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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
+1.5%
1 Year Est. Return
+12.79%
3 Year Est. Return
+78.39%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$660M
AUM Growth
-$271M
Cap. Flow
-$233M
Cap. Flow %
-35.28%
Top 10 Hldgs %
82.96%
Holding
32
New
7
Increased
7
Reduced
1
Closed
10

Top Buys

Rank Stock Value
1
BASE
Couchbase
BASE
+$27.7M
2
SITC icon
SITE Centers
SITC
+$21M
3
TRS icon
TriMas Corp
TRS
+$20.2M
4
BATRK icon
Atlanta Braves Holdings Series B
BATRK
+$15.4M
5
AIV
Aimco
AIV
+$7.29M

Top Sells

Rank Stock Value
1
B
Barnes Group Inc.
B
+$122M
2
EDR
Endeavor Group Holdings, Inc.
EDR
+$95.5M
3
KBR icon
KBR
KBR
+$32.2M
4
DH icon
Definitive Healthcare
DH
+$28.8M
5
NWS icon
News Corp Class B
NWS
+$20.2M

Sector Composition

Rank Sector Weight
1 Industrials 18.29%
2 Communication Services 12.04%
3 Healthcare 9.86%
4 Real Estate 9.05%
5 Technology 8.92%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
OEF icon
1
PUT
iShares S&P 100 ETF
OEF
$19.9B
$203M 30.82%
1,018,900
+523,400
+106% +$150M
TGI
2
DELISTED
Triumph Group
TGI
$96M 14.55%
3,787,022
– –
RSVR icon
3
Reservoir Media
RSVR
$731M
$41.1M 6.23%
5,388,003
+65,421
+1% +$513K
AIV
4
Aimco
AIV
$381M
$40.8M 6.18%
4,633,134
+820,539
+22% +$7.29M
SHC icon
5
Sotera Health
SHC
$5.01B
$36.3M 5.51%
3,117,226
+208,063
+7% +$2.68M
DBD icon
6
Diebold Nixdorf
DBD
$3.13B
$31.5M 4.78%
720,658
+87,331
+14% +$3.81M
BASE
7
DELISTED
Couchbase
BASE
$26.4M 4%
+1,673,409
New +$27.7M
FWRD icon
8
Forward Air
FWRD
$472M
$24.7M 3.75%
1,229,719
– –
TBPH icon
9
Theravance Biopharma
TBPH
$876M
$24.7M 3.74%
2,760,948
– –
NWS icon
10
News Corp Class B
NWS
$17.3B
$22.5M 3.42%
742,009
-638,252
-46% -$20.2M
MAGN
11
Magnera Corp
MAGN
$498M
$22M 3.33%
1,210,829
+315,057
+35% +$6.12M
TRS icon
12
TriMas Corp
TRS
$1.44B
$20M 3.03%
+853,484
New +$20.2M
SITC icon
13
SITE Centers
SITC
$235M
$18.9M 2.87%
+1,472,836
New +$21M
BATRK icon
14
Atlanta Braves Holdings Series B
BATRK
$3.27B
$15.8M 2.39%
+394,760
New +$15.4M
ACHC icon
15
Acadia Healthcare
ACHC
$2.96B
$4.06M 0.62%
133,907
– –
SHY icon
16
iShares 1-3 Year Treasury Bond ETF
SHY
$25.4B
$2.48M 0.38%
30,000
+24,000
+400% +$1.97M
BLND icon
17
Blend Labs
BLND
$429M
$954K 0.14%
+284,854
New +$1.04M
FUN icon
18
Cedar Fair
FUN
$1.86B
$494K 0.07%
+13,848
New +$589K
GSM icon
19
FerroAtlántica
GSM
$619M
$60.3K 0.01%
+16,263
New +$62.7K
ARRY icon
20
CALL
Array Technologies
ARRY
$789M
– –
-25,300
Closed -$153K
ARRY icon
21
Array Technologies
ARRY
$789M
– –
-70,000
Closed -$423K
DH icon
22
Definitive Healthcare
DH
$74M
– –
-7,003,194
Closed -$28.8M
FSLR icon
23
CALL
First Solar
FSLR
$21.6B
– –
-1,100
Closed -$194K
KBR icon
24
CALL
KBR
KBR
$4.74B
– –
-104,000
Closed -$6.02M
KBR icon
25
KBR
KBR
$4.74B
– –
-556,144
Closed -$32.2M
1
2

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Irenic Capital Management's Q1 2025 Portfolio in Review

As of Q1 2025, Irenic Capital Management held 32 positions worth $660M, down 29% from $931M the previous quarter. Its ten largest holdings account for 83% of the portfolio.

Irenic Capital Management withdrew a net $233M in Q1 2025, closing 10 positions and reducing 1 holding. Its most notable exit was Barnes Group Inc., an estimated $122M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 18% of assets, down from 28% a quarter earlier, followed by Communication Services and Healthcare.

Against the trend, Irenic Capital Management opened a new position in Couchbase worth $26.4M.

  • Irenic Capital Management's largest Q1 2025 buy was Couchbase: 1,673,409 shares worth $26.4M.
  • Irenic Capital Management added most to Aimco in Q1 2025, an estimated $7.29M increase.
  • Irenic Capital Management's biggest Q1 2025 reduction was News Corp Class B, cutting an estimated $20.2M.
  • Irenic Capital Management fully exited Barnes Group Inc. in Q1 2025, selling an estimated $122M.
  • Irenic Capital Management's ten largest holdings make up 83% of its $660M portfolio in Q1 2025.
  • Irenic Capital Management opened 7 new positions and closed 10 in Q1 2025.
  • Irenic Capital Management's portfolio value fell 29% quarter-over-quarter to $660M.

Based on Irenic Capital Management's 13F filing for Q1 2025, filed 15 May 2025.