Glenn Welling
Engaged Capital
Glenn Welling (Engaged Capital) discloses a $327M portfolio across 10 US-listed positions in the latest 13F filing (2026Q2, filed Aug 14, 2026). The largest holding is VFC at 23.1% of the book. The biggest move of the quarter: trimmed the YETI share count by 33% (position now $59M). Mechanically cloning this 13F returned 1.5%/yr over the past 12.2 years, versus 13.8%/yr for the S&P 500 across that identical 12.2-year window.
Holdings (10) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | VFC | 23.1% | $75M | |||
| 2 | YETI | 18.1% | $59M | |||
| 3 | GXO | 15.3% | $50M | |||
| 4 | EVH | 9.2% | $30M | |||
| 5 | FRPT | 8.8% | $29M | |||
| 6 | CGNX | 7.5% | $25M | |||
| 7 | BL | 7.1% | $23M | |||
| 8 | PTLO | 5.0% | $16M | |||
| 9 | BRCC | 4.7% | $15M | |||
| 10 | EVH 3.5 12/01/29 | 1.3% | $4M |
- 1VFCport23.1%val$75MVF Corpthis Q hold·12q
- 2YETIport18.1%val$59MYeti Holdings Incthis Q -33%·6q
- 3GXOport15.3%val$50MGxo Logistics Incthis Q hold·6q
- 4EVHport9.2%val$30MEvolent Health Inc - Athis Q hold·24q
- 5FRPTport8.8%val$29MFreshpet Incthis Q New·6q
- 6CGNXport7.5%val$25MCognex Corpthis Q -30%·4q
- 7BLport7.1%val$23MBlackline Incthis Q -39%·5q
- 8PTLOport5.0%val$16MPortillo's Inc-cl Athis Q hold·10q
- 9BRCCport4.7%val$15MBrc Inc-athis Q hold·18q
- port1.3%val$4MEvolent Health Incthis Q New·—1q
2026Q2 moves, by size (5)(expand ↓)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| YETI | Yeti Holdings Inc | TRIM | 18.1% | -33% | $59M |
| BL | Blackline Inc | TRIM | 7.1% | -39% | $23M |
| FRPT | Freshpet Inc | NEW | 8.8% | +100% | $29M |
| CGNX | Cognex Corp | TRIM | 7.5% | -30% | $25M |
| EVH 3.5 12/01/29 | Evolent Health Inc | NEW | 1.3% | +100% | $4M |
- TRIMYETI18.1%Yeti Holdings IncΔ -33%·$59M
- TRIMBL7.1%Blackline IncΔ -39%·$23M
- NEWFRPT8.8%Freshpet IncΔ +100%·$29M
- TRIMCGNX7.5%Cognex CorpΔ -30%·$25M
- NEWEVH 3.5 12/01/291.3%Evolent Health IncΔ +100%·$4M
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.
2026Q2 brief
Glenn Welling's Engaged Capital — a focused activist shop with just 10 positions and $330M in AUM — made its sharpest statement in Q2 2026 by initiating a new position in FRPT (Freshpet, 8.8%), a premium pet food brand that fits the activist playbook of consumer brands with operational upside. The quarter also saw Welling trim three existing names — YETI (-33.1%, now 18.1%), CGNX (-30.0%, now 7.5%), and BL (-39.5%, now 7.1%) — reducing exposure to consumer discretionary hardware and B2B software without exiting, likely locking in partial gains or right-sizing positions ahead of catalyst events. VFC (V.F. Corporation) remains the top holding at 23.1%, and the addition of an EVH convertible bond (3.5% coupon, due 12/01/29, 1.3%) alongside the existing EVH equity stake suggests Welling is layering capital structure complexity into the Evolent Health position — possibly ahead of a strategic event. The consumer brand activist theme is clear across VFC, YETI, and FRPT. Watch next filing for any Schedule 13D activity or public engagement around FRPT, which would confirm Welling is moving from passive holder to active catalyst.
AI-generated. Not investment advice.
Filing history
Glenn Welling's disclosed 13F portfolio value and position count by quarter — the trajectory across every SEC filing.
| Quarter | Positions | Portfolio value |
|---|---|---|
| Q2 2026 — what changed → | 10 | $327M |
| Q1 2026 — what changed → | 8 | $303M |
| Q4 2025 — what changed → | 9 | $392M |
| Q3 2025 — what changed → | 9 | $408M |
| Q2 2025 — what changed → | 7 | $358M |
| Q1 2025 — what changed → | 9 | $392M |
| Q4 2024 holdings | 8 | $486M |
| Q3 2024 holdings | 9 | $617M |
| Q2 2024 holdings | 12 | $584M |
| Q1 2024 holdings | 11 | $617M |
| Q4 2023 holdings | 9 | $683M |
| Q3 2023 holdings | 7 | $549M |
Values as disclosed at each quarter end. Older filings on EDGAR.
Multibaggers Glenn Welling held
Stocks up 5x or more since Glenn Welling first held them at conviction size — the holding record behind the returns. Longest unbroken run and largest book weight are shown for each.
- THC5.4xTENET HEALTHCARE CORP1q straight · peak 1.01%
Price multiple since the first quarter we observed a conviction holding (2014Q1 at the earliest), not Glenn Welling's realized return — entry price and trades between filings aren't disclosed. Peak weight is share of disclosed US 13F book. All 129 multibaggers the cohort held →
Frequently asked questions
- What stocks does Glenn Welling own?
- As of 2026Q2, Glenn Welling's 13F discloses 10 positions worth $327M. The top five holdings: VFC (23.1%), YETI (18.1%), GXO (15.3%), EVH (9.2%), FRPT (8.8%). 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 2026Q2, the filing shows 2 new positions and 0 additions to existing holdings. The largest positions touched by buying: FRPT, EVH 3.5 12/01/29.
- How big is Glenn Welling's portfolio?
- $327M across 10 positions per the latest 13F (filed Aug 14, 2026). The top five holdings account for 74% 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.