Glenn W. Welling - Engaged Capital Investment Strategy (Sep 30, 2025)

As of Sep 30, 2025, the Engaged Capital portfolio managed by Glenn W. Welling demonstrates a sophisticated investment approach with 23 positions and an average holding period of 591 quarters. The strategy focuses on Consumer Cyclical, Consumer Defensive, Financial Services, Healthcare, Industrials, Technology sectors with a typical position size of 11.0% of the portfolio.

The portfolio's risk management approach includes a maximum position size of 11% and sector diversification of 6%, exemplified by the case study of V F CORP (VFC). This strategic framework provides insights into Glenn W. Welling's investment philosophy, risk management practices, and long-term value creation approach.

Key metrics revealing investment style, risk management, and performance characteristics

Metric	Value	Category	Description
Holding Period	1.6 years	Style	Average duration positions are maintained
Position Count	23	Style	Number of active positions in portfolio
Position Size	11.0%	Risk	Typical allocation per position
Win Rate	45.6%	Performance	Percentage of profitable positions
Average Return	9.7%	Performance	Mean return across positions
Sharpe Ratio	0.11	Performance	Return per unit of risk taken

Investment Case Study: V F CORP (VFC)

9/30/2023 - 12/24/2025

Total Return: -8.70%

Holding Period: 816 days

Max Position Size: $100,417,718.00

Position Weight: 18.34%

9/30/2023: ENTRY(5,196,284.00 shares) @ $17.67

12/31/2023: INCREASE(145,084.00 shares) @ $18.80

3/31/2025: INCREASE(143,000.00 shares) @ $15.52

6/30/2025: DECREASE(-67,000.00 shares) @ $11.75

9/30/2025: INCREASE(445,000.00 shares) @ $14.43

Entry Context: Initial position established based on fundamental analysis

Sector Conditions: Favorable market conditions in the sector

Risk Factors: