Breaking down the stocks Lauren Taylor Wolfe (Impactive Capital) bought, sold, and held in Q3 2025, including their holdings at the end of the quarter. All data sourced from Impactive Capital's 13F filed on November 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
Q3 '25 13F filed with SEC
Holdings in Q3 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| WEX | WEX | 16.6% | Trimmed (-8%) | $345.82M |
| ABG | Asbury Automotive | 14.7% | $304.84M | |
| VAC | Marriott Vacations | 12.9% | $269.3M | |
| WMS | Advanced Drainage Systems | 11.1% | $230.8M | |
| ETSY | Etsy | 10.3% | Trimmed (-9%) | $215.29M |
| CNXC | Concentrix | 9.7% | $201.91M | |
| SLM | SLM | 9.6% | Trimmed (-10%) | $199.99M |
| CLVT | Clarivate | 7.9% | $164.79M | |
| IWM | Russell 2000 | 7.1% | NEW | $147.41M |
| WDC | Western Digital | 0.0% | Exited | $-228.54M |
Current Investment Strategy
Lauren Taylor Wolfe's Impactive Capital maintained its concentrated activist approach in Q3 2025, holding a focused portfolio of undervalued small- and mid-cap companies including Asbury Automotive, Marriott Vacations, Advanced Drainage Systems, Concentrix, and Clarivate, while exiting Western Digital and adding a hedging position in the Russell 2000 ETF. The $3 billion fund, which applies ESG-integrated activist principles to drive operational improvements and capital allocation changes, positioned itself to capitalize on what Wolfe characterized as an AI bubble by investing in "AI-proof" industrial and service businesses with sustainable competitive advantages rather than high-valuation technology names.
New Investments
Russell 2000 IWM
Lauren Taylor Wolfe bought $147.41M of Russell 2000 in Q3 2025. The iShares Russell 2000 ETF delivered 10.64% in total returns over the past 12 months, tracking closely to its benchmark. The fund demonstrated strong momentum through Q3 2025 with a 12.37% three-month return and 21.88% six-month return, though performance has moderated in early Q4 2025 with a 3.12% monthly gain. The fund maintains its cost efficiency with an expense ratio of 0.19% for passive small-cap exposure.
- 12-month total return of 10.64% with 6-month return of 21.88% reflecting strength in small-cap equities.
- Q4 2025 showing early moderation with 1-month return of 3.12% versus Q3's strong 12.37% three-month performance.
- Expense ratio of 0.19% maintains low-cost tracking of the Russell 2000 Index's ~2,000 small-cap companies.
Added, Trimmed, and Exited
Added
Impactive Capital did not add to any existing positions during Q3 2025, maintaining steady share counts across its core holdings of Asbury Automotive (ABG), Marriott Vacations (VAC), Advanced Drainage Systems (WMS), Concentrix (CNXC), and Clarivate (CLVT).
What it means: The lack of additions suggests Lauren Taylor Wolfe found her existing concentrated positions appropriately sized or less attractively valued for incremental capital deployment. The decision to initiate a large Russell 2000 (IWM) ETF position rather than add to individual holdings indicates a potential shift toward broader small-cap market exposure, possibly reflecting caution about company-specific opportunities or a tactical view that small-caps generally are poised for outperformance.
Trimmed
Impactive Capital trimmed three positions during Q3 2025: SLM by 804,750 shares (despite a -24% return), Etsy (ETSY) by 307,713 shares (while it gained +21%), and WEX by 200,000 shares (essentially flat at -1.7%).
What it means: The trimming pattern reveals disciplined portfolio management rather than performance-chasing. Reducing Etsy after its 21% gain suggests profit-taking at what may be perceived as full valuation, while the modest trim of SLM despite significant underperformance indicates maintained conviction in the thesis despite near-term headwinds. The WEX reduction appears to be position-sizing adjustment. These moves likely freed up capital for the substantial Russell 2000 ETF purchase, suggesting Wolfe is rebalancing toward broader small-cap exposure while maintaining core activist positions.
Exited
Impactive Capital fully liquidated its 3,571,435-share position in Western Digital (WDC), valued at $228.54 million.
What it means: The complete exit from Western Digital represents a significant strategic shift, as this was one of the fund's largest positions. Given Impactive Capital's activist approach and typical multi-year holding periods, this full liquidation likely signals either achievement of the investment thesis, a fundamental reassessment of the company's prospects in the competitive data storage market, or redeployment into opportunities with better risk-reward profiles. The timing coincides with the major Russell 2000 ETF purchase, suggesting this exit provided the bulk of capital for the new broad-based small-cap allocation.
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.
