Lauren Taylor Wolfe's Trades and Holdings in Q1 2025

Breaking down the stocks Lauren Taylor Wolfe (Impactive Capital) bought, sold, and held in Q1 2025, including their holdings at the end of the quarter. All data sourced from Impactive Capital's 13F filed on May 15, 2025.

Who are Lauren Taylor Wolfe and Impactive Capital?

Lauren Taylor Wolfe is the co-founder and managing partner of Impactive Capital LP (commonly referred to as Impactive Capital). The fund is known for its highly concentrated portfolio, typically consisting of 8-12 stocks, with the top 5 holdings comprising approximately 65% of assets, and minimal cash holdings (typically below 10%) as it remains fully invested when opportunities align. Her investment strategy is an activist value investing approach with integrated ESG considerations, drawing from a private-equity-like mindset in public markets to drive long-term enhancements in capital allocation, operations, and sustainability. Wolfe focuses on undervalued small to mid-cap companies, primarily in North America, that offer engagement opportunities to unlock value and reduce risks, with strong qualitative factors like sustainable competitive advantages, attractive valuations based on future cash flows, material ESG improvements, competent management open to collaboration, and the potential for compounding through strategic and ethical initiatives over multi-year holding periods.

Impactivecapital.com
Lauren Taylor Wolfe on X
Q1 '25 13F filed with SEC

Holdings in Q1 2025

Current Investment Strategy

Impactive Capital's Lauren Taylor Wolfe maintained her concentrated ESG-activist approach in Q1 2025, with top holdings Concentrix and Clarivate representing business services and information analytics firms positioned for operational improvements. The $3 billion fund added SiteOne Landscape Supply and Western Digital while exiting SiriusXM and U-Haul, continuing her strategy of deploying capital in undervalued small-to-mid-cap companies where she can drive value through engagement on capital allocation, sustainability initiatives, and strategic enhancements.

New Investments

SiteOne Landscape Supply SITE

Lauren Taylor Wolfe bought $120.66M of SiteOne Landscape Supply in Q1 2025. SiteOne delivered strong Q3 2025 results with diluted EPS of $1.31, representing a 35% year-over-year increase from $0.97, and beat consensus earnings estimates by 7.38%. Net sales grew 4% for the nine-month period to $3.66 billion, driven by tuck-in acquisitions totaling $19 million, pricing improvements contributing approximately 1% to organic growth, and solid performance in the maintenance end market. Despite operational improvements including 70 basis points of gross margin expansion in Q3 and SG&A leverage reducing costs as a percentage of sales by 50 basis points, the stock has significantly underperformed, declining 6.5% year-to-date versus the S&P 500's 17.2% gain, reflecting near-term industry headwinds and softer demand in residential construction segments.

• Diluted EPS surged 35% year-over-year to $1.31 in Q3 2025, with nine-month cumulative EPS of $3.56.
• Net income increased 33% to $59.1 million in Q3 versus $44.4 million prior year, supported by 4% net sales growth.
• Gross margin expanded 70 basis points in Q3 through pricing improvements and commercial initiatives, though stock has declined 6.5% year-to-date despite operational outperformance.

Western Digital WDC

Lauren Taylor Wolfe bought $26.87M of Western Digital in Q1 2025. Western Digital demonstrated exceptional momentum in its most recent quarter with $2.82 billion in revenue representing 27.4% year-over-year growth and a 2.8% beat against analyst estimates, fueled by surging artificial intelligence-driven demand for high-capacity hard disk drives at hyperscale data centers. Operating margins expanded significantly to 28.1% versus 15.1% in the prior year, reflecting both volume leverage and manufacturing efficiencies, while the company generated $599 million in free cash flow compared to negative $61 million in the year-ago quarter, signaling strong capital generation capability. Management highlighted that 2.2 million units of next-generation ePMR and UltraSMR drives shipped this quarter, positioning the company to capture continued demand as large customers commit to multi-year orders for emerging storage technologies.

• Non-GAAP EPS reached $1.78, beating consensus estimates of $1.58 by 12.9% and driving a 12.3% immediate stock appreciation.
• Operating margin expanded 13 percentage points year-over-year to 28.1%, demonstrating significant operational leverage from artificial intelligence-driven demand scaling.
• Free cash flow improved $660 million year-over-year, swinging from negative $61 million to positive $599 million as demand and working capital management strengthened.

Added, Trimmed, and Exited

Added

Impactive Capital increased positions in Marriott Vacations (VAC) by 377,985 shares, Etsy (ETSY) by 589,001 shares, WEX (WEX) by 292,954 shares, and Charles River Labs (CRL) by 9,199 shares during the quarter.
What it means: These additions reflect Lauren Taylor Wolfe's conviction in averaging down on positions that have experienced significant drawdowns, particularly Marriott Vacations (down 18.4%) and Charles River Labs (down 17.8%). The fund's activist value approach appears to be doubling down on companies trading at what management views as compelling valuations relative to their long-term cash flow potential, consistent with their strategy of maintaining minimal cash and staying fully invested when opportunities align. The measured additions suggest disciplined capital deployment into existing high-conviction names rather than broad portfolio expansion.

Trimmed

Impactive Capital significantly reduced holdings in SLM (SLM) by 4.4 million shares and Asbury Automotive (ABG) by 360,161 shares, both of which experienced substantial negative returns of -23.7% and -27.8% respectively during the quarter.
What it means: The substantial reduction in SLM, previously one of the fund's largest positions at $425M, alongside the trim in Asbury Automotive, signals a tactical rebalancing away from underperforming positions despite severe drawdowns. This contrasts with the additions made to other declining holdings, suggesting Lauren Taylor Wolfe may have reassessed the fundamental thesis or engagement opportunity in these names. The capital freed up appears to have been redeployed into the two new positions (SiteOne Landscape Supply and Western Digital), indicating a rotation toward what management perceives as better risk-adjusted opportunities with clearer paths to value creation.

Exited

Impactive Capital fully liquidated its positions in SiriusXM (SIRI), valued at $79.5M, and U-Haul (UHAL-B), valued at $31.2M.
What it means: The complete exit from both positions, totaling approximately $110.7M, represents a significant capital reallocation that appears to have funded the bulk of the $147.5M deployed into SiteOne Landscape Supply and Western Digital. These exits suggest Lauren Taylor Wolfe concluded that the engagement potential or fundamental value proposition in these legacy media and transportation-related businesses no longer met the fund's criteria for long-term compounding opportunities. The timing aligns with Impactive Capital's strategy of maintaining a highly concentrated 8-12 stock portfolio, indicating these names were replaced by higher-conviction ideas with better paths to operational improvements and sustainable competitive advantages.

Disclaimer: All posts are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.