Glenn W. Welling – Engaged Capital Portfolio Activity & Recent Trades (Jun 30, 2025)

As of Jun 30, 2025, the Engaged Capital portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Aug 14, 2025. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q2 2025, the filing reported:

New Buys – Freshpet, Inc. (FRPT)

Increases – Evolent Health, Inc (EVH), YETI Holdings, Inc. (YETI)

Reductions – GXO Logistics, Inc. (GXO), V.F. Corporation (VFC), Portillo's Inc. (PTLO)

Complete Exits – Chart Industries, Inc. (GTLS), NCR Voyix Corporation (VYX), NCR Atleos Corporation (NATL)

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Engaged Capital Activity

Date	Symbol	Name	Type	Quantity	Value	Remaining
Q3 2022Sep 30, 2022	UPBD Upbound Group, Inc.	Upbound Group, Inc.	Buy	+208,814+8.9%	$44.91K	2,564,544
Q3 2022Sep 30, 2022	IWM iShares Russell 2000 ETF	iShares Russell 2000 ETF	Buy - Position Entry	+40,800	$6.73K	40,800
Q3 2022Sep 30, 2022	EVH Evolent Health, Inc	Evolent Health, Inc	Sell	-3,912,829-63.6%	$80.56K	2,241,992
Q3 2022Sep 30, 2022	STKL SunOpta, Inc.	SunOpta, Inc.	Sell	-4,100,000-67.3%	$18.13K	1,991,919
Q2 2022Jun 30, 2022	EVH Evolent Health, Inc	Evolent Health, Inc	Sell	-991,574-13.9%	$189.01K	6,154,821
Q2 2022Jun 30, 2022	STKL SunOpta, Inc.	SunOpta, Inc.	Sell	-1,040,326-14.6%	$47.40K	6,091,919
Q2 2022Jun 30, 2022	HAIN The Hain Celestial Group, Inc.	The Hain Celestial Group, Inc.	Sell - Position Exit	-1,231,261-100.0%	$0.00	-
Q2 2022Jun 30, 2022	BRCC BRC Inc.	BRC Inc.	Sell	-4,900,000-30.6%	$90.78K	11,125,000
Q1 2022Mar 31, 2022	BRCC BRC Inc.	BRC Inc.	Buy - Position Entry	+16,025,000	$334.44K	16,025,000
Q1 2022Mar 31, 2022	VYX NCR Voyix Corporation	NCR Voyix Corporation	Buy	+2,050,400+85.4%	$178.94K	4,452,456
Q1 2022Mar 31, 2022	HAIN The Hain Celestial Group, Inc.	The Hain Celestial Group, Inc.	Sell	-635,833-34.1%	$42.35K	1,231,261
Q1 2022Mar 31, 2022	EVH Evolent Health, Inc	Evolent Health, Inc	Sell	-683,297-8.7%	$230.83K	7,146,395
Q1 2022Mar 31, 2022	STKL SunOpta, Inc.	SunOpta, Inc.	Sell	-2,697,053-27.4%	$35.80K	7,132,245
Q4 2021Dec 31, 2021	VYX NCR Voyix Corporation	NCR Voyix Corporation	Buy	+710,626+42.0%	$96.56K	2,402,056
Q4 2021Dec 31, 2021	IWM iShares Russell 2000 ETF	iShares Russell 2000 ETF	Sell - Position Exit	-13,400-100.0%	$0.00	-
Q4 2021Dec 31, 2021	EVH Evolent Health, Inc	Evolent Health, Inc	Sell	-63,502-0.8%	$216.65K	7,829,692
Q4 2021Dec 31, 2021	GIL Gildan Activewear, Inc.	Gildan Activewear, Inc.	Sell - Position Exit	-1,537,036-100.0%	$0.00	-
Q4 2021Dec 31, 2021	HAIN The Hain Celestial Group, Inc.	The Hain Celestial Group, Inc.	Sell	-14,129,504-88.3%	$79.56K	1,867,094
Q3 2021Sep 30, 2021	VYX NCR Voyix Corporation	NCR Voyix Corporation	Buy	+333,283+24.5%	$65.56K	1,691,430
Q3 2021Sep 30, 2021	IWM iShares Russell 2000 ETF	iShares Russell 2000 ETF	Sell	-20,900-60.9%	$2.93K	13,400
Q3 2021Sep 30, 2021	EVH Evolent Health, Inc	Evolent Health, Inc	Sell	-659,961-7.7%	$244.69K	7,893,194
Q2 2021Jun 30, 2021	IWM iShares Russell 2000 ETF	iShares Russell 2000 ETF	Buy	+22,000+178.9%	$7.87K	34,300
Q2 2021Jun 30, 2021	UPBD Upbound Group, Inc.	Upbound Group, Inc.	Sell	-562,879-19.3%	$125.02K	2,355,730
Q2 2021Jun 30, 2021	VYX NCR Voyix Corporation	NCR Voyix Corporation	Sell	-998,300-42.4%	$61.95K	1,358,147
Q1 2021Mar 31, 2021	VYX NCR Voyix Corporation	NCR Voyix Corporation	Buy	+221,188+10.4%	$89.43K	2,356,447
Q1 2021Mar 31, 2021	IWM iShares Russell 2000 ETF	iShares Russell 2000 ETF	Sell	-36,500-74.8%	$2.72K	12,300
Q4 2020Dec 31, 2020	GIL Gildan Activewear, Inc.	Gildan Activewear, Inc.	Buy - Position Entry	+1,537,036	$43.05K	1,537,036
Q4 2020Dec 31, 2020	VYX NCR Voyix Corporation	NCR Voyix Corporation	Buy	+49,892+2.4%	$80.22K	2,135,259
Q4 2020Dec 31, 2020	IWM iShares Russell 2000 ETF	iShares Russell 2000 ETF	Buy	+5,800+13.5%	$9.57K	48,800
Q4 2020Dec 31, 2020	STKL SunOpta, Inc.	SunOpta, Inc.	Buy	+4,831+0.0%	$114.71K	9,829,298

Page 4 of 10 • 282 total trades

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