SCHEDULE: Impactive Capital Cuts Concentrix Stake to 4.9%

Impactive Capital LP and its affiliates have significantly reduced their beneficial ownership in Concentrix Corp, now holding 4.9% of common stock.

Summary

• Impactive Capital LP, Impactive Capital LLC, Lauren Taylor Wolfe, and Christian Asmar (collectively, the "Reporting Persons") filed Amendment No. 2 to their Schedule 13D regarding Concentrix Corp.
• The Reporting Persons now beneficially own 3,066,213 shares of Concentrix Corp common stock, representing 4.9% of the class.
• This ownership percentage is based on 62,257,439 shares outstanding as of September 30, 2025, as disclosed in Concentrix Corp's Quarterly Report on Form 10-Q.
• An aggregate of approximately $266,693,174, including brokerage commissions, was initially used by Impactive Funds to acquire the shares reported.
• During the past 60 days, the Reporting Persons engaged in numerous open market sales of Concentrix Corp shares.
• Sales transactions occurred between October 2, 2025, and November 7, 2025, at prices ranging from $48.66 to $34.61 per share.
• The event requiring this filing, which was the reduction of beneficial ownership below a certain threshold, occurred on November 5, 2025.

Sentiment

Score: 3

Explanation: The sentiment is negative due to a significant reduction in stake by an activist investor, with sales occurring at declining prices. This suggests a lack of conviction or a strategic exit, which could be viewed unfavorably by the market regarding Concentrix Corp's prospects.

Negatives

• Impactive Capital LP and its affiliates have significantly reduced their stake in Concentrix Corp, selling over 1.2 million shares in the past 60 days.
• The sales occurred at declining prices, from a high of $48.66 to a low of $34.61 per share, which could indicate a lack of confidence.
• The reduction in ownership by a significant institutional investor, especially an activist one, could be perceived negatively by the market.

Future Outlook

The filing does not provide any forward-looking statements or guidance from Concentrix Corp. It details the past trading activities of the Reporting Persons, indicating a reduction in their stake.

Industry Context

This filing reflects a significant reduction in a major institutional investor's stake in Concentrix Corp. While the filing does not provide reasons for the divestment, such a move by an activist investor like Impactive Capital could signal a change in their investment thesis or a reallocation of capital, potentially influencing market perception of Concentrix Corp within the business process outsourcing and customer experience services industry.

Stakeholder Impact

• Shareholders: Existing shareholders might view the significant divestment by Impactive Capital as a negative signal, potentially leading to downward pressure on the stock price.
• Company Management: The reduction in a major activist investor's stake could reduce external pressure for strategic changes that Impactive Capital might have advocated for.

Key Dates

Recommendation

The significant reduction in stake by Impactive Capital, an activist investor, selling over 1.2 million shares at declining prices, suggests a loss of confidence or a strategic exit. This action by a prominent institutional investor is a strong negative signal for Concentrix Corp's stock, indicating potential headwinds or a perceived lack of future upside. Investors might consider reducing their exposure.

Keywords

Concentrix Corp, Impactive Capital, Schedule 13D/A, Share Ownership, Institutional Investor, Stock Sales, CNXC