Engaged Capital

Q1 2018 13F · by Glenn Welling, CIO

As of: Mar 31, 2018
Filed: May 15, 2018
US stock: $737M · prev $788M
Positions: 15 · 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%

Moves12 since the prior filing

+6.8 pp in · −4.5 pp out

New 2 +6.65 pp
Added 3 +0.11 pp
Trimmed 5 −1.59 pp
Exited 2 −2.89 pp

The book

Very concentrated · behaves like 3 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 19% a year, about 5.4 years per position

Low
Moderate
High

Top 5 positions80% of US stock

HAIN Hain Celestial Group Inc added−4.50 pp added−4.5051.2%
UPBD Upbound Group, Inc. held held10.5%
STKL SunOpta, Inc. held held6.5%
APOG Apogee Enterprises Inc added+3.69 pp added+3.695.9%
FNSR Finisar Corp new+5.45 pp new+5.455.5%

Positions15 in this filing · 2 exited


HAINHain Celestial Group Inc	51.20%	11,761,242	$377M	added+14%	−4.50 pp	5 q
UPBDUpbound Group, Inc.	10.52%	8,983,609	$78M	held	—	6 q
STKLSunOpta, Inc.	6.51%	6,756,907	$48M	held	—	8 q
APOGApogee Enterprises Inc	5.88%	998,934	$43M	added×2.6	+3.69 pp	2 q
FNSRFinisar Corp	5.45%	2,538,126	$40M	new	+5.45 pp	new
TIVOTivo Inc	4.64%	2,525,000	$34M	held	—	7 q
BHEBenchmark Electronics	4.43%	1,092,710	$33M	added+15%	+0.92 pp	13 q
unresolvedJamba Inc	3.30%	2,834,002	$24M	held	—	16 q
CLSCelestica, Inc.	2.32%	1,652,439	$17M	trimmed−9%	−0.10 pp	3 q
MXMagnachip Semiconductor Corp.	1.54%	1,181,225	$11M	trimmed−20%	−0.33 pp	12 q
PETXAratana Therapeutics, Inc.	1.20%	2,000,000	$9M	new	+1.20 pp	new
VYXNCR Voyix Corporation	1.03%	241,154	$8M	trimmed−31%	−0.49 pp	3 q
BWBabcock & Wilcox Enterprises, Inc.	0.81%	1,358,325	$6M	trimmed−31%	−0.61 pp	2 q
CCRNCross Ctry. Healthcare Inc.	0.74%	491,669	$5M	held	—	4 q
IWMiShares Russell 2000 ETF	0.43%	21,000	$3M	trimmed−17%	−0.06 pp	9 q
MEDMedifast, Inc.	—	−264,549	—	exited	−2.34 pp	—
IMAXImax Corp	—	−185,814	—	exited	−0.55 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0000921895-18-001703
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet