Lauren Taylor Wolfe's Trades and Holdings in Q1 2026

Breaking down the stocks Lauren Taylor Wolfe (Impactive Capital) bought, sold, and held in Q1 2026, including their holdings at the end of the quarter. All data sourced from Impactive Capital's 13F filed on May 15, 2026.

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 '26 13F filed with SEC

Holdings in Q1 2026

Current Investment Strategy

Lauren Taylor Wolfe's Impactive Capital — a $3 billion ESG-integrated activist firm — maintained its signature concentrated, engagement-driven approach in Q1 2026, deploying capital into undervalued small- and mid-cap opportunities across technology, healthcare services, education, and consumer sectors, with its top holding Marriott Vacations Worldwide exemplifying its board-level influence after co-founder Christian Asmar secured a board seat to drive operational efficiency and modernization. The fund's four new positions — online education provider Stride, DevSecOps platform GitLab, grocery technology company Maplebear (Instacart), and contract research organization Icon — reflect a deliberate rotation toward businesses trading at a discount to intrinsic value amid near-term operational or sentiment headwinds, consistent with Impactive's private-equity-style thesis of unlocking long-term value through active, constructive stakeholder engagement.

New Investments

Stride LRN

Lauren Taylor Wolfe bought $98.17B of Stride in Q1 2026. Stride has delivered strong fundamental growth over the last year, with FY2025 revenue up ~18% to ~$2.41B and net income up ~41% to ~$288M, translating to TTM EPS of about $6.5–6.7 and a modest current P/E of roughly ~13x, but the stock has sold off roughly 40–50% from its $171 52‑week high and has underperformed the broader market (SPY up ~27% over 12 months). In the most recent quarter (Q3 FY2026), revenue grew to roughly $630M (slightly above expectations near $630M) but EPS of $1.93 missed consensus by roughly 10–15%, net income declined sequentially by about 48% versus the prior quarter (to ~$51M from ~$99M), and management cut FY2026 revenue guidance to about $2.48–2.55B (only ~5% y/y growth), driving a negative share‑price reaction. Looking ahead, value could increase if management fully resolves prior platform rollout issues, restores margin trajectory toward FY2025 levels, and delivers upside to the now‑lower guidance—especially given the combination of double‑digit historical earnings growth, a forward P/E around 10x, and a solid balance sheet with debt‑to‑equity near 0.33x and interest coverage over 40x.

• FY2025 revenue grew 17.9% year over year to $2.41B, while net income increased 41.0% to $287.94M.
• Q3 FY2026 EPS was $1.93, missing estimates by roughly $0.20–0.30, with net income down 48.34% sequentially to about $51.32M.
• Shares trade around the high‑$80s, roughly 40–50% below the $171.17 52‑week high, at a trailing P/E near 13x and forward P/E around 9–10x.

GitLab GTLB

Lauren Taylor Wolfe bought $84.72B of GitLab in Q1 2026. As a leading DevSecOps platform, GitLab continues to post strong growth with revenue up 23% year over year in the latest quarter and average ARR growth of 26.8% over the last four quarters, keeping it ahead of many infrastructure software peers even as growth moderates. Over the last two quarters, revenue has risen from roughly $236 million to $260.4 million, ARR reached $992.3 million, and profitability improved with a non-GAAP operating margin of 21%, free cash flow margin of about 25.9%, and gross margin near 88.5%, though GAAP net income remains slightly negative and guidance now points to slower ~18.4% growth next quarter. Despite these solid fundamentals, the stock is down about 56% over the past year as investors react to softer forward revenue and EPS guidance (FY 2027 EPS guided ~24% below consensus), leaving shares at only 3.2x next-12-months sales even as Wall Street’s $34.20 average target implies roughly 69% upside and recent AI-related partnerships (e.g., Google Cloud Vertex AI integration) offer potential catalysts for re-rating.

• Most recent quarter revenue grew 23.2% year over year to $260.4 million, beating consensus by about 3.4%.
• Annual recurring revenue reached $992.3 million with approximately 30.9% ARR growth and average ARR growth of 26.8% over the last four quarters.
• The stock is down roughly 56.1% over the past 12 months and trades at about 3.2x next-12-months sales, while the Street’s average target price of $34.20 implies around 69.1% upside.

