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Glenn Welling

Engaged Capital

Activist investor

$392.0M

Portfolio Value

9

Holdings

Q4 '25

Period

2026-02-17

Filed

📉

Simulated 13F Return

⚠️ Approximation

Total Return

-7.34%

Q4 '24 → Q3 '25

Annualized

-9.7%/yr

S&P: +18.77%/yr

Alpha (vs S&P)

-21.06%

3 quarters tracked

1-Year Return

—

⚠️ Approximation only. 13F filings are delayed ~45 days. Options, shorts, and intra-quarter trades not captured.

📈 Recent Activity

Changes from previous quarter

VFCREDUCED
24.5% of portfolio
-9% shares+3.7pp
YETIREDUCED
22.9% of portfolio
-6% shares+5.2pp
BLREDUCED
15.3% of portfolio
+139% shares+9.4pp
GXOREDUCED
11.1% of portfolio
-15% shares-1.6pp
CGNXINCREASED
8.6% of portfolio
+9% shares-0.9pp
FRPTREDUCED
6.2% of portfolio
-35% shares-2.1pp
EVHREDUCED
5.7% of portfolio
-2% shares-6.1pp
PTLOREDUCED
1.8% of portfolio
-70% shares-6.2pp

📊 Sector Breakdown

Portfolio allocation by sector

Unknown 75.5%Consumer Discretionary 24.5%

💼 Holdings

🔍

9 of 9 positions · $392.0M

This quarter: increased 1, reduced 7. Net seller.

VFCREDUCED
24.5%
24.5% of portfolio (was 20.8%, trimmed)
Filed ~$18
—📄
YETIREDUCED
22.9%
22.9% of portfolio (was 17.7%, trimmed)
Filed ~$44
—📄
BLREDUCED
15.3%
15.3% of portfolio (was 5.9%, trimmed)
Filed ~$55
—📄
GXOREDUCED
11.1%
11.1% of portfolio (was 12.7%, trimmed)
Filed ~$53
—📄
CGNXINCREASED
8.6%
8.6% of portfolio (was 9.5%, added)
Filed ~$36
—📄
FRPTREDUCED
6.2%
6.2% of portfolio (was 8.4%, trimmed)
Filed ~$61
—📄
EVHREDUCED
5.7%
5.7% of portfolio (was 11.8%, trimmed)
Filed ~$4
—📄
BRCC
3.9%
3.9% of portfolio
Filed ~$1
—📄
PTLOREDUCED
1.8%
1.8% of portfolio (was 8.0%, trimmed)
Filed ~$5
—📄