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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
+9.79%
1 Year Est. Return
+49.85%
3 Year Est. Return
+151.9%
5 Year Est. Return
+239.84%
10 Year Est. Return
–
AUM
$786M
AUM Growth
+$15M
(+1.9%)
Cap. Flow
-$41.4M
Cap. Flow
% of AUM
-5.26%
Top 10 Holdings %
Top 10 Hldgs %
59.84%
Holding
34
New
8
Increased
8
Reduced
7
Closed
7
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Labcorp
LH
|
+$39.7M |
| 2 |
Align Technology
ALGN
|
+$38.7M |
| 3 |
Pulmonx
LUNG
|
+$34.4M |
| 4 |
AbbVie
ABBV
|
+$32.1M |
| 5 |
Encompass Health
EHC
|
+$22.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
EXAS
Exact Sciences
EXAS
|
+$54.8M |
| 2 |
HCA Healthcare
HCA
|
+$46M |
| 3 |
DexCom
DXCM
|
+$27.7M |
| 4 |
Vericel Corp
VCEL
|
+$19M |
| 5 |
Heron Therapeutics
HRTX
|
+$18.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 98.6% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Encompass Health
EHC
$11.3B
| $63.5M | 8.07% |
974,175
+345,675
| +55% | +$22.5M |
|
2
UnitedHealth
UNH
$379B
| $59.5M | 7.57% |
160,000
+27,558
| +21% | +$9.55M |
|
3
Zimmer Biomet
ZBH
$17.8B
| $59.2M | 7.53% |
381,100
| – | – |
|
4
Molina Healthcare
MOH
$10.4B
| $46.8M | 5.94% |
200,000
+50,000
| +33% | +$11.1M |
|
|
HZNP
5
DELISTED
Horizon Therapeutics Public Limited Company Ordinary Shares
HZNP
| $46M | 5.85% |
500,000
-150,000
| -23% | -$12.7M |
|
|
6
Labcorp
LH
$24.7B
| $43.4M | 5.51% |
+197,880
| New | +$39.7M |
|
7
Charles River Laboratories
CRL
$10.8B
| $40.6M | 5.16% |
140,000
| – | – |
|
|
8
Align Technology
ALGN
$12B
| $37.9M | 4.82% |
+70,000
| New | +$38.7M |
|
9
Envista
NVST
$4.34B
| $37.1M | 4.72% |
910,000
+9,313
| +1% | +$355K |
|
10
Haemonetics
HAE
$3.63B
| $36.6M | 4.66% |
330,000
+54,547
| +20% | +$6.75M |
|
|
11
AbbVie
ABBV
$454B
| $32.5M | 4.13% |
+300,000
| New | +$32.1M |
|
12
Surgery Partners
SGRY
$1.98B
| $32.1M | 4.08% |
725,000
-194,338
| -21% | -$7.22M |
|
13
Pacific Biosciences
PACB
$422M
| $31.2M | 3.96% |
935,805
+135,805
| +17% | +$4.75M |
|
|
14
Pulmonx
LUNG
$51.5M
| $27.4M | 3.49% |
+600,000
| New | +$34.4M |
|
15
CONMED
CNMD
$1.31B
| $26.1M | 3.32% |
200,000
+51,683
| +35% | +$6.22M |
|
|
NVRO
16
DELISTED
NEVRO CORP.
NVRO
| $25.1M | 3.19% |
180,000
+11,239
| +7% | +$1.83M |
|
17
IQVIA
IQV
$35.6B
| $19.3M | 2.46% |
100,000
-43,020
| -30% | -$8.08M |
|
|
OSH
18
DELISTED
Oak Street Health, Inc.
OSH
| $19M | 2.42% |
+350,000
| New | +$19.5M |
|
19
Idexx Laboratories
IDXX
$43.9B
| $17.1M | 2.18% |
+35,000
| New | +$17.5M |
|
20
Guardant Health
GH
$19.3B
| $15.3M | 1.94% |
100,000
-66,000
| -40% | -$9.97M |
|
21
Natera
NTRA
$37B
| $15.2M | 1.94% |
150,000
| – | – |
|
|
EXAS
22
DELISTED
Exact Sciences
EXAS
| $13.2M | 1.68% |
100,000
-400,000
| -80% | -$54.8M |
|
|
DMTK
23
DELISTED
DermTech, Inc. Common Stock
DMTK
| $12.7M | 1.61% |
+250,000
| New | +$13.1M |
|
|
OHPAU
24
DELISTED
Orion Acquisition Corp. Unit
OHPAU
| $11M | 1.4% |
+1,100,000
| New | +$11M |
|
|
25
Vericel Corp
VCEL
$2.31B
| $8.89M | 1.13% |
160,000
-420,000
| -72% | -$19M |
|
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Iron Triangle Partners's Q1 2021 Portfolio in Review
As of Q1 2021, Iron Triangle Partners held 34 positions worth $786M, up 1.9% from $771M the previous quarter. Its ten largest holdings account for 60% of the portfolio.
Iron Triangle Partners withdrew a net $41.4M in Q1 2021, closing 7 positions and reducing 7 holdings. Its most notable exit was HCA Healthcare, an estimated $46M position sold in full.
By sector, the portfolio is most concentrated in Healthcare at 99% of assets, up from 92% a quarter earlier.
Against the trend, Iron Triangle Partners opened a new position in Labcorp worth $43.4M.
- Iron Triangle Partners's largest Q1 2021 buy was Labcorp: 197,880 shares worth $43.4M.
- Iron Triangle Partners added most to Encompass Health in Q1 2021, an estimated $22.5M increase.
- Iron Triangle Partners's biggest Q1 2021 reduction was Exact Sciences, cutting an estimated $54.8M.
- Iron Triangle Partners fully exited HCA Healthcare in Q1 2021, selling an estimated $46M.
- Iron Triangle Partners's ten largest holdings make up 60% of its $786M portfolio in Q1 2021.
- Iron Triangle Partners opened 8 new positions and closed 7 in Q1 2021.
- Iron Triangle Partners's portfolio value rose 1.9% quarter-over-quarter to $786M.
Based on Iron Triangle Partners's 13F filing for Q1 2021, filed 17 May 2021.