Engaged Capital

Q1 2016 13F · by Glenn Welling, CIO

As of: Mar 31, 2016
Filed: May 16, 2016
US stock: $296M · prev $161M
Positions: 12 · prev 11
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%

Moves10 since the prior filing

+24.0 pp in · −2.2 pp out

New 2 +4.17 pp
Added 7 +19.81 pp
Trimmed 0 0.00 pp
Exited 1 −2.17 pp

The book

Very concentrated · behaves like 6 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 4.7% a year, about 21.2 years per position

Low
Moderate
High

Top 5 positions80% of US stock

unresolved Outerwall Inc added+24.94 pp added+24.9430.4%
BHE Benchmark Electronics added+8.06 pp added+8.0618.9%
ROVI Rovi Corporation Com Stk (De) held held15.6%
unresolved Jamba Inc held held7.6%
MED Medifast, Inc. held held7.5%

Positions12 in this filing · 1 exited


unresolvedOuterwall Inc	30.35%	2,431,170	$90M	added×10.2	+24.94 pp	2 q
BHEBenchmark Electronics	18.89%	2,428,221	$56M	added×2.9	+8.06 pp	5 q
ROVIRovi Corporation Com Stk (De)	15.58%	2,250,000	$46M	held	—	10 q
unresolvedJamba Inc	7.64%	1,830,767	$23M	held	—	8 q
MEDMedifast, Inc.	7.51%	737,465	$22M	held	—	9 q
MXMagnachip Semiconductor Corp.	7.07%	3,852,974	$21M	added+12%	−4.27 pp	4 q
TRSTrimas Corporation	4.02%	679,067	$12M	added+7%	−3.31 pp	7 q
unresolvedHeartware Intl Inc	2.55%	240,750	$8M	added+5%	−4.65 pp	3 q
IWMiShares Russell 2000 ETF	2.12%	56,789	$6M	new	+2.12 pp	new
BDSIBioDelivery Sciences International, Inc.	2.05%	1,876,550	$6M	new	+2.05 pp	new
LBYYQLibbey Inc	1.70%	270,064	$5M	added+76%	−0.33 pp	2 q
AMAGAMAG Pharmaceuticals, Inc.	0.52%	65,916	$2M	added+7%	−0.63 pp	2 q
HAINHain Celestial Group Inc	—	−86,604	—	exited	−2.17 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 3 unresolved
Accession: 0000921895-16-004567
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet