Institutional 13F · Context Only · Never a Buy List机构 13F · 仅供参考 · 非买入清单
Engaged Capital
activist
C
Reliability improving可靠性走强
leaderboard rank榜单排名 #35WATCH观察
Book持仓规模
$323M
long US listed only仅美股多头
Positions持仓数
9
100% resolved已解析
Top-10 concentration前十集中度
100%
% of book占组合%
Turnover换手
LOW
22.2% per quarter每季
Median excess中位超额
-15%
buys vs SPY, since filing买入相对SPY，自披露起 · n 24
Hit rate胜率
29%
share of buys beating SPY跑赢SPY的买入占比
Core lean — the 10-second read核心倾向 — 10秒速读
Core lean: Logistics — added GXO (+15.5pp of book this quarter)核心倾向：Logistics — 本季度加仓 GXO（占组合 +15.5pp）
LogisticsLogistics
+15.5pp
15.5% of book held占组合持有
· 1 names标的
· Industrial Automation
GXO
WarehousingWarehousing
+15.5pp
15.5% of book held占组合持有
· 1 names标的
· Transportation & Logistics
GXO
LogisticsLogistics
+15.5pp
15.5% of book held占组合持有
· 1 names标的
· E-commerce
GXO
Descriptive read of the latest filing — themes clustered from curated baskets (Finviz fallback), added-pp = Σ % of book bought this quarter. Not a forecast.基于最新披露的描述性解读——主题按精选篮子聚类（Finviz 兜底），added-pp = 本季度买入占组合百分比之和。非预测。
Grade & excess history评级与超额历史
per-quarter buy cohorts, scored on public filing dates vs SPY — descriptive ranks in a curated survivor cohort按季度买入队列，以公开披露日为锚相对SPY评分——精选幸存者队列中的描述性排名Reliability可靠性: improving走强 · 8 scored quarters已评分季度 · 12% positive为正 · recent-4 median近4季中位 -5% vs all-time对全期 -7%
Median excess by quarter各季度中位超额: ▇▁▂▇▇▇█▇ (oldest → newest, shifted by the series minimum so negatives render由旧到新，按序列最小值平移以呈现负值)
| Quarter季度 | Buys买入数 | Median excess中位超额 | Hit胜率 | Median fwd 63d中位前瞻63日 |
|---|---|---|---|---|
| 2023-12-31 | 2 | -11% | 50% | +10% |
| 2024-03-31 | 2 | -96% | 0% | +2% |
| 2024-09-30 | 4 | -79% | 25% | -10% |
| 2025-03-31 | 3 | -6% | 0% | +7% |
| 2025-06-30 | 2 | -8% | 0% | -5% |
| 2025-09-30 | 2 | -6% | 50% | +9% |
| 2026-03-31 | 2 | +0% | 100% | +12% |
| 2026-06-30 | 2 | -4% | 50% | — |
Sector exposure & rotation行业配置与轮动
value-weighted, latest filing; QoQ deltas vs prior quarter按市值加权，最新披露；季度环比变化对上季Current weights当前权重 · 2026-06-30
Consumer Cyclical
46.7%
▼ -7.0pp
Industrials
15.5%
▲ +1.4pp
Technology
14.8%
▼ -9.7pp
Consumer Defensive
13.7%
▲ +10.1pp
Healthcare
9.3%
▲ +5.2pp
Theme categories主题类别
Industrials 7.6%
Rotating into (QoQ)轮入（环比）
Consumer Defensive +10.1pp
Healthcare +5.2pp
Industrials +1.4pp
Rotating out of (QoQ)轮出（环比）
Technology -9.7pp
Consumer Cyclical -7.0pp
Quarter history — top-3 sectors季度历史 — 前三大行业
| 2026-06-30 | Consumer Cyclical 47% · Industrials 15% · Technology 15% |
| 2026-03-31 | Consumer Cyclical 54% · Technology 24% · Industrials 14% |
| 2025-12-31 | Consumer Cyclical 49% · Technology 24% · Industrials 11% |
| 2025-09-30 | Consumer Cyclical 46% · Technology 15% · Consumer Defensive 14% |
| 2025-06-30 | Consumer Cyclical 53% · Healthcare 18% · Consumer Defensive 17% |
| 2025-03-31 | Consumer Cyclical 51% · Unclassified 14% · Healthcare 12% |
| 2024-12-31 | Consumer Cyclical 35% · Financial 18% · Technology 16% |
| 2024-09-30 | Consumer Cyclical 31% · Technology 21% · Financial 20% |
