Engaged Capital

Q3 2014 13F · by Glenn Welling, CIO

As of: Sep 30, 2014
Filed: Nov 14, 2014
US stock: $135M · prev $144M
Positions: 13 · prev 12
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves12 since the prior filing

+10.6 pp in · −11.2 pp out

New 3 +9.84 pp
Added 6 +0.75 pp
Trimmed 1 −1.55 pp
Exited 2 −9.69 pp

The book

Very concentrated · behaves like 9 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 44% a year, about 2.3 years per position

Low
Moderate
High

Top 5 positions65% of US stock

unresolved Volcano Corporation added−7.84 pp added−7.8416.8%
MED Medifast, Inc. added+2.50 pp added+2.5014.3%
unresolved Jamba Inc added+6.45 pp added+6.4512.4%
unresolved Oplink Communications, Inc. held held10.7%
unresolved Silicon Image Inc added+3.30 pp added+3.3010.6%

Positions13 in this filing · 2 exited


unresolvedVolcano Corporation	16.81%	2,137,081	$23M	added+6%	−7.84 pp	4 q
MEDMedifast, Inc.	14.27%	588,000	$19M	added+5%	+2.50 pp	3 q
unresolvedJamba Inc	12.43%	1,183,022	$17M	added+66%	+6.45 pp	2 q
unresolvedOplink Communications, Inc.	10.73%	863,468	$15M	held	—	3 q
unresolvedSilicon Image Inc	10.64%	2,855,777	$14M	added+36%	+3.30 pp	4 q
unresolvedRentech, Inc.	9.65%	7,633,898	$13M	added+3%	−3.72 pp	4 q
ANFAbercrombie & Fitch Co.	7.34%	273,321	$10M	trimmed−8%	−1.55 pp	4 q
TRSTrimas Corporation	6.74%	374,926	$9M	new	+6.74 pp	new
ROVIRovi Corporation Com Stk (De)	6.53%	447,129	$9M	added+15%	+0.06 pp	4 q
unresolvedExpress Inc	2.02%	175,000	$3M	new	+2.02 pp	new
unresolvedUti Worldwide Inc	1.22%	155,011	$2M	held	—	4 q
ICUIICU Medical Inc	1.08%	22,711	$1M	new	+1.08 pp	new
AVAVAeroVironment, Inc.	0.56%	25,000	$752,000	held	—	4 q
unresolvedParexel Intl Corp	—	−232,157	—	exited	−8.51 pp	—
BRSSGlobal Brass & Copper Hldgs, Inc	—	−100,380	—	exited	−1.18 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 7 unresolved
Accession: 0000921895-14-002438
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet