Engaged Capital

Q3 2022 13F · by Glenn Welling, CIO

As of: Sep 30, 2022
Filed: Nov 14, 2022
US stock: $506M · prev $651M
Positions: 9 · prev 7
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%

Moves6 since the prior filing

+12.4 pp in · −16.8 pp out

New 2 +4.25 pp
Added 2 +8.16 pp
Trimmed 2 −16.79 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 6 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 33% a year, about 3.0 years per position

Low
Moderate
High

Top 5 positions89% of US stock

NEWR New Relic, Inc. held held27.6%
BRCC BRC Inc. added+6.31 pp added+6.3120.3%
VYX NCR Voyix Corporation held held16.7%
EVH Evolent Health, Inc Class A trimmed−13.09 pp trimmed−13.0915.9%
UPBD Upbound Group, Inc. added+1.85 pp added+1.858.9%

Positions9 in this filing · 0 exited


NEWRNew Relic, Inc.	27.57%	2,430,370	$139M	held	—	6 q
BRCCBRC Inc.	20.25%	13,251,450	$102M	added+19%	+6.31 pp	3 q
VYXNCR Voyix Corporation	16.74%	4,452,456	$85M	held	—	21 q
EVHEvolent Health, Inc Class A	15.93%	2,241,992	$81M	trimmed−64%	−13.09 pp	9 q
UPBDUpbound Group, Inc.	8.88%	2,564,544	$45M	added+9%	+1.85 pp	24 q
STKLSunOpta, Inc.	3.58%	1,991,919	$18M	trimmed−67%	−3.70 pp	26 q
FRPTFreshpet, Inc.	2.92%	295,313	$15M	new	+2.92 pp	new
QUOTQuotient Technology Inc	2.79%	6,107,150	$14M	held	—	8 q
IWMiShares Russell 2000 ETF	1.33%	40,800	$7M	new	+1.33 pp	new

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0000921895-22-003018
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet