Engaged Capital 13F annual report

Engaged Capital is an investment fund managing more than $703 billion ran by Glenn Welling. There are currently 10 companies in Mr. Welling’s portfolio. The largest investments include New Relic Inc and NCR, together worth $274 billion.

$703 billion Assets Under Management (AUM)

As of 7th February 2024, Engaged Capital’s top holding is 1,999,703 shares of New Relic Inc currently worth over $151 billion and making up 21.4% of the portfolio value. Relative to the number of outstanding shares of New Relic Inc, Engaged Capital owns more than approximately 0.1% of the company. In addition, the fund holds 5,252,456 shares of NCR worth $124 billion, whose value fell 46.5% in the past six months. The third-largest holding is Shake Shack Inc worth $95.3 billion and the next is Upbound Inc worth $94.6 billion, with 3,857,916 shares owned.

Currently, Engaged Capital's portfolio is worth at least $703 billion. The total portfolio value may be much higher due to cash assets that are not publicly disclosed such as fixed income, real estate, or cash equivalents.

Careers at Engaged Capital

The Engaged Capital office and employees reside in Newport Beach, California. According to the last 13-F report filed with the SEC, Glenn Welling serves as the Founder and Chief Investment Officer at Engaged Capital.

Recent trades

In the most recent 13F filing, Engaged Capital revealed that it had opened a new position in Shake Shack Inc and bought 1,717,943 shares worth $95.3 billion. This means they effectively own approximately 0.1% of the company. Shake Shack Inc makes up 100.0% of the fund's Consumer Discretionary sector allocation and has grown its share price by 36.5% in the past year.

The investment fund also strengthened its position in Upbound Inc by buying 253,700 additional shares. This makes their stake in Upbound Inc total 3,857,916 shares worth $94.6 billion. Upbound Inc dropped 2.3% in the past year.

On the other hand, there are companies that Engaged Capital is getting rid of from its portfolio. Engaged Capital closed its position in Bellring Brands Inc on 14th February 2024. It sold the previously owned 1,561,083 shares for $40 billion. Glenn Welling also disclosed a decreased stake in New Relic Inc by 0.2%. This leaves the value of the investment at $151 billion and 1,999,703 shares.

One of the average hedge funds

The two most similar investment funds to Engaged Capital are Red Cedar Investment Management and Rockwood Wealth Management. They manage $683 billion and $683 billion respectively.

Glenn Welling investment strategy

Engaged Capital’s portfolio is diversified across 6 sectors. Currently, their heaviest sector is Technology — making up 39.1% of the total portfolio value. The fund focuses on investments in the United States as 90.0% of the portfolio companies are based in the United States.

The majority of the companies in the fund’s portfolio are large-cap stocks. Stocks with a size of more than $10 billion in market cap make up approximately 0.1% of the total holdings value. On the other hand, small-cap stocks make up only approximately 0.1% of the portfolio. The average market cap of the portfolio companies is close to $1.96 billion.

The complete list of Engaged Capital trades based on 13F SEC filings

These positions were updated on February 14th based on the fund’s latest 13F filing. Quickly find out what the most recently closed or increased positions are.

Security	Shares Owned	Value	Allocation
New Relic Inc	23.32% 1,999,703	$150,557,639,000	21.43%
NCR Corp.	No change 5,252,456	$123,905,437,000	17.64%
Shake Shack Inc	Opened 1,717,943	$95,328,657,000	13.57%
Upbound Group Inc	7.04% 3,857,916	$94,557,521,000	13.46%
Evolent Health Inc	20.55% 2,213,454	$71,826,582,000	10.22%
BRC Inc.	No change 13,351,450	$68,626,453,000	9.77%
Sunopta, Inc.	452.49% 5,915,435	$45,548,849,000	6.48%
Bellring Brands Inc	Closed 1,561,083	$40,026,168,000
Quotient Technology Inc	No change 8,107,150	$26,591,452,000	3.78%
Freshpet Inc	Opened 306,716	$20,301,532,000	2.89%
Ishares Tr	58.51% 29,800	$5,316,320,000	0.76%
No transactions found
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