Engaged Capital

Q3 2025 13F · by Glenn Welling, CIO

As of: Sep 30, 2025
Filed: Nov 14, 2025
US stock: $408M · prev $358M
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%

Moves8 since the prior filing

+10.1 pp in · −6.7 pp out

New 2 +15.41 pp
Added 5 −5.35 pp
Trimmed 1 −6.68 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 8 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 1.6% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions72% of US stock

VFC V.F. Corporation added+2.95 pp added+2.9520.8%
YETI YETI Holdings, Inc. added−1.40 pp added−1.4017.7%
GXO GXO Logistics, Inc. added+0.48 pp added+0.4812.7%
EVH Evolent Health, Inc Class A trimmed−6.68 pp trimmed−6.6811.8%
CGNX Cognex Corp new+9.50 pp new+9.509.5%

Positions9 in this filing · 0 exited


VFCV.F. Corporation	20.75%	5,862,368	$85M	added+8%	+2.95 pp	9 q
YETIYETI Holdings, Inc.	17.66%	2,169,551	$72M	added0%	−1.40 pp	3 q
GXOGXO Logistics, Inc.	12.70%	978,477	$52M	added+9%	+0.48 pp	3 q
EVHEvolent Health, Inc Class A	11.75%	5,663,912	$48M	trimmed−3%	−6.68 pp	21 q
CGNXCognex Corp	9.50%	855,000	$39M	new	+9.50 pp	new
FRPTFreshpet, Inc.	8.37%	619,130	$34M	held	—	2 q
PTLOPortillo's Inc. Class A	8.02%	5,069,301	$33M	added+5%	−7.75 pp	7 q
BLBlackLine, Inc.	5.91%	453,794	$24M	new	+5.91 pp	new
BRCCBRC Inc.	5.33%	13,935,560	$22M	added+3%	+0.37 pp	15 q

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0000921895-25-003080
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet