Engaged Capital

Q2 2018 13F · by Glenn Welling, CIO

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

+8.6 pp in · −7.9 pp out

Very concentrated · behaves like 4 equal-sized positions

Moderate turnover · 29% a year, about 3.4 years per position

revealed late 1 name revealed after the original — carried back to this quarter, never shown as a new buy 13F-HR/A · Aug 31, 2018 ↗


HAINHain Celestial Group Inc	44.10%	11,761,242	$350M	held	—	6 q
UPBDUpbound Group, Inc.	16.64%	8,983,609	$132M	held	—	7 q
APOGApogee Enterprises Inc	9.04%	1,491,020	$72M	added+49%	+3.16 pp	3 q
STKLSunOpta, Inc.	7.25%	6,856,907	$58M	added+1%	+0.74 pp	9 q
BHEBenchmark Electronics	5.01%	1,366,874	$40M	added+25%	+0.58 pp	14 q
TIVOTivo Inc	4.27%	2,525,000	$34M	held	—	8 q
unresolvedJamba Inc	3.80%	2,834,002	$30M	held	—	17 q
CLSCelestica, Inc.	2.47%	1,652,439	$20M	held	—	4 q
BWBabcock & Wilcox Enterprises, Inc.	1.45%	4,828,536	$11M	added×3.6	+0.64 pp	3 q
VYXNCR Voyix Corporation	1.34%	355,799	$11M	added+48%	+0.31 pp	4 q
PETXAratana Therapeutics, Inc.	1.28%	2,400,000	$10M	added+20%	+0.08 pp	2 q
ANIKAnika Therapeutics Inc	1.06%	262,547	$8M	new	+1.06 pp	new
UEICUniversal Electronics Inc	1.05%	251,676	$8M	new	+1.05 pp	new
CASYCasey's General Stores Inc	0.48%	36,672	$4M	new	+0.48 pp	new
GRPNGroupon, Inc.	0.47%	868,119	$4M	new	+0.47 pp	new
CCRNCross Ctry. Healthcare Inc.	0.29%	207,680	$2M	trimmed−58%	−0.45 pp	5 q
FNSRFinisar Corp	—	−2,538,126	—	exited	−5.45 pp	—
MXMagnachip Semiconductor Corp.	—	−1,181,225	—	exited	−1.54 pp	—
IWMiShares Russell 2000 ETF	—	−21,000	—	exited	−0.43 pp	—