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ICM

Irenic Capital Management Portfolio holdings

AUM $1.54B
1-Year Est. Return 12.79%
This Fund
S&P 500
This Quarter Est. Return
+1.1%
1 Year Est. Return
+12.79%
3 Year Est. Return
+78.39%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$817M
AUM Growth
+$327M
Cap. Flow
+$287M
Cap. Flow %
35.1%
Top 10 Hldgs %
90.42%
Holding
27
New
7
Increased
6
Reduced
2
Closed
6

Top Buys

Rank Stock Value
1
FWRD icon
Forward Air
FWRD
+$22.1M
2
DH icon
Definitive Healthcare
DH
+$18.6M
3
RSVR icon
Reservoir Media
RSVR
+$8.25M
4
EQC
Equity Commonwealth
EQC
+$6.21M
5
SHC icon
Sotera Health
SHC
+$4.9M

Top Sells

Rank Stock Value
1
NWS icon
News Corp Class B
NWS
+$21.5M
2
MODN
MODEL N, INC.
MODN
+$15.2M
3
ESGR
Enstar Group
ESGR
+$11.6M
4
LOGC
ContextLogic
LOGC
+$3.11M
5
CCOI icon
Cogent Communications
CCOI
+$2.65M

Sector Composition

Rank Sector Weight
1 Industrials 15.64%
2 Communication Services 14.08%
3 Healthcare 9.24%
4 Real Estate 4.65%
5 Technology 3.12%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IWM icon
1
PUT
iShares Russell 2000 ETF
IWM
$80.3B
$314M 38.46%
1,549,300
+1,073,800
+226% +$217M
B
2
DELISTED
Barnes Group Inc.
B
$107M 13.03%
2,572,142
– –
NWS icon
3
News Corp Class B
NWS
$17.3B
$73.8M 9.03%
2,600,989
-807,030
-24% -$21.5M
SPY icon
4
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$783B
$62.9M 7.7%
+115,600
New +$60.5M
RSVR icon
5
Reservoir Media
RSVR
$725M
$41.2M 5.04%
5,215,553
+1,034,301
+25% +$8.25M
SHC icon
6
Sotera Health
SHC
$5.01B
$36M 4.4%
3,032,126
+429,167
+16% +$4.9M
AIV
7
Aimco
AIV
$378M
$31.7M 3.88%
3,821,789
+150,000
+4% +$1.21M
TSM icon
8
PUT
TSMC
TSM
$2.02T
$27.9M 3.42%
+160,800
New +$24.4M
TBPH icon
9
Theravance Biopharma
TBPH
$875M
$23.4M 2.86%
2,760,948
– –
DBD icon
10
Diebold Nixdorf
DBD
$3.14B
$21.1M 2.59%
549,573
+40,071
+8% +$1.53M
FWRD icon
11
Forward Air
FWRD
$472M
$20.3M 2.49%
+1,068,239
New +$22.1M
DH icon
12
Definitive Healthcare
DH
$74.1M
$16.1M 1.97%
+2,946,942
New +$18.6M
EQC
13
DELISTED
Equity Commonwealth
EQC
$6.32M 0.77%
+325,673
New +$6.21M
PGRU
14
DELISTED
PropertyGuru Group Limited
PGRU
$2.18M 0.27%
450,350
+349,854
+348% +$1.51M
ZUO
15
DELISTED
Zuora, Inc.
ZUO
$2.01M 0.25%
+202,121
New +$1.94M
HXL icon
16
Hexcel
HXL
$8.24B
$1.01M 0.12%
+16,150
New +$1.08M
TLT icon
17
iShares 20+ Year Treasury Bond ETF
TLT
$43.1B
$275K 0.03%
3,000
– –
GB
18
DELISTED
Global Blue Group Holding
GB
$152K 0.02%
31,582
-399,303
-93% -$1.99M
ATMU icon
19
Atmus Filtration Technologies
ATMU
$4.42B
– –
-68,619
Closed -$2.21M
CCOI icon
20
Cogent Communications
CCOI
$644M
– –
-40,510
Closed -$2.65M
ESGR
21
DELISTED
Enstar Group
ESGR
– –
-37,425
Closed -$11.6M
LOGC
22
DELISTED
ContextLogic
LOGC
– –
-546,343
Closed -$3.11M
KLRS
23
Kalaris Therapeutics
KLRS
$84.2M
– –
-112,156
Closed -$1.95M
MODN
24
DELISTED
MODEL N, INC.
MODN
– –
-534,035
Closed -$15.2M

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CET
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FBB
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HR
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CCP
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Irenic Capital Management's Q2 2024 Portfolio in Review

As of Q2 2024, Irenic Capital Management held 27 positions worth $817M, up 67% from $491M the previous quarter. Its ten largest holdings account for 90% of the portfolio.

Irenic Capital Management deployed $287M of net new capital in Q2 2024, opening 7 new positions and adding to 6 existing holdings. Its largest new stake was Forward Air: 1,068,239 shares worth $20.3M.

By sector, the portfolio is most concentrated in Industrials at 16% of assets, down from 19% a quarter earlier, followed by Communication Services and Healthcare.

On the sell side, the largest reduction was News Corp Class B, an estimated $21.5M trimmed.

  • Irenic Capital Management's largest Q2 2024 buy was Forward Air: 1,068,239 shares worth $20.3M.
  • Irenic Capital Management added most to Reservoir Media in Q2 2024, an estimated $8.25M increase.
  • Irenic Capital Management's biggest Q2 2024 reduction was News Corp Class B, cutting an estimated $21.5M.
  • Irenic Capital Management fully exited MODEL N, INC. in Q2 2024, selling an estimated $15.2M.
  • Irenic Capital Management's ten largest holdings make up 90% of its $817M portfolio in Q2 2024.
  • Irenic Capital Management opened 7 new positions and closed 6 in Q2 2024.
  • Irenic Capital Management's portfolio value rose 67% quarter-over-quarter to $817M.

Based on Irenic Capital Management's 13F filing for Q2 2024, filed 14 Aug 2024.