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Activist investor Mick McGuire on why he sees value in Deckers, Buffalo Wild Wings, other holdings

Activist hedge fund manager Mick McGuire spoke with CNBC about his positions in Buffalo Wild Wings and Deckers Outdoor and how he plans to unlock value in both names.

"Deckers is a company that fits our investment model very, very well. It's a business with a great brand that generates a lot of cash flow and actually trades at one of its lowest valuations in its history, but they've made some very critical missteps around capital allocation and really a lack of discipline around costs and returns on capital," he said.

McGuire, who is founder of Marcato Capital Management, reported a 6 percent stake in Deckers Outdoor on Wednesday, and disclosed intentions to engage with the board of directors. Since then, the stock is up about 16 percent.

In this interview, the hedge fund manager explains why he sold out of United Rentals, but decided to keep Sotheby's as a key holding.

The full interview, which originally appeared on CNBC's "Halftime Report," is only available to PRO members.