Engaged Capital LLC
Engaged Capital LLC is a hedge fund and registered investment adviser headquartered in Newport Beach, California. Founded by Glenn Welling, the firm focuses on value-oriented activism in the public equity space and manages discretionary assets for a limited client base, primarily institutional investors. As of mid-2025, it manages around $358 million and operates with a small team of investment professionals.
Investment Strategy
Engaged Capital pursues an activist investment approach, seeking to invest for influence rather than outright control. The firm typically does not pay control premiums and instead aims to catalyze positive change by engaging in high-impact dialogue with company management and boards. Its strategy centers on value creation within public companies through constructive activism and targeted operational, financial, and governance improvements.
Top Holdings
Equity Positions (7)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
Y YETI | YETI HLDGS INC | 19.06% | $68.2M | 2,162,518 | $32.65 | $31.52 | +$17.1M |
E EVH | EVOLENT HEALTH INC | 18.43% | $65.9M | 5,854,468 | $17.63 | $11.26 | +$16.9M |
V VFC | V F CORP | 17.80% | $63.7M | 5,417,368 | $17.64 | $11.75 | -$21.5M |
P PTLO | PORTILLOS INC | 15.77% | $56.4M | 4,831,911 | $13.10 | $11.67 | -$8.8M |
G GXO | GXO LOGISTICS INCORPORATED | 12.22% | $43.7M | 897,000 | $39.08 | $48.70 | +$8.0M |
Industry Allocation
Investment Team (6)
| Name | Role | Location | |
|---|---|---|---|
 | Analyst | Los Angeles, CA , United States | |
B Brendan Springstubb | Senior Analyst | Newport Beach, CA , United States | |
 | Senior Analyst | Carlsbad, CA , United States | |
P Patrick Roy | Partner | Newport Beach, CA , United States | |
 | Associate Analyst | Newport Beach, CA , United States | |
G Greg Paulsen | Partner, Risk Management and Trading | Newport Beach, CA , United States |