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SPZCOEngaged Capital LLC · CIK 1559771Data at close 2026-08-21

13F filer · reported 2026-Q2 · filed 2026-08-14 · Δ vs 2026-Q1 · US-listed long positions only

13F portfolio $323MPositions 9Top 10 100.0%Effective N 6.9

Filer13F 2026-Q2

CIK1559771	Reported quarter2026-Q2
Prior quarter2026-Q1	Filed2026-08-14
Reported value$323M	Positions9

Authorized signatory: Glenn W. Welling · Founder and Chief Investment Officer — the person who SIGNED this filer's latest 13F, frequently a compliance officer, general counsel or CFO, and not necessarily the portfolio manager.

Owners & officers (ADV Schedule A): JUNG, ANDREW, INCHUN (MEMBER, CHIEF FINANCIAL OFFICER) · WELLING, GLENN, WILLIAM (CHIEF INVESTMENT OFFICER) · HETRICK, CHRISTOPHER, BAYER (MEMBER, DIRECTOR OF RESEARCH) · KEMPF, KENNETH, CONNOR (MEMBER, SENIOR ANALYST) · PAULSEN, CARL, GREGORS (MEMBER, DIRECTOR OF RISK MANAGEMENT & TRADING) · ZACHARIAS, BLAKE, ALEXANDER (MEMBER, SENIOR ANALYST) · SPECTOR, RICHARD, ERIC (CHIEF COMPLIANCE OFFICER) · ENGAGED CAPITAL HOLDINGS, LLC (MANAGING MEMBER)

Reported 2026-Q2 · filed 2026-08-14

Implied return1.14y vs SPY

Cumulative−12.1%	CAGR−10.7%
vs SPY−32.6pp	Vol (ann.)30.8%
Sharpe−0.22	Max drawdown−27.3%
Beta1.32	Avg coverage100%
Quarters replayed4

2025-06-30 → 2026-08-21 · HYPOTHETICAL replication, not actual returns

Contribution9 of 9 names

Ticker	Avg wt	Return	Contrib.
BL	10.5%	−41.0%	−7.43pp
EVH	8.7%	−50.6%	−6.44pp
YETI	20.2%	+22.5%	+4.92pp
PTLO	6.3%	−31.8%	−4.02pp
CGNX	7.6%	+35.9%	+3.38pp
GXO	13.0%	−16.3%	−2.35pp
BRCC	4.4%	−42.9%	−2.18pp
FRPT	6.2%	+18.1%	+1.43pp
VFC	23.1%	+6.6%	+1.16pp

Carino-linked; contributions sum to the book return — modeled, not actual results.

2025-08-24 → 2026-08-24 · book −11.5% · SPY +20.0% · largest absolute contributors first · HYPOTHETICAL

Top holdings9 of 9 · 100.0% of book

Holding	Weight	Value	Δ shares
VFC	23.4%	$75M	−3.4%
YETI	18.3%	$59M	−33.1%
GXO	15.5%	$50M	+19.8%
EVH	9.3%	$30M	+0.0%
FRPT	8.9%	$29M	new
CGNX	7.6%	$25M	−30.0%
BL	7.2%	$23M	−39.5%
PTLO	5.1%	$16M	+0.0%
BRCC	4.8%	$15M	+0.0%

Weights as filed for 2026-Q2 · Δ vs 2026-Q1

Sector split4 sectors

Sector	N	Weight
Consumer Discretionary	3	46.7%
Industrials	2	24.8%
Information Technology	2	14.8%
Consumer Staples	2	13.7%

SIC-derived, not GICS

Sector history8 of 50 quarters

Sector	2024-Q2	2024-Q3	2024-Q4	2025-Q1	2025-Q2	2025-Q3	2025-Q4	2026-Q1
Consumer Discretionary	21.1%	30.6%	35.4%	51.3%	52.6%	46.4%	49.2%	53.7%
Information Technology	24.9%	35.2%	31.8%	6.3%	0.0%	15.4%	23.8%	24.5%
Industrials	19.6%	18.3%	21.3%	35.2%	30.6%	24.5%	16.8%	18.2%
Consumer Staples	13.5%	7.5%	8.8%	7.2%	16.7%	13.7%	10.2%	3.6%
Materials	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Financials	5.7%	6.2%	2.7%	0.0%	0.0%	0.0%	0.0%	0.0%
Health Care	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Communication Services	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Unclassified	15.2%	2.2%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Top-10 concentration	93.2%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%

SIC-derived, not GICS · 100% of the latest book classified · share of the filed book, per quarter

Basis & disclosures

As filed · positions and weights exactly as the 13F states them · nothing imputed · absent “—”
13F is US-listed long only · filed up to 45 days after quarter-end · a LOWER bound on what this filer manages, never a total — shorts, options, cash, bonds and non-US listings are outside it
As filed — the holdings and weights are the 13F itself; no return engine produced them
Implied returns are a replication, not a track record · the filed book valued daily and rebalanced to each new filing · no fees, no timing, and nothing a 13F does not carry
Not investment advice · no recommendation, forecast or offer · past ≠ future · this is a filer's public record, not a solicitation
SEC Form 13F · SEC Form ADV · licensed end-of-day prices · spzco.com/methodology