Engaged Capital

Q4 2024 13F · by Glenn Welling, CIO

As of: Dec 31, 2024
Filed: Feb 14, 2025
US stock: $486M · prev $617M
Positions: 8 · prev 9
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%

Moves7 since the prior filing

+3.0 pp in · −9.1 pp out

New 1 +8.82 pp
Added 1 −5.80 pp
Trimmed 3 −1.41 pp
Exited 2 −7.66 pp

The book

Very concentrated · behaves like 7 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 48% a year, about 2.1 years per position

Low
Moderate
High

Top 5 positions80% of US stock

VFC V.F. Corporation held held23.6%
VYX NCR Voyix Corporation trimmed+0.64 pp trimmed+0.6416.4%
NATL NCR Atleos Corporation trimmed+1.47 pp trimmed+1.4715.4%
EVH Evolent Health, Inc Class A added−5.80 pp added−5.8012.5%
PTLO Portillo's Inc. Class A held held11.8%

Positions8 in this filing · 2 exited


VFCV.F. Corporation	23.57%	5,341,368	$115M	held	—	6 q
VYXNCR Voyix Corporation	16.42%	5,771,033	$80M	trimmed−20%	+0.64 pp	30 q
NATLNCR Atleos Corporation	15.39%	2,206,041	$75M	trimmed−27%	+1.47 pp	5 q
EVHEvolent Health, Inc Class A	12.50%	5,404,768	$61M	added+35%	−5.80 pp	18 q
PTLOPortillo's Inc. Class A	11.82%	6,114,956	$57M	held	—	4 q
BRCCBRC Inc.	8.82%	13,535,560	$43M	held	—	12 q
GTLSChart Inds Inc	8.82%	224,796	$43M	new	+8.82 pp	new
PRAAPRA Group, Inc.	2.66%	619,945	$13M	trimmed−64%	−3.52 pp	5 q
BLBlackLine, Inc.	—	−609,713	—	exited	−5.45 pp	—
NVRONNevro Corp	—	−2,442,956	—	exited	−2.21 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0000921895-25-000457
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet