What Engaged Capital LLC changed, 2013 to 2026
51 quarterly 13F filings, from Q4 2013 to Q2 2026, each read from the filing itself. A quarter is compared only with the quarter before it, so a quarter with no filing is a gap in the record, not a sale.
Reported book
$327m
$142m at Q4 2013
Positions
10
12 at Q4 2013
Top ten weight
100%
97% at Q4 2013
Typical quarterly turnover
about 9%
Estimated from share changes
- Q4 2013: $142m
- Q1 2014: $146m
- Q2 2014: $144m
- Q3 2014: $135m
- Q4 2014: $123m
- Q1 2015: $134m
- Q2 2015: $174m
- Q3 2015: $174m
- Q4 2015: $161m
- Q1 2016: $296m
- Q2 2016: $284m
- Q3 2016: $275m
- Q4 2016: $307m
- Q1 2017: $394m
- Q2 2017: $674m
- Q3 2017: $813m
- Q4 2017: $788m
- Q1 2018: $737m
- Q2 2018: $795m
- Q3 2018: $713m
- Q4 2018: $539m
- Q1 2019: $712m
- Q2 2019: $822m
- Q3 2019: $789m
- Q4 2019: $963m
- Q1 2020: $763m
- Q2 2020: $928m
- Q3 2020: $967m
- Q4 2020: $1.2bn
- Q1 2021: $1.4bn
- Q2 2021: $1.3bn
- Q3 2021: $1.4bn
- Q4 2021: $812m
- Q1 2022: $1.0bn
- Q2 2022: $651m
- Q3 2022: $506m
- Q4 2022: $591m
- Q1 2023: $703m
- Q2 2023: $691m
- Q3 2023: $549m
- Q4 2023: $683m
- Q1 2024: $617m
- Q2 2024: $584m
- Q3 2024: $617m
- Q4 2024: $486m
- Q1 2025: $392m
- Q2 2025: $358m
- Q3 2025: $408m
- Q4 2025: $392m
- Q1 2026: $303m
- Q2 2026: $327m
- Q4 2013: 97%
- Q1 2014: 94%
- Q2 2014: 98%
- Q3 2014: 97%
- Q4 2014: 97%
- Q1 2015: 88%
- Q2 2015: 91%
- Q3 2015: 96%
- Q4 2015: 99%
- Q1 2016: 98%
- Q2 2016: 100%
- Q3 2016: 95%
- Q4 2016: 97%
- Q1 2017: 95%
- Q2 2017: 97%
- Q3 2017: 95%
- Q4 2017: 95%
- Q1 2018: 96%
- Q2 2018: 95%
- Q3 2018: 94%
- Q4 2018: 94%
- Q1 2019: 99%
- Q2 2019: 100%
- Q3 2019: 100%
- Q4 2019: 100%
- Q1 2020: 100%
- Q2 2020: 100%
- Q3 2020: 100%
- Q4 2020: 100%
- Q1 2021: 100%
- Q2 2021: 100%
- Q3 2021: 100%
- Q4 2021: 100%
- Q1 2022: 100%
- Q2 2022: 100%
- Q3 2022: 100%
- Q4 2022: 100%
- Q1 2023: 100%
- Q2 2023: 100%
- Q3 2023: 100%
- Q4 2023: 100%
- Q1 2024: 99%
- Q2 2024: 93%
- Q3 2024: 100%
- Q4 2024: 100%
- Q1 2025: 100%
- Q2 2025: 100%
- Q3 2025: 100%
- Q4 2025: 100%
- Q1 2026: 100%
- Q2 2026: 100%
The positions that defined it
Every position that was ever among the 25 largest: when it first appeared, when it was largest, and where it stands in Q2 2026. The line is its reported value each quarter.
| Position | Value over time | First listed | Largest | Q2 2026 |
|---|---|---|---|---|
| V F Corp(VFC) | Q3 2023 | $115mQ4 2024 | $75m | |
| Yeti HLDGS Inc(YETI) | Q1 2025 | $90mQ4 2025 | $59m | |
| Gxo Logistics Incorporated(GXO) | Q1 2025 | $52mQ3 2025 | $50m | |
| Evolent Health Inc(EVH)Class A | Q3 2020 | $245mQ3 2021 | $30m | |
| Freshpet Inc(FRPT) | Q3 2022 | $42mQ2 2025 | $29m | |
| Cognex Corp(CGNX) | Q3 2025 | $39mQ3 2025 | $25m | |
| Blackline Inc(BL) | Q3 2024 | $60mQ4 2025 | $23m | |
| Portillos Inc(PTLO)Common Class A | Q1 2024 | $82mQ3 2024 | $16m | |
| BRC Inc(BRCC)Common Class A | Q1 2022 | $334mQ1 2022 | $15m | |
| Evolent Health IncNote 3.500%12/0 | Q2 2026 | $4.2mQ2 2026 | $4.2m | |
| Hain Celestial Group Inc(HAIN) | Q4 2015 | $697mQ1 2021 | Soldlast listed Q1 2022 | |
| NCR Corp New(VYX) | Q3 2017 | $179mQ1 2022 | Soldlast listed Q1 2025 | |
| New Relic Inc | Q2 2021 | $175mQ4 2021 | Soldlast listed Q2 2023 | |
| Rent A CTR Inc New(UPBD) | Q4 2016 | $168mQ1 2021 | Soldlast listed Q2 2024 | |
| Medifast Inc(MED) | Q1 2014 | $161mQ2 2020 | Soldlast listed Q3 2020 | |
| Sunopta Inc(STKL) | Q1 2015 | $145mQ1 2021 | Soldlast listed Q1 2023 | |
| Shake Shack Inc(SHAK)Class A | Q1 2023 | $145mQ2 2023 | Soldlast listed Q2 2024 | |
| Outerwall Inc | Q4 2015 | $102mQ2 2016 | Soldlast listed Q2 2016 |
Quarter by quarter
Q2 2015: $174m across 15 positions
Against Q1 2015: 6 new, 5 added to, 0 trimmed, 7 sold out, across all 15 positions.
Turnover about 20% of the book, estimated from share changes at quarter-end prices.
Largest additions
- Boulder Brands Inc+$17m
- Medifast Inc (MED)+$5.3m
- Benchmark Electrs Inc (BHE)+$4.4m
- Trimas Corp (TRS)+$3.1m
- Jamba Inc+$2.1m
Largest reductions
No position was cut this quarter.
Opened
- Magnachip Semiconductor Corp (MX)$11m
- Abm Inds Inc (ABM)$11m
- Exar Corp$8.5m
- Zix Corp$4.4m
- Seachange Intl Inc$3.7m
- Rentech Nitrogen Partners L$1.4m
Sold out
- Procera Networks Incwas $11m
- Web Com Group Incwas $5.8m
- Uti Worldwide Incwas $4.0m
- Abercrombie & Fitch Co (ANF)was $3.2m
- Terex Corp New (TEX)was $3.2m
- HMS HLDGS Corpwas $1.9m
- Armstrong World Inds Inc New (AWI)was $1.8m
Largest positions, Q2 2015
| Position | Value | Weight | On the quarter |
|---|---|---|---|
| Jamba Inc | $25m | 14.6% | Added |
| Trimas Corp (TRS) | $25m | 14.5% | Added |
| Medifast Inc (MED) | $24m | 13.7% | Added |
| Boulder Brands Inc | $21m | 12.1% | Added |
| Rentech Inc | $12m | 7.0% | Held |
| Magnachip Semiconductor Corp (MX) | $11m | 6.6% | New |
| Abm Inds Inc (ABM) | $11m | 6.5% | New |
| Benchmark Electrs Inc (BHE) | $10m | 5.8% | Added |
| Rovi Corp | $8.8m | 5.0% | Held |
| Exar Corp | $8.5m | 4.9% | New |
| Zix Corp | $4.4m | 2.5% | New |
| Seachange Intl Inc | $3.7m | 2.1% | New |
| Sunopta Inc (STKL) | $3.5m | 2.0% | Held |
| Big 5 Sporting Goods Corp | $3.4m | 2.0% | Held |
| Rentech Nitrogen Partners L | $1.4m | 0.8% | New |
The books most like this one
Among the managers whose filings are on file, at Q2 2026. Overlap is the share of the two books that is the same: for every stock both list, the smaller of its two weights, added up. Two books can overlap because both own the largest companies; it says nothing about whether the managers agree.
| Manager | Overlap | Stocks in both | Overlap over time | |
|---|---|---|---|---|
| Winton Group Ltd | at least 0.7% | 2 | Compare | |
| PDT Partners LLC | 0.5% | 1 | Compare | |
| Artisan Partners LP | 0.3% | 2 | Compare | |
| Moore Capital Management LP | at least 0.2% | 2 | Compare | |
| Rokos Capital Management LLP | 0.2% | 1 | Compare | |
| Dodge & Cox | 0.2% | 1 | Compare | |
| Freestone Grove Partners LP | at least 0.2% | 3 | Compare | |
| Point72 Asset Management LP | at least 0.2% | 1 | Compare |
“At least” where either manager has more positions than are read each quarter: a stock both hold below that range is not counted.
The filings behind it
Every quarter above is one 13F holdings report, with any amendment the filer made to it applied in the order it was filed. Where the reporting entity changed, each quarter keeps the filer that actually reported it.
| Quarter | Filer | Book | Amended | Filing |
|---|---|---|---|---|
| Q2 2026 | Engaged Capital LLC | $327m | 13F-HR | |
| Q1 2026 | Engaged Capital LLC | $303m | 13F-HR | |
| Q4 2025 | Engaged Capital LLC | $392m | 13F-HR | |
| Q3 2025 | Engaged Capital LLC | $408m | 13F-HR | |
| Q2 2025 | Engaged Capital LLC | $358m | 13F-HR | |
| Q1 2025 | Engaged Capital LLC | $392m | 13F-HR | |
| Q4 2024 | Engaged Capital LLC | $486m | 13F-HR | |
| Q3 2024 | Engaged Capital LLC | $617m | 13F-HR | |
| Q2 2024 | Engaged Capital LLC | $584m | 13F-HR | |
| Q1 2024 | Engaged Capital LLC | $617m | 13F-HR | |
| Q4 2023 | Engaged Capital LLC | $683m | 13F-HR | |
| Q3 2023 | Engaged Capital LLC | $549m | 13F-HR | |
| Q2 2023 | Engaged Capital LLC | $691m | 13F-HR | |
| Q1 2023 | Engaged Capital LLC | $703m | 13F-HR | |
| Q4 2022 | Engaged Capital LLC | $591m | 13F-HR | |
| Q3 2022 | Engaged Capital LLC | $506m | 13F-HR | |
| Q2 2022 | Engaged Capital LLC | $651m | 13F-HR | |
| Q1 2022 | Engaged Capital LLC | $1.0bn | 1 | 13F-HR |
| Q4 2021 | Engaged Capital LLC | $812m | 13F-HR | |
| Q3 2021 | Engaged Capital LLC | $1.4bn | 13F-HR | |
| Q2 2021 | Engaged Capital LLC | $1.3bn | 13F-HR | |
| Q1 2021 | Engaged Capital LLC | $1.4bn | 13F-HR | |
| Q4 2020 | Engaged Capital LLC | $1.2bn | 13F-HR | |
| Q3 2020 | Engaged Capital LLC | $967m | 13F-HR | |
| Q2 2020 | Engaged Capital LLC | $928m | 13F-HR | |
| Q1 2020 | Engaged Capital LLC | $763m | 13F-HR | |
| Q4 2019 | Engaged Capital LLC | $963m | 13F-HR | |
| Q3 2019 | Engaged Capital LLC | $789m | 1 | 13F-HR |
| Q2 2019 | Engaged Capital LLC | $822m | 13F-HR | |
| Q1 2019 | Engaged Capital LLC | $712m | 13F-HR | |
| Q4 2018 | Engaged Capital LLC | $539m | 13F-HR | |
| Q3 2018 | Engaged Capital LLC | $713m | 13F-HR | |
| Q2 2018 | Engaged Capital LLC | $795m | 1 | 13F-HR |
| Q1 2018 | Engaged Capital LLC | $737m | 13F-HR | |
| Q4 2017 | Engaged Capital LLC | $788m | 1 | 13F-HR |
| Q3 2017 | Engaged Capital LLC | $813m | 13F-HR | |
| Q2 2017 | Engaged Capital LLC | $674m | 13F-HR | |
| Q1 2017 | Engaged Capital LLC | $394m | 1 | 13F-HR |
| Q4 2016 | Engaged Capital LLC | $307m | 13F-HR | |
| Q3 2016 | Engaged Capital LLC | $275m | 13F-HR | |
| Q2 2016 | Engaged Capital LLC | $284m | 1 | 13F-HR |
| Q1 2016 | Engaged Capital LLC | $296m | 13F-HR | |
| Q4 2015 | Engaged Capital LLC | $161m | 13F-HR | |
| Q3 2015 | Engaged Capital LLC | $174m | 13F-HR | |
| Q2 2015 | Engaged Capital LLC | $174m | 13F-HR | |
| Q1 2015 | Engaged Capital LLC | $134m | 13F-HR | |
| Q4 2014 | Engaged Capital LLC | $123m | 13F-HR | |
| Q3 2014 | Engaged Capital LLC | $135m | 13F-HR | |
| Q2 2014 | Engaged Capital LLC | $144m | 13F-HR | |
| Q1 2014 | Engaged Capital LLC | $146m | 1 | 13F-HR |
| Q4 2013 | Engaged Capital LLC | $142m | 1 | 13F-HR |
Reading this record
A 13F lists US-listed long equity and options at the quarter end, filed up to 45 days later. It shows what was held, not when it was bought or at what price, and nothing short. Where a quarter lists only the largest positions, a name missing from it may still be held below that range; the counts of what was opened and sold always cover the whole filing.
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