On February 2, Wilson Asset Management reported selling its entire stake in BellRing Brands (BRBR 3.06%), disposing of 114,425 shares worth an estimated $4.16 million.
What happened
According to a Securities and Exchange Commission (SEC) filing dated February 2, Wilson Asset Management eliminated its position in BellRing Brands by selling 114,425 shares. The fund's quarter-end position in BellRing Brands fell by $4.16 million, a figure that factors in both the trade and any stock price movement.
What else to know
Top holdings after the filing:
- NASDAQ: GOOGL: $38.09 million (9.8% of AUM)
- NASDAQ: INTU: $26.77 million (6.9% of AUM)
- NYSE: PWR: $23.31 million (6.0% of AUM)
- NYSE: ICE: $20.16 million (5.2% of AUM)
- NYSE: MSCI: $19.98 million (5.1% of AUM)
As of February 2, shares of BellRing Brands were priced at $24.39, down 68.8% over the previous year and vastly underperforming the S&P 500’s roughly 15% gain in the same period.
Company overview
| Metric | Value |
|---|---|
| Market Capitalization | $2.92 billion |
| Price (as of February 3) | $24.39 |
| Revenue (TTM) | $2.32 billion |
| Net Income (TTM) | $216.20 million |
Company snapshot
- BellRing Brands offers ready-to-drink shakes and powder protein products under the Premier Protein and Dymatize brands, with nutrition products as the primary revenue driver.
- The company operates a branded consumer packaged goods model, generating income through wholesale and retail distribution across club, food, drug, mass, eCommerce, specialty, and convenience channels.
- It targets health-conscious consumers and fitness enthusiasts in the United States and internationally, distributing products through both physical and online retail partners.
BellRing Brands, Inc. is a leading provider of nutrition products with a focus on high-protein shakes and powders. The company leverages its strong brand portfolio and diverse distribution channels to capture demand in the growing health and wellness segment. Its scale and established retail relationships support consistent revenue generation and competitive positioning within the packaged foods industry.
What this transaction means for investors
Exiting after a nearly 70% drawdown seems more like a clear reassessment of risk than a casual trim, and that’s worth paying attention to for long-term investors.
BellRing’s latest quarter showed a business that’s still growing, but one facing real margin pressure. First-quarter fiscal 2026 net sales rose about 1% year over year to $537.3 million, while adjusted EBITDA fell sharply to $90.3 million (from $125.3 million) as higher whey protein costs and heavier promotions weighed on profitability. Management narrowed full-year guidance to $2.41 billion to $2.46 billion in sales and $425 million to $440 million in adjusted EBITDA, reinforcing that growth is intact but harder earned.
Add in leadership uncertainty, with CEO Darcy Davenport set to retire once a successor is named, and the near-term picture becomes cloudier.
Meanwhile, this portfolio remains concentrated in high-quality compounders like Alphabet, Intuit, MSCI, and ICE, names with durable pricing power and cleaner margin profiles. Against that backdrop, BellRing looks like a capital-intensive consumer brand fighting input inflation at the wrong moment. And that might not be the easiest thing to stomach after a rough time for share prices.
