Engaged Capital

Q4 2019 13F · by Glenn Welling, CIO

As of: Dec 31, 2019
Filed: Feb 14, 2020
US stock: $963M · prev $789M
Positions: 8 · prev 8
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%

Moves4 since the prior filing

+6.5 pp in · −4.6 pp out

New 0 0.00 pp
Added 1 +6.48 pp
Trimmed 3 −4.57 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 3 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 6.3% a year, about 15.8 years per position

Low
Moderate
High

Top 5 positions94% of US stock

HAIN Hain Celestial Group Inc held held56.8%
UPBD Upbound Group, Inc. held held16.0%
MED Medifast, Inc. added+6.48 pp added+6.4813.2%
APOG Apogee Enterprises Inc trimmed−3.11 pp trimmed−3.115.2%
VYX NCR Voyix Corporation trimmed−1.48 pp trimmed−1.482.8%

Positions8 in this filing · 0 exited


HAINHain Celestial Group Inc	56.80%	21,068,777	$547M	held	—	12 q
UPBDUpbound Group, Inc.	15.98%	5,333,609	$154M	held	—	13 q
MEDMedifast, Inc.	13.21%	1,160,376	$127M	added×2.3	+6.48 pp	2 q
APOGApogee Enterprises Inc	5.23%	1,549,888	$50M	trimmed−8%	−3.11 pp	9 q
VYXNCR Voyix Corporation	2.82%	773,010	$27M	trimmed−28%	−1.48 pp	10 q
STKLSunOpta, Inc.	2.27%	8,731,907	$22M	held	—	15 q
TIVOTivo Inc	2.22%	2,525,000	$21M	held	—	14 q
INWKInnerWorkings, Inc.	1.47%	2,573,348	$14M	trimmed−0%	+0.02 pp	6 q

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0000921895-20-000511
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet