Engaged Capital

Q3 2015 13F · by Glenn Welling, CIO

As of: Sep 30, 2015
Filed: Nov 13, 2015
US stock: $174M · prev $174M
Positions: 12 · prev 15
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%

Moves18 since the prior filing

+23.9 pp in · −23.9 pp out

New 3 +11.19 pp
Added 7 +12.68 pp
Trimmed 2 −5.13 pp
Exited 6 −18.74 pp

The book

Very concentrated · behaves like 7 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 89% a year, about 1.1 years per position

Low
Moderate
High

Top 5 positions71% of US stock

unresolved Boulder Brands, Inc. added+15.35 pp added+15.3527.4%
unresolved Jamba Inc added−0.83 pp added−0.8313.7%
MED Medifast, Inc. added−2.33 pp added−2.3311.4%
TRS Trimas Corporation added−5.20 pp added−5.209.3%
MX Magnachip Semiconductor Corp. added+2.66 pp added+2.669.2%

Positions12 in this filing · 6 exited


unresolvedBoulder Brands, Inc.	27.41%	5,836,087	$48M	added+93%	+15.35 pp	3 q
unresolvedJamba Inc	13.74%	1,681,212	$24M	added+3%	−0.83 pp	6 q
MEDMedifast, Inc.	11.36%	737,465	$20M	added0%	−2.33 pp	7 q
TRSTrimas Corporation	9.29%	990,959	$16M	added+16%	−5.20 pp	5 q
MXMagnachip Semiconductor Corp.	9.22%	2,438,792	$16M	added+65%	+2.66 pp	2 q
BHEBenchmark Electronics	7.82%	626,301	$14M	added+36%	+2.06 pp	3 q
unresolvedHeartware Intl Inc	6.19%	206,469	$11M	new	+6.19 pp	new
ROVIRovi Corporation Com Stk (De)	6.02%	1,000,000	$10M	added+82%	+0.97 pp	8 q
unresolvedRentech, Inc.	3.33%	1,036,888	$6M	new	+3.33 pp	new
ABMABM Industries, Inc.	2.02%	129,135	$4M	trimmed−63%	−4.53 pp	2 q
ZIXIZix Corporation	1.93%	800,817	$3M	trimmed−6%	−0.60 pp	2 q
HZNHorizon Global Corporation	1.67%	330,531	$3M	new	+1.67 pp	new
unresolvedRentech, Inc.	—	−11,363,898	—	exited	−6.99 pp	—
unresolvedExar Corp	—	−868,510	—	exited	−4.89 pp	—
SEACSeachange Intl Inc	—	−522,368	—	exited	−2.11 pp	—
STKLSunOpta, Inc.	—	−326,076	—	exited	−2.01 pp	—
BG3Big 5 Sporting Goods Corp	—	−239,154	—	exited	−1.95 pp	—
unresolvedRentech Nitrogen Partners L	—	−96,201	—	exited	−0.79 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 4 unresolved
Accession: 0000921895-15-002508
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet