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ITP

Iron Triangle Partners Portfolio holdings

AUM $875M
1-Year Est. Return 49.85%
This Fund
S&P 500
This Quarter Est. Return
+4.75%
1 Year Est. Return
+49.85%
3 Year Est. Return
+151.9%
5 Year Est. Return
+239.84%
10 Year Est. Return
–
AUM
$634M
AUM Growth
-$274M
Cap. Flow
-$265M
Cap. Flow %
-41.7%
Top 10 Hldgs %
53.61%
Holding
35
New
12
Increased
4
Reduced
11
Closed
8

Top Buys

Rank Stock Value
1
THC icon
Tenet Healthcare
THC
+$27.6M
2
AZN icon
AstraZeneca
AZN
+$27.2M
3
GH icon
Guardant Health
GH
+$25.9M
4
ONC
BeOne Medicines Ltd
ONC
+$22.9M
5
JAZZ icon
Jazz Pharmaceuticals
JAZZ
+$17M

Top Sells

Rank Stock Value
1
UNH icon
UnitedHealth
UNH
+$61.1M
2
A icon
Agilent Technologies
A
+$52.3M
3
ABBV icon
AbbVie
ABBV
+$35.2M
4
GMED icon
Globus Medical
GMED
+$34.1M
5
EXAS
Exact Sciences
EXAS
+$33.7M

Sector Composition

Rank Sector Weight
1 Healthcare 100%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
EHAB
26
DELISTED
Enhabit
EHAB
$10M 1.58%
+1,140,000
New +$9.57M
TXG icon
27
10x Genomics
TXG
$5.83B
$8.73M 1.38%
+1,000,000
New +$12.6M
EXAS
28
DELISTED
Exact Sciences
EXAS
– –
-600,000
Closed -$33.7M
GKOS icon
29
Glaukos
GKOS
$8.92B
– –
-150,000
Closed -$22.5M
HQY icon
30
HealthEquity
HQY
$8.28B
– –
-335,614
Closed -$32.2M
MEDP icon
31
Medpace
MEDP
$16.5B
– –
-90,000
Closed -$29.9M
UNH icon
32
CALL
UnitedHealth
UNH
$379B
– –
-100,000
Closed -$50.6M
UNH icon
33
UnitedHealth
UNH
$379B
– –
-120,700
Closed -$61.1M
XBI icon
34
State Street SPDR S&P Biotech ETF
XBI
$10.2B
– –
-250,000
Closed -$22.5M
WAY
35
Waystar Holding Corp
WAY
$4.44B
– –
-551,893
Closed -$20.3M
1
2

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Iron Triangle Partners's Q1 2025 Portfolio in Review

As of Q1 2025, Iron Triangle Partners held 35 positions worth $634M, down 30% from $908M the previous quarter. Its ten largest holdings account for 54% of the portfolio.

Iron Triangle Partners withdrew a net $265M in Q1 2025, closing 8 positions and reducing 11 holdings. Its most notable exit was UnitedHealth, an estimated $61.1M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 100% of assets, up from 92% a quarter earlier.

Against the trend, Iron Triangle Partners opened a new position in Tenet Healthcare worth $28.2M.

  • Iron Triangle Partners's largest Q1 2025 buy was Tenet Healthcare: 209,454 shares worth $28.2M.
  • Iron Triangle Partners added most to Cardinal Health in Q1 2025, an estimated $14.5M increase.
  • Iron Triangle Partners's biggest Q1 2025 reduction was Agilent Technologies, cutting an estimated $52.3M.
  • Iron Triangle Partners fully exited UnitedHealth in Q1 2025, selling an estimated $61.1M.
  • Iron Triangle Partners's ten largest holdings make up 54% of its $634M portfolio in Q1 2025.
  • Iron Triangle Partners opened 12 new positions and closed 8 in Q1 2025.
  • Iron Triangle Partners's portfolio value fell 30% quarter-over-quarter to $634M.

Based on Iron Triangle Partners's 13F filing for Q1 2025, filed 15 May 2025.