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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
OEF icon
1
PUT
iShares S&P 100 ETF
OEF
$19.9B
$445M 46.66%
1,840,800
+820,600
+80% +$261M
SHC icon
2
Sotera Health
SHC
$5B
$55.8M 5.85%
3,548,071
-163,940
-4% -$2.3M
PZZA icon
3
Papa John's
PZZA
$1.03B
$51.7M 5.42%
+1,073,700
New +$49.7M
RSVR icon
4
Reservoir Media
RSVR
$731M
$46.2M 4.83%
5,669,671
+177,361
+3% +$1.39M
WK icon
5
Workiva
WK
$3.34B
$42.8M 4.48%
+497,010
New +$37.3M
TBPH icon
6
Theravance Biopharma
TBPH
$875M
$40.3M 4.22%
2,760,948
– –
HI
7
DELISTED
Hillenbrand
HI
$36.5M 3.83%
+1,351,604
New +$31.7M
DBD icon
8
Diebold Nixdorf
DBD
$3.11B
$33.8M 3.55%
593,461
-1,762
-0.3% -$104K
FWRD icon
9
Forward Air
FWRD
$468M
$31.5M 3.3%
1,229,819
+100
+0% +$2.88K
ELME
10
Elme Communities
ELME
$143M
$28.7M 3%
+1,699,873
New +$28.1M
SGRY icon
11
Surgery Partners
SGRY
$2.05B
$24.5M 2.57%
1,132,203
+874,704
+340% +$19.5M
SITC icon
12
SITE Centers
SITC
$236M
$23.5M 2.46%
2,605,378
– –
NWS icon
13
News Corp Class B
NWS
$17.3B
$20.5M 2.15%
593,809
-50,000
-8% -$1.69M
GO icon
14
Grocery Outlet
GO
$926M
$17.8M 1.86%
1,106,789
-450,866
-29% -$7.2M
NSA
15
DELISTED
National Storage Affiliates Trust
NSA
$12.2M 1.28%
+402,822
New +$12.6M
HVMCU
16
Highview Merger Corp Units
HVMCU
$3.04M 0.32%
+300,000
New +$3.02M
SHY icon
17
iShares 1-3 Year Treasury Bond ETF
SHY
$25.4B
$2.49M 0.26%
30,000
– –
JAMF
18
DELISTED
Jamf
JAMF
$963K 0.1%
+90,000
New +$815K
MRVI icon
19
Maravai LifeSciences
MRVI
$1.02B
$59.3K 0.01%
20,668
– –
AIV
20
Aimco
AIV
$378M
– –
-4,886,442
Closed -$42.3M
BASE
21
DELISTED
Couchbase
BASE
– –
-802,134
Closed -$19.6M
BATRK icon
22
Atlanta Braves Holdings Series B
BATRK
$3.27B
– –
-372,105
Closed -$17.4M
GE icon
23
PUT
GE Aerospace
GE
$375B
– –
-11,300
Closed -$2.91M
TGI
24
DELISTED
Triumph Group
TGI
– –
-2,350,173
Closed -$60.5M
TRS icon
25
TriMas Corp
TRS
$1.45B
– –
-901,926
Closed -$25.8M
1
2

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CET
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FBB
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CCP
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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.