Breaking down the stocks Lauren Taylor Wolfe (Impactive Capital) bought, sold, and held in Q2 2025, including their holdings at the end of the quarter. All data sourced from Impactive Capital's 13F filed on August 14, 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
Q2 '25 13F filed with SEC
Holdings in Q2 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| WEX | WEX | 15.9% | Trimmed (-1%) | $351.84M |
| ABG | Asbury Automotive | 13.4% | Trimmed (-11%) | $297.47M |
| VAC | Marriott Vacations | 13.2% | Added (+32%) | $292.57M |
| SLM | SLM | 11.9% | Trimmed (-27%) | $263.3M |
| CNXC | Concentrix | 10.4% | $231.25M | |
| WDC | Western Digital | 10.3% | Added (+437%) | $228.54M |
| WMS | Advanced Drainage Systems | 8.6% | NEW | $191.13M |
| CLVT | Clarivate | 8.3% | $185.01M | |
| ETSY | Etsy | 8.0% | Trimmed (-29%) | $178.1M |
| CRL | Charles River Labs | 0.0% | Exited | $-182.36M |
| SITE | SiteOne Landscape Supply | 0.0% | Exited | $-120.66M |
Current Investment Strategy
Lauren Taylor Wolfe's Impactive Capital maintained its concentrated activist value approach in Q2 2025, holding a portfolio anchored by Concentrix and Clarivate while rotating out of life sciences names Charles River Labs and SiteOne Landscape Supply in favor of a new position in water infrastructure provider Advanced Drainage Systems. The shift reflects the fund's continuing focus on undervalued small-to-mid-cap companies where ESG-driven operational improvements and capital allocation changes can unlock value, with the new water management holding representing a pivot toward industrial and infrastructure sectors with sustainable competitive moats.
New Investments
Advanced Drainage Systems WMS
Lauren Taylor Wolfe bought $191.13M of Advanced Drainage Systems in Q2 2025. Advanced Drainage Systems delivered exceptional Q3 2025 results, with revenue reaching $850.4 million and substantially beating analyst expectations by 6.6%, representing 8.7% year-over-year growth. Earnings per share surged to $1.97, significantly exceeding the consensus estimate of $1.70 and driving a stock rally of 10.7% on the earnings announcement. Strong performance was driven by robust construction market demand, successful Orenco acquisition integration, and rising demand for stormwater infrastructure solutions driven by heightened community awareness of stormwater challenges following the intense 2024 hurricane season.
- Revenue of $850.4 million beat estimates by 6.6%, with 8.7% year-over-year growth marking significant acceleration versus Q3 fiscal 2025's 4.3% growth.
- EPS of $1.97 exceeded consensus by $0.27 and more than doubled from $1.04 in the prior quarter, demonstrating substantial earnings momentum.
- Return on equity of 29.57% and net margin of 14.82% reflect strong operational efficiency and capital effectiveness.
Added, Trimmed, and Exited
Added
Lauren Taylor Wolfe significantly increased her positions in Western Digital (WDC) by adding 2.9M shares (+437% increase), bringing the position value to $228.5M, and Marriott Vacations (VAC) by adding 984K shares (+32% increase), bringing the position to $292.6M.
What it means: The massive expansion in Western Digital suggests conviction in the AI-driven memory and storage demand cycle, as the company benefits from both data center buildouts and recovering consumer electronics markets. The continued build in Marriott Vacations indicates confidence in the consumer discretionary recovery and travel normalization, particularly as the timeshare business model generates recurring revenue streams. These aggressive additions to existing positions align with Impactive Capital's concentrated, high-conviction strategy of deploying capital behind companies where engagement and operational improvements can drive multi-year value creation.
Trimmed
Impactive Capital reduced positions in SLM by 3.0M shares (-27% reduction to $263.3M), Etsy (ETSY) by 1.4M shares (-29% reduction to $178.1M), Asbury Automotive (ABG) by 150K shares (-11% reduction to $297.5M), and WEX by 14K shares (minimal trim to $351.8M).
What it means: The substantial trims to SLM and Etsy suggest tactical profit-taking or reduced conviction following material appreciation or concerns about near-term headwinds. SLM may be facing questions about the sustainability of student loan servicing volumes or changing regulatory dynamics, while Etsy continues to face competitive pressures and decelerating marketplace growth. The modest trims to Asbury Automotive and WEX appear to be portfolio rebalancing rather than thesis changes, maintaining meaningful exposure while optimizing position sizing. This disciplined trimming reflects Wolfe's value-oriented approach of harvesting gains when valuations reach targets or risk-reward becomes less compelling.
Exited
Lauren Taylor Wolfe completely exited Charles River Labs (CRL), liquidating $182.4M in value, and SiteOne Landscape Supply (SITE), liquidating $120.7M.
What it means: The exit from Charles River Labs likely reflects concerns about continued headwinds in the biotech funding environment and pharmaceutical R&D spending, which have pressured the contract research organization sector. The SiteOne exit is particularly notable given that it operates in a related space to the new Advanced Drainage Systems position—both serve construction and landscaping markets—suggesting a strategic rotation from landscape supply distribution to infrastructure-focused drainage solutions. This swap may indicate Wolfe sees better risk-adjusted returns in stormwater infrastructure driven by climate adaptation spending and federal infrastructure investments, rather than the more cyclical residential and commercial landscaping distribution business that faces housing market sensitivity.
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.
