Glenn Welling

Engaged Capital's hyper-concentrated $300M book saw its most telling move in a near-doubling of PTLO (Portillo's) to 6.0% — a +124% add — doubling down on an activist restaurant turnaround while the stock remains under pressure. The +26% add to BL (BlackLine) lifts it to 16.7%, now the third-largest position behind VFC (26.2%) and YETI (21.5%), suggesting Welling sees unfinished value in software-driven finance automation even as the position has been volatile. On the other side, CGNX (Cognex) was nearly halved (-48%) to 7.8%, a notable pullback from an industrial automation name that has struggled with weak factory-automation demand. The full exit from FRPT (Freshpet), previously 6.2%, removes a consumer-growth-at-any-price name that doesn't fit Engaged's value-activist mold. With top-5 now at 86.3% of assets, concentration risk is extreme. Watch whether VFC gets trimmed as any operational progress materializes, or if Welling doubles down further.