WhaleCreep

Irenic Capital Management LP 13F holdings, Q3 2025

Hedge fundSEC filingsCompare with another fundHoldings as of 2025-09-30, filed 2025-11-14

Irenic Capital Management LP disclosed 20 US equity positions worth $509.2m in its Q3 2025 13F filing. Its largest position is SHC at 11.0% of the reported book, followed by PZZA and RSVR. Versus Q2 2025 it opened 7 new positions, added to 3, reduced 3 and exited 7.

$509m
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.
11.0%
Largest position
The largest single position as a share of the reported equity book.
78.9%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
14
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 Q2 2025: 7 new, 3 added, 3 reduced, 7 exited

20 rows
SHC SOTERA HEALTH COHealthcare11.0%$55.8m3.55m−4.4%reduced
PZZA PAPA JOHNS INTL INCConsumer Cyclical10.2%$51.7m1.07m–new
RSVR RESERVOIR MEDIA INCCommunication Services9.1%$46.2m5.67m+3.2%added
WK WORKIVA INCTechnology8.4%$42.8m497,010–new
TBPH THERAVANCE BIOPHARMA INCHealthcare7.9%$40.3m2.76m0.0%held
9HI HILLENBRAND INC–7.2%$36.5m1.35m–new
BANDWIDTH INC no ticker–6.7%$34.3m40.17m+66%added
DBD DIEBOLD NIXDORF INCTechnology6.6%$33.8m593,461−0.3%held
FWRD FORWARD AIR CORPIndustrials6.2%$31.5m1.23m0.0%held
ELME ELME COMMUNITIESReal Estate5.6%$28.7m1.70m–new
SGRY SURGERY PARTNERS INCHealthcare4.8%$24.5m1.13m+340%added
SITC SITE CTRS CORP–4.6%$23.5m2.61m0.0%held
NWS NEWS CORP NEWCommunication Services4.0%$20.5m593,809−7.8%reduced
GO GROCERY OUTLET HLDG CORPConsumer Defensive3.5%$17.8m1.11m−29%reduced
NSA* NATIONAL STORAGE AFFILIATES–2.4%$12.2m402,822–new
HIGHVIEW MERGER CORP no ticker–0.6%$3.0m300,000–new
ARRY ARRAY TECHNOLOGIES INCTechnology0.5%$2.6m3.00m0.0%held
SHY ISHARES TR–0.5%$2.5m30,0000.0%held
JAMF JAMF HLDG CORP–0.2%$963k90,000–new
MRVI MARAVAI LIFESCIENCES HLDGS IHealthcare0.01%$59.3k20,6680.0%held

Exited since Q2 2025

7 rows
TG7 TRIUMPH GROUP INC NEW13.3%$60.5m
AIV APARTMENT INVT & MGMT CO9.3%$42.3m
TRS TRIMAS CORP5.7%$25.8m
BASE COUCHBASE INC4.3%$19.6m
BATRK ATLANTA BRAVES HLDGS INC3.8%$17.4m
LION LIONSGATE STUDIOS CORP1.6%$7.1m
VIGL VIGIL NEUROSCIENCE INC0.6%$3.0m

Sector mix

  • Healthcare23.7%
  • Unclassified22.2%
  • Technology15.6%
  • Communication Services13.1%
  • Consumer Cyclical10.2%
  • Industrials6.2%
  • Real Estate5.6%
  • Consumer Defensive3.5%

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