Engaged Capital's Q2 Moves: Freshpet Stake, Evolent Health Boost, Portillo's Reduction

Engaged Capital acquired a new stake in Freshpet and increased its position in Evolent Health during Q2. The hedge fund also reduced its holdings in Portillo's.

Engaged Capital, a prominent hedge fund known for its investor activism, made several notable moves during the second quarter of 2025. According to its latest 13F filing, the fund increased its stake in Freshpet (NASDAQ: FRPT) and boosted its position in Evolent Health (NYSE: EVH). Simultaneously, Engaged Capital reduced its holdings in Portillo's (NASDAQ: PTLO).

During the second quarter, Engaged Capital acquired 619,130 shares in Freshpet, increasing its stake in the company. The fund also increased its position in Evolent Health, acquiring an additional 670,000 shares, bringing the total to 5.85 million shares. This move is significant, as it reflects Engaged Capital's continued interest in Evolent Health's growth prospects.

On the other hand, Engaged Capital reduced its position in Portillo's, selling 650,000 shares, which brought its total holding down to 4.83 million shares. This reduction in Portillo's stake may indicate a shift in the fund's strategy or a reevaluation of the company's potential.

Engaged Capital's Q2 moves are part of a broader trend in the hedge fund industry, where funds are actively adjusting their portfolios based on market conditions and company performance. Other notable moves include Bridgewater Associates adding ARM Holdings and exiting Alibaba, Jana Partners exiting Fidelity National Information and adding Wex, and Soros Capital betting on South Korea and withdrawing from Brazil.

Engaged Capital's decisions to increase its stake in Freshpet and Evolent Health, while reducing its position in Portillo's, reflect a strategic approach that aligns with the fund's activist investing philosophy. Investors and financial professionals should closely monitor these moves to gauge the fund's outlook on the companies involved.

References:
[1] https://seekingalpha.com/news/4485623-engaged-capital-takes-new-stake-in-freshpet-boosts-position-in-evolent-health-among-top-q2-moves