Engaged Capital

Q1 2015 13F · by Glenn Welling, CIO

As of: Mar 31, 2015
Filed: May 15, 2015
US stock: $134M · prev $123M
Positions: 16 · prev 13
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%

Moves19 since the prior filing

+31.0 pp in · −31.0 pp out

New 6 +17.81 pp
Added 9 +13.21 pp
Trimmed 1 −3.80 pp
Exited 3 −27.24 pp

The book

Very concentrated · behaves like 9 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 108% a year, about 0.9 years per position

Low
Moderate
High

Top 5 positions66% of US stock

unresolved Jamba Inc added−0.27 pp added−0.2717.4%
TRS Trimas Corporation added+4.94 pp added+4.9416.5%
MED Medifast, Inc. added−2.91 pp added−2.9113.8%
unresolved Rentech, Inc. added+1.41 pp added+1.419.5%
unresolved Procera Networks Inc added+7.83 pp added+7.838.4%

Positions16 in this filing · 3 exited


unresolvedJamba Inc	17.37%	1,581,889	$23M	added+10%	−0.27 pp	4 q
TRSTrimas Corporation	16.47%	716,672	$22M	added+59%	+4.94 pp	3 q
MEDMedifast, Inc.	13.84%	618,670	$19M	added+1%	−2.91 pp	5 q
unresolvedRentech, Inc.	9.50%	11,363,898	$13M	added+45%	+1.41 pp	6 q
unresolvedProcera Networks Inc	8.40%	1,198,407	$11M	added×12.3	+7.83 pp	2 q
ROVIRovi Corporation Com Stk (De)	7.48%	550,000	$10M	added+23%	−0.76 pp	6 q
unresolvedWeb Com Group Inc	4.32%	305,317	$6M	new	+4.32 pp	new
BHEBenchmark Electronics	4.17%	232,699	$6M	new	+4.17 pp	new
unresolvedUti Worldwide Inc	3.02%	328,697	$4M	added×2.3	+1.61 pp	6 q
unresolvedBoulder Brands, Inc.	2.92%	410,686	$4M	new	+2.92 pp	new
STKLSunOpta, Inc.	2.59%	326,076	$3M	new	+2.59 pp	new
ANFAbercrombie & Fitch Co.	2.38%	144,935	$3M	trimmed−45%	−3.80 pp	6 q
BG3Big 5 Sporting Goods Corp	2.37%	239,154	$3M	new	+2.37 pp	new
TEXTerex Corporation	2.37%	119,519	$3M	added×2.3	+1.21 pp	2 q
HMSYHMS Holdings Corp.	1.44%	124,709	$2M	new	+1.44 pp	new
AWIArmstrong World Industries, Inc.	1.34%	31,295	$2M	added+9%	+0.15 pp	2 q
unresolvedSilicon Image Inc	—	−4,136,852	—	exited	−18.64 pp	—
unresolvedVolcano Corporation	—	−502,825	—	exited	−7.34 pp	—
unresolvedParexel Intl Corp	—	−27,747	—	exited	−1.26 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 6 unresolved
Accession: 0000921895-15-001370
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet