to 3 existing holdings. Its largest new stake was Del Frisco's Restaurant Group, Inc. Common Stock: 3,328,000 shares worth $23.8M.

By sector, the portfolio is most concentrated in Consumer Staples at 40% of assets, down from 52% a quarter earlier, followed by Technology and Industrials.

On the sell side, the largest reduction was Aratana Therapeutics, Inc., an estimated $3.53M trimmed.

  • Glenn Welling's largest Q4 2018 buy was Del Frisco's Restaurant Group, Inc. Common Stock: 3,328,000 shares worth $23.8M.
  • Glenn Welling added most to Upbound Group in Q4 2018, an estimated $11.6M increase.
  • Glenn Welling's biggest Q4 2018 reduction was Aratana Therapeutics, Inc., cutting an estimated $3.53M.
  • Glenn Welling fully exited Celestica in Q4 2018, selling an estimated $15.6M.
  • Glenn Welling's ten largest holdings make up 94% of its $539M portfolio in Q4 2018.
  • Glenn Welling opened 2 new positions and closed 3 in Q4 2018.
  • Glenn Welling's portfolio value fell 24% quarter-over-quarter to $539M.

Based on Engaged Capital's 13F filing for Q4 2018, filed 14 Feb 2019.