Investor Exits $16 Million Position in National Vision Amid 118% Stock Surge
Key Points
Engle Capital exited its entire EYE position last quarter, selling off 541,898 shares.
The quarter-end position value decreased by $15.82 million as a result.
The position was previously 5.6% of the fund’s AUM as of the prior quarter.
On February 17, 2026, Engle Capital Management disclosed in an SEC filing that it fully liquidated its position in National Vision Holdings (NASDAQ:EYE), selling 541,898 shares previously worth $15.82 million.
What happened
According to an SEC filing dated February 17, 2026, Engle Capital Management sold its entire holding of 541,898 shares in National Vision Holdings during the fourth quarter. The fund’s quarter-end position value in the stock decreased by $15.82 million as a result.
What else to know
- Engle Capital sold out of National Vision Holdings, reducing its 13F AUM exposure by 6.1%.
- Top holdings after the filing:
- NASDAQ:TLN: $28.86 million (11.1% of AUM)
- NYSE:TBBB: $25.04 million (9.7% of AUM)
- NASDAQ:LGN: $24.06 million (9.3% of AUM)
- NASDAQ:ROAD: $20.08 million (7.7% of AUM)
- NYSE:VST: $17.75 million (6.8% of AUM)
- As of Thursday, EYE shares were priced at $25.93, up 118% over the past year and well outperforming the S&P 500’s roughly 20% gain in the same period.
Company overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $1.99 billion |
| Net Income (TTM) | $29.6 million |
| Price (as of Thursday) | $25.93 |
| One-year price change | 118% |
Company snapshot
- National Vision Holdings offers eyeglasses, contact lenses, optical accessories, and eye exams through retail stores and e-commerce platforms under brands such as America's Best, Eyeglass World, and Vista Optical.
- The firm operates a vertically integrated optical retail model, generating revenue from product sales and optometric services across owned, host, and legacy store segments.
- It serves value-focused consumers seeking affordable vision care solutions in the United States, including both retail and managed care customers.
National Vision Holdings, Inc. is a leading U.S. optical retailer with a broad store footprint and a focus on value-driven eye care. The company leverages a multi-brand strategy and integrated service offerings to capture a diverse customer base. Its scale and operational efficiency support competitive pricing and accessibility in the specialty retail sector.
What this transaction means for investors
When a stock doubles in a year, investors often face a simple but difficult question: let the momentum ride, or take the gains and move on.
That tension helps explain the recent exit from optical retailer National Vision. Shares have surged roughly 118% over the past year, dramatically outperforming the broader market and lifting the company back into favor after a rough stretch for consumer discretionary stocks.
The business itself remains fairly straightforward. National Vision operates a vertically integrated model that pairs affordable eyewear with in-store eye exams through brands like America’s Best and Eyeglass World. In its latest results, the company reported roughly $2 billion in annual revenue, up 9% as store traffic and pricing improved, signaling steady demand for value-focused vision care.
Within the broader portfolio, however, the exit also aligns with a focus on infrastructure, utilities, and industrial names rather than consumer retail. The fund’s largest positions sit in power generation, engineering, and energy transition businesses that can benefit from long cycle investment trends. For long-term investors, this doesn’t necessarily mean National Vision doesn’t have more room to run, just that one fund might have seen better opportunity elsewhere.
Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends BBB Foods and Construction Partners. The Motley Fool has a disclosure policy.