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

Impactive Capital, the roughly $2 billion activist fund run by Lauren Taylor Wolfe, entered Q1 2026 still hewing to its concentrated, engagement-driven playbook, exiting stakes in Etsy and Clarivate as their turnaround catalysts played out while rotating fresh capital into Stride, GitLab, Maplebear (Instacart) and Icon Plc—businesses the firm views as undervalued relative to intrinsic worth amid near-term operational noise. The fund kept Marriott Vacations as its top holding and pressed board-level campaigns, notably at WEX, underscoring a private-equity-style approach that pairs deep value investing with ESG-oriented governance activism across technology, healthcare services, education and consumer sectors.

New Investments

Stride

Lauren Taylor Wolfe bought $98.17M of Stride in Q1 2026. Over the past two quarters, Stride has moved revenue from $629.9M to $636.1M, with its Career Learning segment up roughly 15–19% year over year and enrollment up 11–14%, offsetting modest declines in General Education. In the latest quarter, the company reported EPS of $2.12 (vs consensus $1.64), an adjusted operating margin of 18.2%, net margin of 12.15%, and ROE of 25.2%, signaling strong profitability even as revenue declined 2.7% year over year and margins compressed slightly. Looking ahead, fiscal 2026 totals of revenue $2.52B (up 4.7% YoY) and adjusted EBITDA $617.6M (up 8.2%), together with continued double‑digit Career Learning growth and management’s work to stabilize enrollments and address customer concerns around recent tech updates, position the business to create further value if it can sustain segment growth and protect margins.

• Latest quarter EPS of $2.12, beating consensus $1.64 by about 29%..
• Q3 fiscal 2026 revenue was $629.9M (up roughly 2.7% YoY), followed by latest‑quarter revenue of $636.1M (down 2.7% YoY but ~1.4% above estimates)..
• Fiscal 2026 revenue totaled $2.52B (up 4.7% YoY) with adjusted EBITDA of $617.6M (up 8.2%) and return on equity of 25.2%..

GitLab

Lauren Taylor Wolfe bought $84.72M of GitLab in Q1 2026. The purchase comes as GitLab has delivered two consecutive quarters of roughly 23% year-over-year revenue growth, with sales rising from $260.4 million in Q4 FY26 to $264.2 million in Q1 FY27, a modest sequential increase that maintains a strong growth profile. Profitability remains robust but is transitioning from peak levels, as non-GAAP operating margin eased from about 21% in Q4 FY26 to 14% in Q1 FY27 while adjusted EPS stayed solid at $0.30 then $0.23, beating consensus in both quarters and reflecting disciplined cost control alongside continued investment. In the current quarter GitLab is still gaining fundamental strength, with operating cash flow jumping to $149.2 million and cash and investments of about $1.36 billion, even as billings growth slows to 12.5% and management guides next-quarter revenue growth to roughly 15.7% year over year; combined with the Board’s newly authorized $400 million share repurchase program, these trends are supportive of valuation as the company shifts into a more cash-generative, shareholder-friendly phase.

• Quarterly revenue grew 23% year over year to $264.2 million in Q1 FY27, up from $260.4 million in Q4 FY26..
• Non-GAAP operating margin was 14% in Q1 FY27 versus 21% in the prior quarter, while adjusted EPS of $0.23 and $0.30 both exceeded consensus estimates by roughly $0.03–$0.07 per share..
• Operating cash flow increased to $149.2 million in Q1 FY27 and the company holds about $1.36 billion in cash and investments, alongside a Board-authorized $400 million share repurchase program..

Maplebear

Lauren Taylor Wolfe bought $58.93M of Maplebear in Q1 2026. The position adds exposure to a platform showing accelerating growth, with Q1 2026 revenue of $1.02 billion and Q2 2026 revenue of $1.04 billion, up roughly 13–14% year over year and modestly ahead of consensus as GTV and orders expand. In the current quarter, diluted EPS of $0.45 grew high‑single digits year over year but missed the $0.55 Street forecast, and net income slipped 4% to $111 million largely on a higher tax rate, even as gross profit reached $751 million (a 72% margin), Adjusted EBITDA rose 19% to $313 million, and free cash flow surged 156% to $480 million. Shares reacted positively, rallying about 9.3% after the print as management emphasized its third straight quarter of faster GTV and revenue growth—Q2 GTV up 14%, orders up 9%, average order value up 4%, and advertising revenue up 16%—supporting a view that Maplebear is gaining momentum versus consumer retail peers, with ROE around 18.7% and earnings growth outpacing the sector.

