Glenn Welling Engaged Capital
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.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Shake Shack
SHAK
|
+$94.8M |
| 2 |
STKL
SunOpta
STKL
|
+$38.8M |
| 3 |
Freshpet
FRPT
|
+$18.8M |
| 4 |
Upbound Group
UPBD
|
+$6.53M |
| 5 |
iShares Russell 2000 ETF
IWM
|
+$2.03M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
NEWR
New Relic, Inc.
NEWR
|
+$41.1M |
| 2 |
BellRing Brands
BRBR
|
+$40M |
| 3 |
Evolent Health
EVH
|
+$18.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 52.53% |
| 2 | Consumer Staples | 19.14% |
| 3 | Consumer Discretionary | 13.57% |
| 4 | Healthcare | 10.22% |
| 5 | Communication Services | 3.78% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
NEWR
1
DELISTED
New Relic, Inc.
NEWR
| $151M | 21.43% |
1,999,703
-608,116
| -23% | -$41.1M |
|
2
NCR Voyix
VYX
$1.09B
| $124M | 17.64% |
8,561,503
| – | – |
|
|
3
Shake Shack
SHAK
$3.06B
| $95.3M | 13.57% |
+1,717,943
| New | +$94.8M |
|
|
4
Upbound Group
UPBD
$1.1B
| $94.6M | 13.46% |
3,857,916
+253,700
| +7% | +$6.53M |
|
|
5
Evolent Health
EVH
$536M
| $71.8M | 10.22% |
2,213,454
-572,588
| -21% | -$18.1M |
|
6
BRC Inc
BRCC
$22M
| $68.6M | 9.77% |
13,351,450
| – | – |
|
|
STKL
7
DELISTED
SunOpta
STKL
| $45.5M | 6.48% |
5,915,435
+4,844,757
| +452% | +$38.8M |
|
|
QUOT
8
DELISTED
Quotient Technology Inc
QUOT
| $26.6M | 3.78% |
8,107,150
| – | – |
|
|
9
Freshpet
FRPT
$3.55B
| $20.3M | 2.89% |
+306,716
| New | +$18.8M |
|
|
10
iShares Russell 2000 ETF
IWM
$81.9B
| $5.32M | 0.76% |
29,800
+11,000
| +59% | +$2.03M |
|
|
11
BellRing Brands
BRBR
$1.18B
| – | – |
-1,561,083
| Closed | -$40M |
|
Similar funds
Glenn Welling's Q1 2023 Portfolio in Review
As of Q1 2023, Glenn Welling held 11 positions worth $703M, up 19% from $591M the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Glenn Welling deployed $61.8M of net new capital in Q1 2023, opening 2 new positions and adding to 3 existing holdings. Its largest new stake was Shake Shack: 1,717,943 shares worth $95.3M.
By sector, the portfolio is most concentrated in Technology at 53% of assets, down from 59% a quarter earlier, followed by Consumer Staples and Consumer Discretionary.
On the sell side, the largest reduction was New Relic, Inc., an estimated $41.1M trimmed.
- Glenn Welling's largest Q1 2023 buy was Shake Shack: 1,717,943 shares worth $95.3M.
- Glenn Welling added most to SunOpta in Q1 2023, an estimated $38.8M increase.
- Glenn Welling's biggest Q1 2023 reduction was New Relic, Inc., cutting an estimated $41.1M.
- Glenn Welling fully exited BellRing Brands in Q1 2023, selling an estimated $40M.
- Glenn Welling's ten largest holdings make up 100% of its $703M portfolio in Q1 2023.
- Glenn Welling opened 2 new positions and closed 1 in Q1 2023.
- Glenn Welling's portfolio value rose 19% quarter-over-quarter to $703M.
Based on Engaged Capital's 13F filing for Q1 2023, filed 15 May 2023.