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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
+10.13%
1 Year Est. Return
+12.79%
3 Year Est. Return
+78.39%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$678M
AUM Growth
+$18M
Cap. Flow
-$46.4M
Cap. Flow %
-6.84%
Top 10 Hldgs %
81.94%
Holding
27
New
6
Increased
6
Reduced
5
Closed
5

Top Buys

Rank Stock Value
1
GO icon
Grocery Outlet
GO
+$22.1M
2
SITC icon
SITE Centers
SITC
+$13.6M
3
LION icon
Lionsgate Studios
LION
+$8.22M
4
SHC icon
Sotera Health
SHC
+$6.97M
5
SGRY icon
Surgery Partners
SGRY
+$5.72M

Top Sells

Rank Stock Value
1
TGI
Triumph Group
TGI
+$36.6M
2
MAGN
Magnera Corp
MAGN
+$22M
3
BASE
Couchbase
BASE
+$15.8M
4
DBD icon
Diebold Nixdorf
DBD
+$5.88M
5
ACHC icon
Acadia Healthcare
ACHC
+$4.06M

Sector Composition

Rank Sector Weight
1 Industrials 13.38%
2 Communication Services 13.1%
3 Healthcare 11.87%
4 Real Estate 10.59%
5 Technology 7.75%
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
$220M 32.49%
1,020,200
+1,300
+0.1% +$362K
TGI
2
DELISTED
Triumph Group
TGI
$60.5M 8.93%
2,350,173
-1,436,849
-38% -$36.6M
AIV
3
Aimco
AIV
$378M
$42.3M 6.24%
4,886,442
+253,308
+5% +$2.05M
RSVR icon
4
Reservoir Media
RSVR
$726M
$42.1M 6.22%
5,492,310
+104,307
+2% +$766K
SHC icon
5
Sotera Health
SHC
$5B
$41.3M 6.09%
3,712,011
+594,785
+19% +$6.97M
DBD icon
6
Diebold Nixdorf
DBD
$3.12B
$33M 4.87%
595,223
-125,435
-17% -$5.88M
TBPH icon
7
Theravance Biopharma
TBPH
$875M
$30.5M 4.49%
2,760,948
– –
FWRD icon
8
Forward Air
FWRD
$466M
$30.2M 4.45%
1,229,719
– –
SITC icon
9
SITE Centers
SITC
$235M
$29.5M 4.35%
2,605,378
+1,132,542
+77% +$13.6M
TRS icon
10
TriMas Corp
TRS
$1.44B
$25.8M 3.81%
901,926
+48,442
+6% +$1.19M
NWS icon
11
News Corp Class B
NWS
$17.3B
$22.1M 3.26%
643,809
-98,200
-13% -$3.11M
BASE
12
DELISTED
Couchbase
BASE
$19.6M 2.89%
802,134
-871,275
-52% -$15.8M
GO icon
13
Grocery Outlet
GO
$929M
$19.3M 2.86%
+1,557,655
New +$22.1M
BATRK icon
14
Atlanta Braves Holdings Series B
BATRK
$3.27B
$17.4M 2.57%
372,105
-22,655
-6% -$926K
LION icon
15
Lionsgate Studios
LION
$3.86B
$7.13M 1.05%
+1,228,035
New +$8.22M
SGRY icon
16
Surgery Partners
SGRY
$2.05B
$5.72M 0.84%
+257,499
New +$5.72M
VIGL
17
DELISTED
Vigil Neuroscience
VIGL
$2.95M 0.44%
+371,321
New +$1.66M
GE icon
18
PUT
GE Aerospace
GE
$377B
$2.91M 0.43%
+11,300
New +$2.48M
SHY icon
19
iShares 1-3 Year Treasury Bond ETF
SHY
$25.4B
$2.49M 0.37%
30,000
– –
MRVI icon
20
Maravai LifeSciences
MRVI
$1.02B
$49.8K 0.01%
+20,668
New +$43.4K
ACHC icon
21
Acadia Healthcare
ACHC
$2.96B
– –
-133,907
Closed -$4.06M
BLND icon
22
Blend Labs
BLND
$436M
– –
-284,854
Closed -$954K
FUN icon
23
Cedar Fair
FUN
$1.88B
– –
-13,848
Closed -$494K
GSM icon
24
FerroAtlántica
GSM
$622M
– –
-16,263
Closed -$60.3K
MAGN
25
Magnera Corp
MAGN
$502M
– –
-1,210,829
Closed -$22M

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Irenic Capital Management's Q2 2025 Portfolio in Review

As of Q2 2025, Irenic Capital Management held 27 positions worth $678M, up 2.7% from $660M the previous quarter. Its ten largest holdings account for 82% of the portfolio.

Irenic Capital Management withdrew a net $46.4M in Q2 2025, closing 5 positions and reducing 5 holdings. Its most notable exit was Magnera Corp, an estimated $22M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 13% of assets, down from 18% a quarter earlier, followed by Communication Services and Healthcare.

Against the trend, Irenic Capital Management opened a new position in Grocery Outlet worth $19.3M.

  • Irenic Capital Management's largest Q2 2025 buy was Grocery Outlet: 1,557,655 shares worth $19.3M.
  • Irenic Capital Management added most to SITE Centers in Q2 2025, an estimated $13.6M increase.
  • Irenic Capital Management's biggest Q2 2025 reduction was Triumph Group, cutting an estimated $36.6M.
  • Irenic Capital Management fully exited Magnera Corp in Q2 2025, selling an estimated $22M.
  • Irenic Capital Management's ten largest holdings make up 82% of its $678M portfolio in Q2 2025.
  • Irenic Capital Management opened 6 new positions and closed 5 in Q2 2025.
  • Irenic Capital Management's portfolio value rose 2.7% quarter-over-quarter to $678M.

Based on Irenic Capital Management's 13F filing for Q2 2025, filed 14 Aug 2025.