| 2024-06-30 | Consumer Cyclical 27% · Financial 17% · Unclassified 15% |
| 2024-03-31 | Consumer Cyclical 40% · Healthcare 17% · Financial 16% |
| 2023-12-31 | Consumer Cyclical 41% · Financial 17% · Healthcare 16% |
| 2023-09-30 | Consumer Cyclical 51% · Technology 25% · Healthcare 14% |
Full book完整持仓
every resolved position as filed — click a column header to sort. Conviction is a descriptive composite, not a forecast.截至披露日的全部已解析持仓——点击列头排序。信念分为描述性综合指标，非预测。9 positions shown项持仓 · resolved已解析 9/9 (100%) · unresolved CUSIPs are excluded from this table but counted in book totals未解析CUSIP不列入本表，但计入组合总额
| #↕ | Ticker标的 ↕ | Company公司 ↕ | % book仓位% ↕ | Value金额 ↕ | Action动作 ↕ | Δ sharesΔ股数 ↕ | Add streak连加季数 ↕ | Conviction信念分 ↕ | Sector行业 ↕ | Themes主题 | Since filing自披露 ↕ |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 |  VFC |
V F Corp | 23.4% | $75M | hold | -3% | — | 70 · HIGH | Consumer Cyclical | Apparel, Luxury | -12% |
| 2 |  YETI |
Yeti Hldgs Inc | 18.3% | $59M | trim | -33% | — | 66 · MODERATE | Consumer Cyclical | — | -8% |
| 3 | GXO |
Gxo Logistics Incorporated | 15.5% | $50M | add | +20% | 1q | 67 · MODERATE | Industrials | Logistics, Warehousing, Logistics | +0% |
| 4 |  EVH |
Evolent Health Inc | 9.3% | $30M | hold | +0% | — | 48 · MODERATE | Healthcare | IT & Data | — |
| 5 |  FRPT |
Freshpet Inc | 8.9% | $29M | new | — | 1q | 59 · MODERATE | Consumer Defensive | — | -8% |
| 6 |  CGNX |
Cognex Corp | 7.6% | $25M | trim | -30% | — | 41 · LOW | Technology | Robotics & Automation | -7% |
| 7 |  BL |
Blackline Inc | 7.2% | $23M | trim | -40% | — | 37 · LOW | Technology | — | -6% |
| 8 |  PTLO |
Portillos Inc | 5.0% | $16M | hold | +0% | — | 33 · LOW | Consumer Cyclical | — | -19% |
| 9 |  BRCC |
Brc Inc | 4.8% | $15M | hold | +0% | — | 29 · LOW | Consumer Defensive | — | — |
Rotation detail轮动明细
this filing cycle, uncapped — adds/new and trims from the resolved book, exits from the rotation feed本披露周期，不设上限——新建/加仓与减持取自已解析持仓，清仓取自轮动数据Rotated into轮入 (2)
| GXO add |
15.5% | +0% |
| FRPT new |
8.9% | -8% |
Rotated out of轮出 (3)
| YETI trim |
-33% | -8% |
| CGNX trim |
-30% | -7% |
| BL trim |
-40% | -6% |
Trade log交易记录
last 40 graded trades, filing-date anchored, newest first — variable hold vs SPY最近40笔已评分交易，以披露日为锚，最新在前——持有期不定，相对SPYNo graded trades available for this fund.该基金暂无已评分交易。
Caveats注意事项 —
13F = quarterly, ~45-day lag, reported long positions from managers with at least $100M in Section 13(f) securities. No shorts, no cash, no non-US positions. This desk is context — ownership is never a directional signal here.13F = 季度披露，约45天滞后，仅含美股多头且持仓≥1亿美元。不含空头、现金或非美股仓位。本台仅为背景参考——持仓数据在此永远不是方向性信号。
Grades and reliability are descriptive ranks within a curated survivor cohort — they measure what filings did after their filing dates, not a manager-selection edge. Conviction and core-lean reads are descriptive composites earning a forward record via the pre-registered ledger (L5); sector/theme classification applies the current map to history.评级与可靠性为精选幸存者队列中的描述性排名——衡量披露日之后持仓的表现，而非经理选择能力。信念分与核心倾向为描述性综合指标，通过预注册账本（L5）积累前瞻记录；行业/主题分类将当前映射应用于历史。