Engaged Capital

Q4 2016 13F · by Glenn Welling, CIO

As of: Dec 31, 2016
Filed: Feb 14, 2017
US stock: $307M · prev $275M
Positions: 14 · prev 14
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

+8.3 pp in · −6.9 pp out

New 2 +9.20 pp
Added 5 −0.89 pp
Trimmed 3 −2.72 pp
Exited 2 −4.15 pp

The book

Very concentrated · behaves like 7 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 24% a year, about 4.2 years per position

Low
Moderate
High

Top 5 positions75% of US stock

BHE Benchmark Electronics held held24.1%
TIVO Tivo Inc added−0.18 pp added−0.1817.2%
STKL SunOpta, Inc. added−1.55 pp added−1.5515.0%
MED Medifast, Inc. added+0.33 pp added+0.3310.5%
UPBD Upbound Group, Inc. new+8.44 pp new+8.448.4%

Positions14 in this filing · 2 exited


BHEBenchmark Electronics	24.15%	2,428,221	$74M	held	—	8 q
TIVOTivo Inc	17.20%	2,525,000	$53M	added+3%	−0.18 pp	2 q
STKLSunOpta, Inc.	14.97%	6,515,084	$46M	added+1%	−1.55 pp	3 q
MEDMedifast, Inc.	10.48%	772,465	$32M	added+5%	+0.33 pp	12 q
UPBDUpbound Group, Inc.	8.44%	2,302,376	$26M	new	+8.44 pp	new
MXMagnachip Semiconductor Corp.	7.79%	3,852,974	$24M	held	—	7 q
unresolvedJamba Inc	7.44%	2,215,767	$23M	added+6%	−0.83 pp	11 q
TRSTrimas Corporation	2.31%	301,961	$7M	trimmed−14%	−0.06 pp	10 q
unresolvedRuby Tuesday Inc	2.13%	2,022,973	$7M	held	—	2 q
unresolvedParexel Intl Corp	1.98%	92,327	$6M	added×3.7	+1.34 pp	2 q
IWMiShares Russell 2000 ETF	1.36%	30,922	$4M	trimmed−39%	−0.93 pp	4 q
unresolvedWeb Com Group Inc	0.87%	126,806	$3M	held	—	2 q
HMHCHoughton Mifflin Harcourt Company	0.76%	213,766	$2M	new	+0.76 pp	new
BDSIBioDelivery Sciences International, Inc.	0.11%	188,750	$330,000	trimmed−90%	−1.73 pp	4 q
SCORcomScore, Inc.	—	−231,758	—	exited	−2.59 pp	—
LBYYQLibbey Inc	—	−239,820	—	exited	−1.56 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 4 unresolved
Accession: 0000921895-17-000397
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet