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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
OEF icon
1
PUT
iShares S&P 100 ETF
OEF
$19.9B
$724M 48.69%
2,940,900
+1,100,100
+60% +$374M
ITGR icon
2
Integer Holdings
ITGR
$3.41B
$99.1M 6.67%
+1,263,663
New +$101M
SHC icon
3
Sotera Health
SHC
$5.04B
$67M 4.51%
3,798,026
+249,955
+7% +$4.13M
TBPH icon
4
Theravance Biopharma
TBPH
$875M
$51.7M 3.47%
2,760,948
– –
ALKT icon
5
Alkami Technology
ALKT
$1.95B
$48.6M 3.27%
+2,106,448
New +$46.5M
WK icon
6
Workiva
WK
$3.29B
$47.6M 3.2%
552,010
+55,000
+11% +$4.87M
RSVR icon
7
Reservoir Media
RSVR
$729M
$45.3M 3.05%
5,986,176
+316,505
+6% +$2.37M
DBD icon
8
Diebold Nixdorf
DBD
$3.12B
$43.7M 2.94%
644,057
+50,596
+9% +$3.16M
HI
9
DELISTED
Hillenbrand
HI
$42.9M 2.88%
1,351,604
– –
SPSC icon
10
SPS Commerce
SPSC
$2.51B
$40.3M 2.71%
+452,066
New +$41.9M
ELME
11
Elme Communities
ELME
$142M
$33.2M 2.23%
1,909,557
+209,684
+12% +$3.55M
FWRD icon
12
Forward Air
FWRD
$466M
$30.7M 2.07%
1,229,819
– –
AIV
13
Aimco
AIV
$375M
$23.1M 1.55%
+3,890,324
New +$23.3M
NWS icon
14
News Corp Class B
NWS
$17.2B
$17.6M 1.18%
593,809
– –
RAL
15
Ralliant Corp
RAL
$7.6B
$16.9M 1.14%
+332,042
New +$15.6M
SITC icon
16
SITE Centers
SITC
$233M
$16.7M 1.13%
2,605,378
– –
AD
17
Array Digital Infrastructure
AD
$3.04B
$12.6M 0.85%
+235,294
New +$11.6M
PZZA icon
18
Papa John's
PZZA
$1.02B
$12.5M 0.84%
325,108
-748,592
-70% -$33.1M
TASK icon
19
TaskUs
TASK
$565M
$11.3M 0.76%
+954,425
New +$12.2M
BLND icon
20
Blend Labs
BLND
$429M
$9.47M 0.64%
+3,114,949
New +$9.94M
CWAN
21
DELISTED
Clearwater Analytics
CWAN
$6.03M 0.41%
+250,000
New +$5.01M
SAC.U
22
Safeguard Acquisition Corp Units
SAC.U
$5.04M 0.34%
+500,000
New +$5.04M
GPACU
23
General Purpose Acquisition Corp Units
GPACU
$209M
$5M 0.34%
+500,000
New +$5M
PKST
24
DELISTED
Peakstone Realty Trust
PKST
$4.83M 0.33%
+336,817
New +$4.64M
CTRI icon
25
Centuri Holdings
CTRI
$2.63B
$4.54M 0.31%
+180,000
New +$4.02M
1
2

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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.