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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
-7.91%
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
$549M
AUM Growth
-$143M
Cap. Flow
-$82.2M
Cap. Flow %
-14.98%
Top 10 Hldgs %
100%
Holding
10
New
2
Increased
1
Reduced
4
Closed
3

Top Buys

Rank Stock Value
1
VFC icon
VF Corp
VFC
+$98.9M
2
EVH icon
Evolent Health
EVH
+$30.2M
3
PRMW
Primo Water Corporation
PRMW
+$12.6M

Top Sells

Rank Stock Value
1
NEWR
New Relic, Inc.
NEWR
+$131M
2
SHAK icon
Shake Shack
SHAK
+$35.5M
3
QUOT
Quotient Technology Inc
QUOT
+$28.8M
4
KTOS icon
Kratos Defense & Security Solutions
KTOS
+$12.3M
5
VYX icon
NCR Voyix
VYX
+$6.49M

Sector Composition

Rank Sector Weight
1 Technology 44.36%
2 Consumer Discretionary 31.21%
3 Healthcare 14.06%
4 Consumer Staples 10.36%
5 Communication Services 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VYX icon
1
NCR Voyix
VYX
$1.09B
$135M 24.67%
8,180,176
-381,327
-4% -$6.49M
UPBD icon
2
Upbound Group
UPBD
$1.1B
$108M 19.69%
3,667,373
-190,543
-5% -$5.94M
VFC icon
3
VF Corp
VFC
$5.65B
$91.8M 16.74%
+5,196,284
New +$98.9M
SHAK icon
4
Shake Shack
SHAK
$3.06B
$79.4M 14.47%
1,367,231
-498,832
-27% -$35.5M
EVH icon
5
Evolent Health
EVH
$536M
$77.1M 14.06%
2,832,810
+1,085,558
+62% +$30.2M
BRCC icon
6
BRC Inc
BRCC
$22M
$44.7M 8.15%
12,451,018
-900,432
-7% -$3.97M
PRMW
7
DELISTED
Primo Water Corporation
PRMW
$12.1M 2.21%
+878,751
New +$12.6M
KTOS icon
8
Kratos Defense & Security Solutions
KTOS
$10.7B
– –
-855,173
Closed -$12.3M
NEWR
9
DELISTED
New Relic, Inc.
NEWR
– –
-1,999,703
Closed -$131M
QUOT
10
DELISTED
Quotient Technology Inc
QUOT
– –
-7,505,432
Closed -$28.8M

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Glenn Welling's Q3 2023 Portfolio in Review

As of Q3 2023, Glenn Welling held 10 positions worth $549M, down 21% from $691M the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Glenn Welling withdrew a net $82.2M in Q3 2023, closing 3 positions and reducing 4 holdings. Its most notable exit was New Relic, Inc., an estimated $131M position sold in full.

By sector, the portfolio is most concentrated in Technology at 44% of assets, down from 55% a quarter earlier, followed by Consumer Discretionary and Healthcare.

Against the trend, Glenn Welling opened a new position in VF Corp worth $91.8M.

  • Glenn Welling's largest Q3 2023 buy was VF Corp: 5,196,284 shares worth $91.8M.
  • Glenn Welling added most to Evolent Health in Q3 2023, an estimated $30.2M increase.
  • Glenn Welling's biggest Q3 2023 reduction was Shake Shack, cutting an estimated $35.5M.
  • Glenn Welling fully exited New Relic, Inc. in Q3 2023, selling an estimated $131M.
  • Glenn Welling's ten largest holdings make up 100% of its $549M portfolio in Q3 2023.
  • Glenn Welling opened 2 new positions and closed 3 in Q3 2023.
  • Glenn Welling's portfolio value fell 21% quarter-over-quarter to $549M.

Based on Engaged Capital's 13F filing for Q3 2023, filed 14 Nov 2023.