Irenic Capital Management LP
Long book
$1.10B
Q1 2026
Positions
41
Top-10 weight
65%
concentration
Last quarter
+23.3%
SPY +14.8%
Turnover
55%
of book per quarter
Strategy in plain words
auto-generated from filingsIrenic Capital Management LP is a concentrated fundamental stock-picker, running a $1.10B US long book across 41 positions.
The portfolio is concentrated: the top 10 names carry 65% of the portfolio. Turnover is high — positions rotate quickly, so individual names matter less than the process. Current anchor positions: SNAP INC - A, INTEGER HOLDINGS CORP, TELEFLEX INC, RALLIANT CORP, SOTERA HEALTH CO.
Over the last 9 quarters its long book ran on average 0.8pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+1.9%
Q2 2024
+13.0%
Q3 2024
-0.1%
Q4 2024
-12.3%
Q1 2025
+6.2%
Q2 2025
+12.9%
Q3 2025
-1.6%
Q4 2025
-10.0%
Q1 2026
+23.3%
Sector allocation
Technology 42%
Healthcare 41%
Services media 6%
Materials 4%
Other 3%
Industrials 2%
Utilities 1%
Communications 1%
Long book by quarter
What does Irenic Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| SNAP SNAP INC - A | Technology | 30.0M | $138.0M | 12.5% | New |
| ITGR INTEGER HOLDINGS CORP | Healthcare | 1.3M | $111.2M | 10.1% | Held |
| TFX TELEFLEX INC | Healthcare | 870.0K | $104.1M | 9.4% | New |
| RAL RALLIANT CORP | Technology | 1.7M | $72.4M | 6.6% | +424.1% |
| SHC SOTERA HEALTH CO | Healthcare | 4.4M | $62.5M | 5.7% | +14.8% |
| RSVR RESERVOIR MEDIA INC | Services media | 6.2M | $60.5M | 5.5% | +3.3% |
| TBPH THERAVANCE BIOPHARMA INC | Healthcare | 2.8M | $44.8M | 4.1% | Held |
| ALKT ALKAMI TECHNOLOGY INC | Technology | 2.7M | $41.9M | 3.8% | +27.0% |
| SNDA SONIDA SENIOR LIVING INC | Healthcare | 1.2M | $39.3M | 3.6% | +1049.3% |
| DBD DIEBOLD NIXDORF INC | Technology | 480.6K | $36.3M | 3.3% | -25.4% |
| CMP COMPASS MINERALS INTERNATION | Materials | 1.4M | $33.5M | 3.0% | New |
| SPSC SPS COMMERCE INC | Technology | 597.7K | $33.3M | 3.0% | +32.2% |
| WK WORKIVA INC | Technology | 552.0K | $32.9M | 3.0% | Held |
| FWRD FORWARD AIR CORP | Industrials | 1.2M | $20.6M | 1.9% | Held |
| HPE HEWLETT PACKARD ENTERPRISE | Technology | 785.0K | $18.7M | 1.7% | New |
| NWS NEWS CORP - CLASS B | Other | 593.8K | $16.9M | 1.5% | Held |
| RYAM RAYONIER ADVANCED MATERIALS | Other | 1.4M | $15.0M | 1.4% | New |
| FSLR FIRST SOLAR INC | Technology | 72.9K | $14.4M | 1.3% | +941.3% |
| JANX JANUX THERAPEUTICS INC | Healthcare | 765.8K | $10.6M | 1.0% | New |
| CTRI CENTURI HOLDINGS INC | Utilities | 354.8K | $10.4M | 0.9% | +97.1% |
| SGRY SURGERY PARTNERS INC | Healthcare | 711.0K | $8.5M | 0.8% | +740.2% |
| ADEA ADEIA INC | Communications | 199.9K | $4.8M | 0.4% | New |
| BLND BLEND LABS INC-A | Technology | 2.2M | $3.7M | 0.3% | -29.2% |
| HVMC HIGHVIEW MERGER CORP-CL A | Financials | 450.0K | $3.1M | 0.3% | +50.0% |
| QURE UNIQURE NV | Healthcare | 100.0K | $1.6M | 0.1% | New |
| AVIR ATEA PHARMACEUTICALS INC | Healthcare | 301.7K | $1.6M | 0.1% | New |
| FATE FATE THERAPEUTICS INC | Healthcare | 878.1K | $1.1M | 0.1% | New |
| ATKR ATKORE INC | Technology | 14.0K | $823K | 0.1% | Held |
| VOR VOR BIOPHARMA INC | Healthcare | 32.7K | $583K | 0.1% | New |
| DH DEFINITIVE HEALTHCARE CORP | Technology | 58.1K | $71K | 0.0% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 18, 2026 | 47 | $1.54B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 46 | $1.49B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 21 | $954.6M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 22 | $677.6M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 22 | $659.6M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 25 | $931.0M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 20 | $1.14B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 21 | $817.3M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 14, 2024 | 24 | $490.7M | canonical | SEC ↗ |
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