Maplebear CART

Lauren Taylor Wolfe bought $58.93B of Maplebear in Q1 2026. Maplebear operates the Instacart online grocery marketplace; over the last 12 months the stock has traded between $29.84 and $53.44 and now sits in the mid‑$40s, with analysts generally viewing it as modestly undervalued relative to its growth and margin profile. Across the last two quarters, performance and sentiment have been stabilizing, with consensus 12‑month price targets clustered in the low‑$50s (implying roughly 11–15% upside from current levels), as the market focuses on order growth, an expanding high‑margin advertising mix, and improving operating leverage in the current quarter. Potential value‑creating catalysts this quarter include any upside surprises on order volumes, advertising revenue, or profitability versus expectations, as well as incremental partnerships or product initiatives that could support faster top‑line growth and justify multiple expansion.

• Street 12‑month price targets average around $51–53, implying roughly 11–15% upside from the recent price in the mid‑$40s.
• Analyst dispersion remains wide, with published target ranges from roughly $32–41 on the low end to $61–69 on the high end, suggesting potential downside of about -30% and upside of over +30%.
• Shares have traded between $29.84 and $53.44 over the last 52 weeks, placing the current price near the upper half of the range but still below the highs by roughly 15–20%.

Icon ICLR

Lauren Taylor Wolfe bought $49.86B of Icon in Q1 2026. Over the last 12 months, the stock has delivered a modestly negative shareholder return of about -11.6%, lagging many large‑cap healthcare services peers despite a meaningful recovery from its lows. Price action in recent quarters has been constructive—shares are now trading around the low‑$120s and are up roughly 80%+ off the 52‑week trough—as investors gain confidence that underlying demand for outsourced clinical development remains resilient even as biotech funding normalizes. From here, upside in the current quarter will likely hinge on the company sustaining solid bookings growth, demonstrating further operating leverage, and potentially enhancing capital returns (e.g., buybacks), any of which could support a re‑rating from current levels, where the stock remains about 42% below its $211 52‑week high.

• -11.6% total shareholder return over the last 12 months, with the stock recently trading around $122 versus a year‑ago level near $138.
• Shares have rebounded approximately 83% from the $66.57 52‑week low but remain about 42% below the $211 52‑week high, highlighting both recovery and residual upside versus prior peaks.
• Most recent close implied a daily move of about -3.7% on volume of roughly 640,000 shares, consistent with elevated volatility as investors recalibrate growth and margin expectations.

Added, Trimmed, and Exited

Added

Impactive Capital added to two existing positions in Q1 2026: SLM (SLM) was increased by roughly 597,524 shares (up ~8% to 7,822,564 shares total), and the Russell 2000 (IWM) ETF position was more than tripled, with 176,882 shares added to bring the total to 252,486 shares.
What it means: Adding to SLM despite the position being down roughly 14% suggests Lauren Taylor Wolfe views the pullback as a buying opportunity rather than a reason to exit — consistent with her activist value approach of leaning into undervalued names. The aggressive expansion of the Russell 2000 (IWM) position is more macro in nature and notably contrasts with the firm's typical stock-picking style. This could reflect a tactical bet that small-cap equities are broadly cheap or poised for a catch-up trade, potentially serving as a hedge or complement to the concentrated single-stock positions the firm is simultaneously building.

Trimmed

Impactive Capital reduced three existing positions: Advanced Drainage Systems (WMS) was cut by roughly 601,254 shares (~41% of the prior holding), WEX (WEX) was trimmed by 488,000 shares (~22%), and Asbury Automotive (ABG) was reduced by 174,343 shares (~14%).
What it means: All three positions are underwater based on their reported returns — Advanced Drainage Systems (WMS) is down ~44%, WEX (WEX) down ~20%, and Asbury Automotive (ABG) down ~28%. The significant cut to WMS in particular, nearly halving the position, suggests waning conviction in the thesis rather than a simple rebalancing. Trimming all three simultaneously while rotating proceeds into four brand-new positions points to a deliberate portfolio repositioning — Lauren Taylor Wolfe appears to be reducing exposure to beaten-down industrials and financials-adjacent names in favor of higher-growth technology and services opportunities.

Exited

Impactive Capital fully liquidated two positions: Etsy (ETSY) (previously 3,042,874 shares valued at ~$168.7M) and Clarivate (CLVT) (previously 36,413,920 shares valued at ~$121.6M).
What it means: These were two of the largest holdings in the prior quarter, and exiting both in a single quarter represents a substantial portfolio overhaul. Clarivate (CLVT) had long been a significant activist position, so a full exit may signal that Lauren Taylor Wolfe believes the engagement has run its course or that the risk/reward no longer justifies the concentration. The exit from Etsy (ETSY) — a stock that has faced persistent pressure from slowing e-commerce growth and competitive headwinds — suggests the original value thesis may not have played out on the expected timeline. Together, these liquidations freed up meaningful capital that appears to have been redeployed into the four new positions added this quarter.

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.