WhaleCreep

Irenic Capital Management LP 13F holdings, Q2 2025

Hedge fundSEC filingsCompare with another fundHoldings as of 2025-06-30, filed 2025-08-14

Irenic Capital Management LP disclosed 20 US equity positions worth $454.6m in its Q2 2025 13F filing. Its largest position is TG7 at 13.3% of the reported book, followed by AIV and RSVR. Versus Q1 2025 it opened 5 new positions, added to 5, reduced 5 and exited 7.

$455m
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
20
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
13.3%
Largest position
The largest single position as a share of the reported equity book.
78.6%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
13
Effective positions
1 / HHI of portfolio weights: the number of equal-weight positions the book behaves like.
15
Quarters on file since Q4 2022
Quarters for which this manager's 13F holdings are on record.

Holdings

Against Q1 2025: 5 new, 5 added, 5 reduced, 7 exited

20 rows
TG7 TRIUMPH GROUP INC NEW–13.3%$60.5m2.35m−38%reduced
AIV APARTMENT INVT & MGMT COReal Estate9.3%$42.3m4.89m+5.5%added
RSVR RESERVOIR MEDIA INCCommunication Services9.3%$42.1m5.49m+1.9%added
SHC SOTERA HEALTH COHealthcare9.1%$41.3m3.71m+19%added
DBD DIEBOLD NIXDORF INCTechnology7.3%$33.0m595,223−17%reduced
TBPH THERAVANCE BIOPHARMA INCHealthcare6.7%$30.5m2.76m0.0%held
FWRD FORWARD AIR CORPIndustrials6.6%$30.2m1.23m0.0%held
SITC SITE CTRS CORP–6.5%$29.5m2.61m+77%added
TRS TRIMAS CORPConsumer Cyclical5.7%$25.8m901,926+5.7%added
NWS NEWS CORP NEWCommunication Services4.9%$22.1m643,809−13%reduced
BANDWIDTH INC no ticker–4.5%$20.4m24.17m0.0%held
BASE COUCHBASE INC–4.3%$19.6m802,134−52%reduced
GO GROCERY OUTLET HLDG CORPConsumer Defensive4.3%$19.3m1.56m–new
BATRK ATLANTA BRAVES HLDGS INCCommunication Services3.8%$17.4m372,105−5.7%reduced
LION LIONSGATE STUDIOS CORP–1.6%$7.1m1.23m–new
SGRY SURGERY PARTNERS INCHealthcare1.3%$5.7m257,499–new
VIGL VIGIL NEUROSCIENCE INC–0.6%$3.0m371,321–new
SHY ISHARES TR–0.5%$2.5m30,0000.0%held
ARRY ARRAY TECHNOLOGIES INCTechnology0.5%$2.4m3.00m0.0%held
MRVI MARAVAI LIFESCIENCES HLDGS IHealthcare0.01%$49.8k20,668–new

Exited since Q1 2025

7 rows
ISHARES TR RUSSELL 2000 ETF no ticker30.8%$203m
MAGN MAGNERA CORP3.3%$22.0m
U UNITY SOFTWARE INC0.9%$6.0m
ACHC ACADIA HEALTHCARE COMPANY IN0.6%$4.1m
BLND BLEND LABS INC0.1%$954k
FUN SIX FLAGS ENTERTAINMENT CORP0.07%$494k
GSM FERROGLOBE PLC0.01%$60.3k

Sector mix

  • Unclassified31.3%
  • Communication Services18.0%
  • Healthcare17.1%
  • Real Estate9.3%
  • Technology7.8%
  • Industrials6.6%
  • Consumer Cyclical5.7%
  • Consumer Defensive4.3%

Book over time

Every quarter on file (15)
QuarterPositionsEquity book
Q2 202643$1.4bn
Q1 202641$1.1bn
Q4 202545$763m
Q3 202520$509m
Q2 202520$455m
Q1 202522$660m
Q4 202419$656m
Q3 202417$570m
Q2 202418$412m
Q1 202420$391m
Q4 202320$462m
Q3 202321$326m
Q2 202313$291m
Q1 202315$240m
Q4 202210$188m

Where Irenic Capital Management LP was early

3 rows
AIV APARTMENT INVT & MGMT COQ1 20236 of 945.1%9.3%12Held at last filing, Q2 2026−61%
ALKT ALKAMI TECHNOLOGY INCQ1 20238 of 990.9%6.4%4Held at last filing, Q2 2026+43%
BLND BLEND LABS INCQ3 20237 of 941.0%1.2%6Held at last filing, Q2 2026+25%

Concentration and tenure

24.5%
Median largest position, all quarters
The largest single position as a share of the reported equity book.
86.4%
Median top 10 weight, all quarters
The ten largest positions together, as a share of the reported equity book.
Concentrated
Style, by median largest position
1
Median completed holding, quarters