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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
+29.63%
1 Year Est. Return
+49.85%
3 Year Est. Return
+151.9%
5 Year Est. Return
+239.84%
10 Year Est. Return
–
AUM
$447M
AUM Growth
+$50.4M
(+13%)
Cap. Flow
-$29.8M
Cap. Flow
% of AUM
-6.65%
Top 10 Holdings %
Top 10 Hldgs %
59.6%
Holding
30
New
6
Increased
6
Reduced
8
Closed
5
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Zimmer Biomet
ZBH
|
+$20.2M |
| 2 |
DaVita
DVA
|
+$18.8M |
| 3 |
Elevance Health
ELV
|
+$16.1M |
| 4 |
Pacific Biosciences
PACB
|
+$11.5M |
| 5 |
Vericel Corp
VCEL
|
+$9.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Baxter International
BAX
|
+$28.4M |
| 2 |
Twist Bioscience
TWST
|
+$20M |
| 3 |
McKesson
MCK
|
+$13M |
| 4 |
CHNG
Change Healthcare Inc. Common Stock
CHNG
|
+$12.9M |
| 5 |
HOLX
Hologic
HOLX
|
+$9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 96.16% |
| 2 | Technology | 0% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Encompass Health
EHC
$11.3B
| $45.3M | 10.13% |
876,957
+185,607
| +27% | +$9.52M |
|
|
2
Zimmer Biomet
ZBH
$17.8B
| $30M | 6.69% |
226,600
+154,500
| +214% | +$20.2M |
|
3
Charles River Laboratories
CRL
$10.8B
| $29.4M | 6.58% |
130,000
| – | – |
|
|
HZNP
4
DELISTED
Horizon Therapeutics Public Limited Company Ordinary Shares
HZNP
| $27.2M | 6.08% |
350,000
-86,127
| -20% | -$5.93M |
|
|
CTLT
5
DELISTED
CATALENT, INC.
CTLT
| $24M | 5.36% |
280,000
| – | – |
|
|
HOLX
6
DELISTED
Hologic
HOLX
| $23.8M | 5.32% |
357,833
-142,167
| -28% | -$9M |
|
7
Boston Scientific
BSX
$67.6B
| $22.9M | 5.12% |
600,000
| – | – |
|
|
NVRO
8
DELISTED
NEVRO CORP.
NVRO
| $22.3M | 4.98% |
160,000
+9,515
| +6% | +$1.27M |
|
9
IQVIA
IQV
$35.6B
| $22.1M | 4.93% |
140,000
+2,423
| +2% | +$380K |
|
|
10
Pacific Biosciences
PACB
$422M
| $19.7M | 4.41% |
+2,000,000
| New | +$11.5M |
|
|
11
DaVita
DVA
$15.2B
| $18.8M | 4.21% |
+220,000
| New | +$18.8M |
|
12
Guardant Health
GH
$19.3B
| $18.6M | 4.15% |
166,000
+500
| +0.3% | +$45.7K |
|
13
Molina Healthcare
MOH
$10.4B
| $18.3M | 4.09% |
100,000
| – | – |
|
|
INOV
14
DELISTED
Inovalon Holdings, Inc. Class A Common Stock
INOV
| $17.2M | 3.84% |
650,000
-83,053
| -11% | -$1.94M |
|
15
Surgery Partners
SGRY
$1.98B
| $16.4M | 3.67% |
750,000
+73,348
| +11% | +$1.3M |
|
|
16
Elevance Health
ELV
$82.1B
| $16.1M | 3.6% |
+60,000
| New | +$16.1M |
|
|
AXNX
17
DELISTED
Axonics, Inc. Common Stock
AXNX
| $15.5M | 3.46% |
303,201
-44,390
| -13% | -$1.85M |
|
|
18
Vericel Corp
VCEL
$2.31B
| $10.7M | 2.4% |
+580,000
| New | +$9.6M |
|
19
Bristol-Myers Squibb
BMY
$128B
| $9.04M | 2.02% |
150,000
-137,710
| -48% | -$8.29M |
|
20
Inspire Medical Systems
INSP
$1.47B
| $9.03M | 2.02% |
70,000
-46,054
| -40% | -$5.07M |
|
|
21
Twist Bioscience
TWST
$5.39B
| $7.6M | 1.7% |
100,000
-320,510
| -76% | -$20M |
|
22
Outset Medical
OM
$80.1M
| $7.5M | 1.68% |
+10,000
| New | +$8.21M |
|
23
Envista
NVST
$4.34B
| $7.4M | 1.65% |
300,000
-200,000
| -40% | -$4.61M |
|
24
BioLife Solutions
BLFS
$1.46B
| $4.34M | 0.97% |
+150,000
| New | +$3.24M |
|
25
Royalty Pharma
RPRX
$26B
| $4.21M | 0.94% |
100,000
| – | – |
|
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Iron Triangle Partners's Q3 2020 Portfolio in Review
As of Q3 2020, Iron Triangle Partners held 30 positions worth $447M, up 13% from $397M the previous quarter. Its ten largest holdings account for 60% of the portfolio.
Iron Triangle Partners withdrew a net $29.8M in Q3 2020, closing 5 positions and reducing 8 holdings. Its most notable exit was Baxter International, an estimated $28.4M position sold in full.
By sector, the portfolio is most concentrated in Healthcare at 96% of assets, up from 90% a quarter earlier, followed by Technology.
Against the trend, Iron Triangle Partners opened a new position in DaVita worth $18.8M.
- Iron Triangle Partners's largest Q3 2020 buy was DaVita: 220,000 shares worth $18.8M.
- Iron Triangle Partners added most to Zimmer Biomet in Q3 2020, an estimated $20.2M increase.
- Iron Triangle Partners's biggest Q3 2020 reduction was Twist Bioscience, cutting an estimated $20M.
- Iron Triangle Partners fully exited Baxter International in Q3 2020, selling an estimated $28.4M.
- Iron Triangle Partners's ten largest holdings make up 60% of its $447M portfolio in Q3 2020.
- Iron Triangle Partners opened 6 new positions and closed 5 in Q3 2020.
- Iron Triangle Partners's portfolio value rose 13% quarter-over-quarter to $447M.
Based on Iron Triangle Partners's 13F filing for Q3 2020, filed 16 Nov 2020.