Engaged Capital, LLC 13F holdings and portfolio analysis

準備完了Engaged Capital, LLC · Glenn Welling

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Baseline

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Baselinetested
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baseline13FChat AI
What does directly following the disclosed baseline portfolio expose an investor to?

Directly following the baseline means accepting a highly concentrated activist-style portfolio with very limited diversification. The top five holdings account for 82.35% and the top ten are 99.99%, with VFC at 24.47%, YETI at 22.9%, BlackLine at 15.28%, GXO at 11.14%, and Cognex at 8.56%. Sector weights inside the baseline strategy are concentrated in Consumer Discretionary at 49.15% and Information Technology at 23.84%, with smaller allocations to Industrials, Consumer Staples, and Health Care. The strategy summary also flags standard 13F reporting lag and heavy single-name risk, so an investor is exposed to concentration, stale disclosure risk, and weak SPY-relative performance despite low beta.

↳Show me how much of the baseline risk comes from the top 2 holdings versus the rest of the portfolio.
baseline13FChat AI
Which recent baseline periods best explain the risk-return trade-off?

Three recent periods summarize the baseline trade-off well. First, 2024-03-31 generated +4.72% with +2.4% excess versus SPY on 4.49 turnover, showing the portfolio can add value when its concentrated bets work. Second, 2024-12-31 returned -10.01% with -6.38% excess versus SPY even on just 2.54 turnover, showing that low trading does not eliminate downside when the core positions move against the manager. Third, 2025-03-31 posted -2.64% with -11.85% excess, highlighting the cost of holding a low-beta but idiosyncratic portfolio during a stronger SPY environment. These periods explain why baseline drawdown stayed moderate at -15.55% but long-run return quality remained only middling.

↳List the best and worst baseline excess-return periods and include turnover and trade count for each.
baseline13FChat AI
What should a user inspect next before deciding whether the baseline is acceptable?

The next thing to inspect is whether the current concentration is intentional conviction or an outdated filing artifact. Start with the latest changes, especially BlackLine rising to 15.28%, YETI to 22.9%, and VFC to 24.47%, because those three names alone now total 62.65%. Then review the weak recent excess-return periods such as 2023-12-31 (-8.7% excess) and 2025-03-31 (-11.85% excess) to see whether underperformance came from timing lag or stock selection. Finally, inspect trading frictions and turnover spikes like 20.63 in 2023-09-30 and 13.54 in 2023-12-31, because modest long-run returns can be sensitive to execution costs and stale 13F replication.

↳Walk me through the biggest baseline turnover spikes and whether they coincided with stronger or weaker excess returns.
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