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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
-10.72%
1 Year Est. Return
+49.85%
3 Year Est. Return
+151.9%
5 Year Est. Return
+239.84%
10 Year Est. Return
–
AUM
$259M
AUM Growth
-$119M
(-31%)
Cap. Flow
-$72.7M
Cap. Flow
% of AUM
-28.13%
Top 10 Holdings %
Top 10 Hldgs %
57.74%
Holding
34
New
11
Increased
3
Reduced
11
Closed
8
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
CHNG
Change Healthcare Inc. Common Stock
CHNG
|
+$16.2M |
| 2 |
Charles River Laboratories
CRL
|
+$15M |
| 3 |
Molina Healthcare
MOH
|
+$12.5M |
| 4 |
CTLT
CATALENT, INC.
CTLT
|
+$10.9M |
| 5 |
Teva Pharmaceuticals
TEVA
|
+$10.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Illumina
ILMN
|
+$27.4M |
| 2 |
Envista
NVST
|
+$17.7M |
| 3 |
Zimmer Biomet
ZBH
|
+$17M |
| 4 |
Elevance Health
ELV
|
+$16.6M |
| 5 |
Repligen
RGEN
|
+$13.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 92.57% |
| 2 | Technology | 4.49% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Encompass Health
EHC
$11.3B
| $25.6M | 9.91% |
502,800
+4,186
| +0.8% | +$241K |
|
2
Boston Scientific
BSX
$67.6B
| $19.6M | 7.57% |
600,000
-139,842
| -19% | -$5.46M |
|
|
HZNP
3
DELISTED
Horizon Therapeutics Public Limited Company Ordinary Shares
HZNP
| $14.8M | 5.73% |
500,000
+11,702
| +2% | +$396K |
|
|
NVRO
4
DELISTED
NEVRO CORP.
NVRO
| $14M | 5.41% |
140,000
+50,667
| +57% | +$6.09M |
|
5
Bristol-Myers Squibb
BMY
$128B
| $13.9M | 5.39% |
250,000
-50,000
| -17% | -$3.06M |
|
|
6
Molina Healthcare
MOH
$10.4B
| $13M | 5.03% |
+93,097
| New | +$12.5M |
|
|
7
Charles River Laboratories
CRL
$10.8B
| $12.6M | 4.88% |
+100,000
| New | +$15M |
|
8
Humana
HUM
$45.8B
| $12.6M | 4.86% |
40,000
-19,997
| -33% | -$6.74M |
|
|
CHNG
9
DELISTED
Change Healthcare Inc. Common Stock
CHNG
| $11.6M | 4.49% |
+1,161,713
| New | +$16.2M |
|
10
Twist Bioscience
TWST
$5.39B
| $11.5M | 4.46% |
377,040
-106,104
| -22% | -$2.85M |
|
|
CTLT
11
DELISTED
CATALENT, INC.
CTLT
| $10.4M | 4.02% |
+200,000
| New | +$10.9M |
|
12
Cencora
COR
$60.5B
| $9.73M | 3.77% |
+110,000
| New | +$9.69M |
|
|
13
Teva Pharmaceuticals
TEVA
$36.2B
| $8.98M | 3.47% |
+1,000,000
| New | +$10.2M |
|
14
McKesson
MCK
$99.5B
| $8.79M | 3.4% |
65,000
-35,000
| -35% | -$5.13M |
|
15
Baxter International
BAX
$12.1B
| $8.12M | 3.14% |
+100,000
| New | +$8.63M |
|
|
INOV
16
DELISTED
Inovalon Holdings, Inc. Class A Common Stock
INOV
| $7.61M | 2.94% |
456,651
-177,057
| -28% | -$3.36M |
|
17
HCA Healthcare
HCA
$86.4B
| $7.19M | 2.78% |
80,000
-75,000
| -48% | -$9.71M |
|
|
18
Zimmer Biomet
ZBH
$17.8B
| $7.08M | 2.74% |
72,100
-129,434
| -64% | -$17M |
|
19
Intuitive Surgical
ISRG
$128B
| $6.93M | 2.68% |
42,000
-9,999
| -19% | -$1.83M |
|
20
Schrodinger
SDGR
$1.14B
| $6.47M | 2.5% |
+150,000
| New | +$5.66M |
|
21
Heron Therapeutics
HRTX
$86.9M
| $5.87M | 2.27% |
+500,000
| New | +$9.4M |
|
22
DexCom
DXCM
$28.3B
| $5.38M | 2.08% |
80,000
-102,936
| -56% | -$6.41M |
|
|
AXNX
23
DELISTED
Axonics, Inc. Common Stock
AXNX
| $5.08M | 1.97% |
+200,000
| New | +$5.95M |
|
24
Brookdale Senior Living
BKD
$3.69B
| $4.68M | 1.81% |
+1,500,000
| New | +$8.74M |
|
25
Adaptive Biotechnologies
ADPT
$3.61B
| $4.17M | 1.61% |
150,000
| – | – |
|
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Iron Triangle Partners's Q1 2020 Portfolio in Review
As of Q1 2020, Iron Triangle Partners held 34 positions worth $259M, down 31% from $377M the previous quarter. Its ten largest holdings account for 58% of the portfolio.
Iron Triangle Partners withdrew a net $72.7M in Q1 2020, closing 8 positions and reducing 11 holdings. Its most notable exit was Illumina, an estimated $27.4M position sold in full.
By sector, the portfolio is most concentrated in Healthcare at 93% of assets, down from 93% a quarter earlier, followed by Technology.
Against the trend, Iron Triangle Partners opened a new position in Change Healthcare Inc. Common Stock worth $11.6M.
- Iron Triangle Partners's largest Q1 2020 buy was Change Healthcare Inc. Common Stock: 1,161,713 shares worth $11.6M.
- Iron Triangle Partners added most to NEVRO CORP. in Q1 2020, an estimated $6.09M increase.
- Iron Triangle Partners's biggest Q1 2020 reduction was Zimmer Biomet, cutting an estimated $17M.
- Iron Triangle Partners fully exited Illumina in Q1 2020, selling an estimated $27.4M.
- Iron Triangle Partners's ten largest holdings make up 58% of its $259M portfolio in Q1 2020.
- Iron Triangle Partners opened 11 new positions and closed 8 in Q1 2020.
- Iron Triangle Partners's portfolio value fell 31% quarter-over-quarter to $259M.
Based on Iron Triangle Partners's 13F filing for Q1 2020, filed 15 May 2020.