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Irenic Capital Management Portfolio holdings

AUM $1.54B
1-Year Est. Return 12.79%
This Fund
S&P 500
This Quarter Est. Return
+12.85%
1 Year Est. Return
+12.79%
3 Year Est. Return
+78.39%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$955M
AUM Growth
+$277M
Cap. Flow
+$233M
Cap. Flow %
24.36%
Top 10 Hldgs %
85.73%
Holding
29
New
7
Increased
4
Reduced
4
Closed
8

Top Buys

Rank Stock Value
1
PZZA icon
Papa John's
PZZA
+$49.7M
2
WK icon
Workiva
WK
+$37.3M
3
HI
Hillenbrand
HI
+$31.7M
4
ELME
Elme Communities
ELME
+$28.1M
5
SGRY icon
Surgery Partners
SGRY
+$19.5M

Top Sells

Rank Stock Value
1
TGI
Triumph Group
TGI
+$60.5M
2
AIV
Aimco
AIV
+$42.3M
3
TRS icon
TriMas Corp
TRS
+$25.8M
4
BASE
Couchbase
BASE
+$19.6M
5
BATRK icon
Atlanta Braves Holdings Series B
BATRK
+$17.4M

Sector Composition

Rank Sector Weight
1 Healthcare 12.64%
2 Technology 8.13%
3 Industrials 7.13%
4 Communication Services 6.98%
5 Real Estate 6.74%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VIGL
26
DELISTED
Vigil Neuroscience
VIGL
– –
-371,321
Closed -$2.95M
LION icon
27
Lionsgate Studios
LION
$3.86B
– –
-1,228,035
Closed -$7.13M
1
2

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CET
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SG
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HR
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AF
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ACL
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Irenic Capital Management's Q3 2025 Portfolio in Review

As of Q3 2025, Irenic Capital Management held 29 positions worth $955M, up 41% from $678M the previous quarter. Its ten largest holdings account for 86% of the portfolio.

Irenic Capital Management deployed $233M of net new capital in Q3 2025, opening 7 new positions and adding to 4 existing holdings. Its largest new stake was Papa John's: 1,073,700 shares worth $51.7M.

By sector, the portfolio is most concentrated in Healthcare at 13% of assets, up from 12% a quarter earlier, followed by Technology and Industrials.

On the sell side, the largest reduction was Grocery Outlet, an estimated $7.2M trimmed.

  • Irenic Capital Management's largest Q3 2025 buy was Papa John's: 1,073,700 shares worth $51.7M.
  • Irenic Capital Management added most to Surgery Partners in Q3 2025, an estimated $19.5M increase.
  • Irenic Capital Management's biggest Q3 2025 reduction was Grocery Outlet, cutting an estimated $7.2M.
  • Irenic Capital Management fully exited Triumph Group in Q3 2025, selling an estimated $60.5M.
  • Irenic Capital Management's ten largest holdings make up 86% of its $955M portfolio in Q3 2025.
  • Irenic Capital Management opened 7 new positions and closed 8 in Q3 2025.
  • Irenic Capital Management's portfolio value rose 41% quarter-over-quarter to $955M.

Based on Irenic Capital Management's 13F filing for Q3 2025, filed 14 Nov 2025.