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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
-1.19%
1 Year Est. Return
+12.79%
3 Year Est. Return
+78.39%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$1.49B
AUM Growth
+$532M
Cap. Flow
+$576M
Cap. Flow %
38.76%
Top 10 Hldgs %
81.39%
Holding
50
New
29
Increased
7
Reduced
2
Closed
4

Top Buys

Rank Stock Value
1
ITGR icon
Integer Holdings
ITGR
+$101M
2
ALKT icon
Alkami Technology
ALKT
+$46.5M
3
SPSC icon
SPS Commerce
SPSC
+$41.9M
4
AIV
Aimco
AIV
+$23.3M
5
RAL
Ralliant Corp
RAL
+$15.6M

Top Sells

Rank Stock Value
1
PZZA icon
Papa John's
PZZA
+$33.1M
2
SGRY icon
Surgery Partners
SGRY
+$19.3M
3
GO icon
Grocery Outlet
GO
+$17.8M
4
NSA
National Storage Affiliates Trust
NSA
+$12.2M
5
HVMCU
Highview Merger Corp Units
HVMCU
+$3.04M

Sector Composition

Rank Sector Weight
1 Healthcare 15.32%
2 Technology 15.31%
3 Real Estate 5.54%
4 Communication Services 5.14%
5 Industrials 5.06%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
WSR
26
DELISTED
Whitestone REIT
WSR
$4.48M 0.3%
+322,176
New +$4.15M
SNDA icon
27
Sonida Senior Living
SNDA
$1.91B
$3.46M 0.23%
+106,125
New +$3.15M
HVMC
28
Highview Merger Corp
HVMC
$3M 0.2%
+300,000
New +$3M
SHY icon
29
iShares 1-3 Year Treasury Bond ETF
SHY
$25.1B
$2.48M 0.17%
30,000
– –
MLAB icon
30
Mesa Laboratories
MLAB
$574M
$1.96M 0.13%
+25,000
New +$1.9M
FSLR icon
31
First Solar
FSLR
$26.9B
$1.83M 0.12%
+7,000
New +$1.77M
WEAV icon
32
Weave Communications
WEAV
$423M
$1.72M 0.12%
+226,731
New +$1.51M
ICLR icon
33
Icon
ICLR
$12.7B
$1.46M 0.1%
+8,000
New +$1.42M
SGRY icon
34
Surgery Partners
SGRY
$2.03B
$1.31M 0.09%
84,620
-1,047,583
-93% -$19.3M
COO icon
35
Cooper Companies
COO
$14.5B
$1.23M 0.08%
+15,000
New +$1.12M
AIN icon
36
Albany International
AIN
$1.78B
$1.01M 0.07%
+20,000
New +$1.04M
ATKR icon
37
Atkore
ATKR
$3.16B
$884K 0.06%
+13,977
New +$912K
LION icon
38
Lionsgate Studios
LION
$3.86B
$871K 0.06%
+95,400
New +$679K
SARO
39
StandardAero Inc
SARO
$9.7B
$717K 0.05%
+25,000
New +$681K
HSIC icon
40
Henry Schein
HSIC
$9.82B
$302K 0.02%
+4,000
New +$281K
ABUS icon
41
Arbutus Biopharma
ABUS
$915M
$288K 0.02%
+59,853
New +$269K
MRVI icon
42
Maravai LifeSciences
MRVI
$919M
$262K 0.02%
80,668
+60,000
+290% +$202K
GSM icon
43
FerroAtlántica
GSM
$839M
$46.4K ﹤0.01%
+10,000
New +$46.2K
HVMCW
44
Highview Merger Corp Warrants
HVMCW
$40.5K ﹤0.01%
+150,000
New +$49.9K
GO icon
45
Grocery Outlet
GO
$980M
– –
-1,106,789
Closed -$17.8M
JAMF
46
DELISTED
Jamf
JAMF
– –
-90,000
Closed -$963K
NSA
47
DELISTED
National Storage Affiliates Trust
NSA
– –
-402,822
Closed -$12.2M
HVMCU
48
Highview Merger Corp Units
HVMCU
– –
-300,000
Closed -$3.04M
1
2

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MCP
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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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KCM
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Irenic Capital Management's Q4 2025 Portfolio in Review

As of Q4 2025, Irenic Capital Management held 50 positions worth $1.49B, up 56% from $955M the previous quarter. Its ten largest holdings account for 81% of the portfolio.

Irenic Capital Management deployed $576M of net new capital in Q4 2025, opening 29 new positions and adding to 7 existing holdings. Its largest new stake was Integer Holdings: 1,263,663 shares worth $99.1M.

By sector, the portfolio is most concentrated in Healthcare at 15% of assets, up from 13% a quarter earlier, followed by Technology and Real Estate.

On the sell side, the largest reduction was Papa John's, an estimated $33.1M trimmed.

  • Irenic Capital Management's largest Q4 2025 buy was Integer Holdings: 1,263,663 shares worth $99.1M.
  • Irenic Capital Management added most to Workiva in Q4 2025, an estimated $4.87M increase.
  • Irenic Capital Management's biggest Q4 2025 reduction was Papa John's, cutting an estimated $33.1M.
  • Irenic Capital Management fully exited Grocery Outlet in Q4 2025, selling an estimated $17.8M.
  • Irenic Capital Management's ten largest holdings make up 81% of its $1.49B portfolio in Q4 2025.
  • Irenic Capital Management opened 29 new positions and closed 4 in Q4 2025.
  • Irenic Capital Management's portfolio value rose 56% quarter-over-quarter to $1.49B.

Based on Irenic Capital Management's 13F filing for Q4 2025, filed 17 Feb 2026.