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Funds (13F)

Engaged Capital LLC

Backtest from 25 Apr 2014 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+3.7%
S&P 500 +13.7%
Last 12 months
+18.6%
S&P 500 +12.1%
Sharpe ratio
0.19
S&P 500 0.74
Biggest drop
−57.3%
S&P 500 −31.8%
$10.0k$20.0k$40.0k 2014201620182020202220242026 $50.0k$15.7k
Engaged Capital LLCS&P 500 $10,000 in Engaged Capital LLC from 25 Apr 2014 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies Engaged Capital LLC's quarterly 13F holdings in the companies we cover, weighted by reported value: it buys on the first trading day after each 13F is filed (up to 45 days after the quarter) and holds until the next filing. A 13F shows long US-listed positions only, at the quarter's end, so this misses shorts, cash, bonds, non-US holdings and trading within the quarter.

Engaged Capital LLC's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+3.7%+13.7%
Total return+57%+400%
Last 12 months+18.6%+12.1%
Last 3 months+10.2%—
Last month+20.6%—
This year so far+10.3%—
Volatility a year27.3%16.3%
Sharpe ratio0.190.74
Biggest drop−57.3%−31.8%
Beta to the S&P 5000.901.00
Alpha a year (t-statistic)−5.6% (−0.85)—
Share of weeks up52%—

Sharpe ratio uses returns above the 3-month Treasury bill rate. Alpha is the yearly return left after allowing for the strategy's exposure to the S&P 500 (CAPM); a t-statistic below about 2 means it cannot be told apart from luck.

Insights

CompanyWeightHeld sinceReturn since
VFC23.4%——
YETI18.3%——
GXO15.5%——
EVH9.3%——
FRPT8.9%——
CGNX7.6%——
BL7.2%——
PTLO5.0%——
BRCC4.8%——

Weighted by reported value in the latest 13F, held until the next filing.

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest25 Apr 2014 to 2 Nov 2026+3.7%+13.7%0.190.74−57.3%0.90−5.6% (−0.85)
2018 onwards5 Jan 2018 to 2 Nov 2026+1.2%+13.9%0.090.66−57.3%0.86−7.6% (−0.93)
Last three years3 Nov 2023 to 2 Nov 2026−4.5%+21.8%−0.191.16−44.2%1.01−21.4% (−1.54)
Last year7 Nov 2025 to 2 Nov 2026+22.2%+14.2%0.770.84−17.8%0.79+11.1% (0.48)
DateCompanyAction
21 Aug 2026FRPTBought
21 Nov 2025CGNXBought
21 Nov 2025BLBought
15 Aug 2025FRPTBought
16 May 2025YETIBought
16 May 2025GXOBought
15 Nov 2024VYXBought
15 Nov 2024VFCBought
15 Nov 2024PTLOBought
15 Nov 2024PRAABought
15 Nov 2024NATLBought
15 Nov 2024EVHBought
15 Nov 2024BRCCBought
15 Nov 2024BLBought

Dated at the rebalance that made the change.

DateCompanyAction
22 May 2026FRPTSold
15 Aug 2025VYXSold
15 Aug 2025NATLSold
16 May 2025PRAASold
21 Feb 2025BLSold

Dated at the rebalance that made the change.

Backtests are hypothetical and use today's listed companies only, which flatters results. Past performance does not predict future returns. This is research, not investment advice. How we backtest