Glenn Welling
Engaged Capital
Glenn Welling (Engaged Capital) discloses a $303M portfolio across 8 US-listed positions in the latest 13F filing (2026Q1, filed May 15, 2026). The largest holding is VFC at 26.2% of the book. The biggest move of the quarter: added 26% to the BL share count (position now $51M). Latticework's clone backtest puts this 13F book at -13.1%/yr vs SPY over 12.0 years.
About Glenn Welling
Glenn Welling founded Engage Capital in 2012 after spending roughly a decade at Relational Investors, where he worked alongside Ralph Whitworth on operational activist campaigns. Engaged Capital runs a concentrated small- and mid-cap activist book — eight positions with 86% in the top five as of 2026 Q1 — targeting consumer and industrial companies where Welling believes operational or governance changes can unlock value; current large weights in VFC, YETI, and BL are consistent with that pattern. The edge thesis is board access and direct engagement rather than information-statistical arbitrage, which means the 13F is a reasonable map of the long equity book: derivatives and hedges appear occasionally but are not structurally central to the strategy. The caveat for clone-backtest readers is the obvious one — Welling's return driver is private negotiation and proxy pressure, neither of which transfers to a passive filing-follower, and the 45-day disclosure lag on a small-float activist book can mean the catalyst is largely spent before the position is public.
2026Q1 brief
Glenn Welling's Engaged Capital ($300M, just 8 positions) runs one of the most concentrated activist books among super-investors, and 2026Q1 reinforces that intensity. VFC (26.2%) and YETI (21.5%) together represent nearly half the portfolio, both turnaround/activist situations where Welling is pressing for operational improvement. The standout move is a 124% add to PTLO (Portillo's, now 6.0%), doubling down on the fast-casual restaurant chain — a bold re-up given ongoing traffic concerns in the sector. He also added 26% to BL (BlackLine), bringing it to 16.7% and his third-largest position, consistent with his pattern of building into software-driven operational transformation stories. The exit of FRPT (Freshpet, previously 6.2%) and a near-halving of CGNX (Cognex, trimmed 48% to 7.8%) show he's rotating away from growth-at-a-premium names with less clear activist angles. Watch whether Welling files any new 13D/G disclosures on PTLO next quarter, as the position size now warrants activist scrutiny.
AI-generated. Not investment advice.
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Holdings (8) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | VFC | 26.2% | $79M | |||
| 2 | YETI | 21.5% | $65M | |||
| 3 | BL | 16.7% | $51M | |||
| 4 | GXO | 14.0% | $43M | |||
| 5 | CGNX | 7.8% | $24M | |||
| 6 | PTLO | 6.0% | $18M | |||
| 7 | EVH | 4.2% | $13M | |||
| 8 | BRCC | 3.6% | $11M |
- 1VFCport26.2%val$79MVF Corpthis Q hold·11q
- 2YETIport21.5%val$65MYeti Holdings Incthis Q hold·5q
- 3BLport16.7%val$51MBlackline Incthis Q +26%·4q
- 4GXOport14.0%val$43MGxo Logistics Incthis Q hold·5q
- 5CGNXport7.8%val$24MCognex Corpthis Q -48%·3q
- 6PTLOport6.0%val$18MPortillo's Inc-cl Athis Q +124%·9q
- 7EVHport4.2%val$13MEvolent Health Inc - Athis Q hold·23q
- 8BRCCport3.6%val$11MBrc Inc-athis Q hold·17q
All activity (2026Q1)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| BL | Blackline Inc | ADD | 16.7% | +26% | $51M |
| CGNX | Cognex Corp | TRIM | 7.8% | -48% | $24M |
| FRPT | Freshpet Inc | EXIT | 6.2% | -100% | $0 |
| PTLO | Portillo's Inc-cl A | ADD | 6.0% | +124% | $18M |
- ADDBL16.7%Blackline IncΔ +26%·$51M
- TRIMCGNX7.8%Cognex CorpΔ -48%·$24M
- EXITFRPT6.2%Freshpet IncΔ -100%·$0
- ADDPTLO6.0%Portillo's Inc-cl AΔ +124%·$18M
Frequently asked questions
- What stocks does Glenn Welling own?
- As of 2026Q1, Glenn Welling's 13F discloses 8 positions worth $303M. The top five holdings: VFC (26.2%), YETI (21.5%), BL (16.7%), GXO (14.0%), CGNX (7.8%). 13F filings cover long US-listed equities only — cash, bonds, shorts, and non-US positions are not disclosed.
- What did Glenn Welling buy this quarter?
- In 2026Q1, the filing shows 0 new positions and 2 additions to existing holdings. The largest positions touched by buying: BL, PTLO.
- How big is Glenn Welling's portfolio?
- $303M across 8 positions per the latest 13F (filed May 15, 2026). The top five holdings account for 86% of the disclosed book.
Explore more
Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001559771). Not investment advice.