• Q2 2026 revenue up 14.1% year over year to $1.04 billion, following Q1 2026 revenue of $1.02 billion (≈13–14% YoY growth)..
• Q2 2026 diluted EPS of $0.45 vs. $0.41 a year ago (~9.8% YoY growth) missed the $0.55 consensus (‑18.18% surprise), with net income down 4.3% YoY to $111 million..
• Q2 2026 GTV of $10.35 billion up 14% YoY, Adjusted EBITDA up 19% YoY to $313 million (margin ~30%), free cash flow up 156% YoY to $480 million, and ROE around 18.7% vs. industry earnings growth of 15.7% annually..

Icon Plc

Lauren Taylor Wolfe bought $49.86M of Icon Plc in Q1 2026. Over the last two quarters, Icon Plc has delivered modest sequential growth, with Q2 2026 revenue up 1.4% QoQ to $2.06 billion and adjusted EBITDA up 3% QoQ to $327 million, even as year-on-year margins and EPS remain compressed by higher pass-through activity, a $32.9 million disposal loss, and restructuring costs. Underlying demand is strong, evidenced in Q2 by gross bookings of $3.68 billion (up 24.1% YoY), net business wins of $3.12 billion, a book-to-bill of 1.51x, and backlog rising to $23.4 billion, pointing to a company that is gaining in future revenue visibility despite near-term margin pressure. Despite these operational gains, the stock has returned only 1.13% over the last 12 months versus the S&P 500 at 20.21%, but strong bookings, reaffirmed 2026 guidance, and the recent pricing of $2.15 billion in notes to enhance financial flexibility are key recent developments that could support a value re-rating if profitability stabilizes.

• Q2 2026 revenue increased 1.4% sequentially and 1.2% year over year to $2,063.5 million, while adjusted EBITDA grew 3% QoQ to $327.2 million with a margin of 15.9%..
• Q2 2026 gross bookings reached $3,681 million (up 24.1% YoY), driving net business wins of $3,120 million, a book-to-bill ratio of 1.51x, and backlog of $23.4 billion (up 3% QoQ)..
• The shares have returned 8.26% year to date and 1.13% over the last 12 months versus the S&P 500 at 13.19% YTD and 20.21% over 12 months, reflecting relative underperformance despite improving bookings and backlog..

Added, Trimmed, and Exited

Added

Impactive Capital added to two existing positions: SLM shares increased by 597,524 (to 7,822,564 shares, valued at $167.48M, though the position's value declined ~14.3% amid share price weakness), and iShares shares rose sharply by 176,882 (to 252,486 shares, up to $62.62M in value, a gain of roughly 236%).
What it means: The addition to SLM despite a double-digit paper loss suggests Impactive Capital is averaging into the position at lower prices, likely viewing the pullback as a buying opportunity rather than a fundamental deterioration. The dramatic increase in iShares exposure—both in share count and value—may reflect a tactical allocation to broad market exposure or liquidity management within the concentrated portfolio, a notable move for a fund that typically holds just 8-12 concentrated stock positions.

Trimmed

Impactive Capital trimmed three positions: Advanced Drainage (shares cut by 601,254, or roughly 41%, with value falling 44.4% to $117.45M), WEX (shares reduced by 488,000, with value down 20.1% to $261.28M), and Asbury Automotive (shares cut by 174,343, with value down 27.7% to $209.61M).
What it means: These meaningful trims—particularly the near-halving of Advanced Drainage—suggest Impactive Capital is de-risking or reallocating capital away from underperforming holdings, potentially to fund the four new positions initiated this quarter (Stride, GitLab, Maplebear, and Icon Plc). The scale of the reductions across multiple names indicates a broader portfolio rebalancing rather than an isolated call on any single company.

Exited

Impactive Capital fully exited two positions: Etsy (3,042,874 shares, valued at $168.70M as of the last filing) and Clarivate (36,413,920 shares, valued at $121.62M).
What it means: The complete liquidation of both Etsy and Clarivate—together representing over $290M in prior value—signals that Impactive Capital likely concluded its activist thesis had played out or the risk/reward had shifted unfavorably for these positions. This capital rotation aligns with the fund's concentrated, high-conviction style and appears to have helped fund the significant new stakes established in Stride, GitLab, Maplebear, and Icon Plc 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.