Lauren Taylor Wolfe's Trades and Holdings in Q2 2026

Breaking down the stocks Lauren Taylor Wolfe (Impactive Capital) bought, sold, and held in Q2 2026, including their holdings at the end of the quarter. All data sourced from Impactive Capital's 13F filed on August 14, 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
Q2 '26 13F filed with SEC

Holdings in Q2 2026

Current Investment Strategy

Lauren Taylor Wolfe's Impactive Capital closed the second quarter of 2026 with its signature concentrated, activist-value approach intact, anchoring its roughly $2 billion book around top positions in Marriott Vacations Worldwide and WEX, where the firm has pushed for board seats and operational reforms to unlock shareholder value. The quarter's trading—adding back Asbury Automotive Group and Advanced Drainage Systems while exiting Maplebear (Instacart) and ICON plc—reflects Wolfe's continued preference for rotating opportunistically within a tight roster of undervalued North American small- and mid-cap names where she sees clear engagement-driven, ESG-linked paths to long-term value creation.

New Investments

Asbury Auto Gp

Lauren Taylor Wolfe bought $208.86M of Asbury Auto Gp in Q2 2026. Over the last two quarters, the company has delivered resilient profitability but slowing growth, with Q2 2026 revenue of about $4.38–$4.4 billion and gross profit of $753 million at a 17.2% margin, while adjusted net income of $125 million was down roughly 15% year over year. Sequentially, performance is improving, as adjusted EPS rebounded from about $5.37 in Q1 2026 to $6.82 in Q2 2026, beating consensus by roughly 8%, although both quarters saw mid-teens declines in underlying earnings versus 2025 amid dealership divestitures and technology-transition costs. Recent strategic actions—including shedding select dealerships and investing heavily in the Tekion digital platform, which drove $4–$6 million of implementation and duplicate-system expenses in early 2026—are pressuring results now but should improve operating efficiency and support a higher valuation as the transition completes and revenue disruption moderates.

• Q2 2026 adjusted EPS of $6.82 versus Q1 2026 adjusted EPS of $5.37, with Q2 EPS still about 8% below the prior-year level but roughly 8% above consensus..
• Q2 2026 revenue of roughly $4.38–$4.4 billion, essentially flat year over year (0–1% growth) but about 2% below analyst expectations..
• Q1 2026 adjusted net income of about $102 million and Q2 2026 adjusted net income of $125 million, together more than 20% below the prior-year first-half level once one-time divestiture gains are excluded..

Advanced Dra Sys

Lauren Taylor Wolfe bought $122.87M of Advanced Dra Sys in Q2 2026. After a period of low single‑digit growth and a mid‑single‑digit sales decline in FY2025, Advanced Drainage Systems has re‑accelerated over the last two quarters, with Q4 FY2026 net sales up 9.9% year over year and Q1 FY2027 revenue up about 21%. Record Q1 FY2027 results, including net sales of roughly $1.0 billion, adjusted EBITDA of around $358 million with margin expanding to about 35.8%, and EPS of $2.49 that beat consensus by nearly $0.39, underscore strong operating leverage and earnings momentum. Supported by high‑margin Infiltrator and allied products contributing a larger share of sales and a P/E multiple near 23x that reflects a growth premium versus many industrial peers, the stock appears to be gaining value as investors reward consistent beats and cash generation.

• Q1 FY2027 net sales grew 21% year over year to about $1.0 billion.
• Q4 FY2026 net sales increased 9.9% year over year to $676.8 million, with stormwater sales up 11.7%.
• Latest reported P/E ratio is approximately 22.9x, reflecting a premium valuation versus many traditional industrials.

Added, Trimmed, and Exited

Added

Impactive Capital added to two existing positions: GitLab shares rose from 3.91M to 4.16M (+242,228 shares, roughly 6% more shares) with the position's value climbing from $84.72M to $126.92M, aided by a strong 49.8% quarterly return, while Stride shares increased from 1.11M to 1.30M (+190,269 shares, about 17% more shares), growing in value from $98.17M to $112.43M on a 14.5% return.
What it means: Both adds came in positions that were already appreciating, suggesting Impactive Capital is pressing winners rather than simply riding gains passively. The larger proportional add to Stride combined with continued conviction in GitLab—despite its outsized run-up—signals confidence that both companies' operational or strategic catalysts (education technology demand for Stride and platform/product momentum for GitLab) have further room to compound, consistent with the fund's multi-year, engagement-driven thesis.

Trimmed

Impactive Capital meaningfully cut two positions: SLM shares fell from 7.82M to 5.31M (-2,514,630 shares, a roughly 32% reduction), with value dropping from $167.48M to $137.69M amid a -17.8% return, and iShares was slashed from 252,486 to 103,183 shares (-149,303 shares, about a 59% cut), with value collapsing from $62.62M to $31.00M on a steep -50.5% return.
What it means: The heavy trim in iShares is notable given it's a passive ETF holding rather than an activist target—likely used as a cash-management or liquidity tool that was reduced to fund new conviction bets like Asbury Auto Gp and Advanced Dra Sys. The reduction in SLM alongside a sharp negative return suggests the fund may be de-risking exposure to student-loan/consumer-finance headwinds or reallocating capital toward higher-conviction ideas, consistent with Impactive's concentrated, opportunistic portfolio style.

Exited

Impactive Capital fully exited Maplebear (1,573,012 shares, $58.93M) and Icon Plc (450,540 shares, $49.86M). The filing also shows Asbury Automotive (1,072,684 shares, $209.61M) and Advanced Drainage (856,492 shares, $117.45M) as liquidated, though nearly identical dollar amounts were redeployed into newly listed positions in Asbury Auto Gp and Advanced Dra Sys, indicating these are effectively continued holdings rather than true exits.
What it means: The genuine exits from Maplebear and Icon Plc suggest the fund is stepping away from grocery-delivery and clinical-research-services exposure, likely reallocating capital toward more concentrated, higher-conviction ideas as Impactive's strategy favors a tight 8-12 stock portfolio. The apparent relisting of Asbury and Advanced Drainage Systems under slightly different issuer names points to a reporting or corporate-structure nuance rather than a change in investment thesis, with the fund maintaining—and in Asbury's case modestly reducing—its exposure to both auto retail and drainage infrastructure businesses.

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.