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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
+13.51%
1 Year Est. Return
+49.85%
3 Year Est. Return
+151.9%
5 Year Est. Return
+239.84%
10 Year Est. Return
–
AUM
$976M
AUM Growth
+$203M
Cap. Flow
+$115M
Cap. Flow %
11.81%
Top 10 Hldgs %
53.16%
Holding
40
New
14
Increased
10
Reduced
5
Closed
11

Top Buys

Rank Stock Value
1
WST icon
West Pharmaceutical
WST
+$44.3M
2
EXAS
Exact Sciences
EXAS
+$44.3M
3
ALGN icon
Align Technology
ALGN
+$41.6M
4
APLS
Apellis Pharmaceuticals
APLS
+$35.1M
5
NBIX icon
Neurocrine Biosciences
NBIX
+$30M

Top Sells

Rank Stock Value
1
UHS icon
Universal Health Services
UHS
+$49.1M
2
IDXX icon
Idexx Laboratories
IDXX
+$42.2M
3
SGRY icon
Surgery Partners
SGRY
+$33.4M
4
INSP icon
Inspire Medical Systems
INSP
+$30.5M
5
TXG icon
10x Genomics
TXG
+$26.8M

Sector Composition

Rank Sector Weight
1 Healthcare 96.78%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ACHC icon
1
Acadia Healthcare
ACHC
$2.99B
$71.5M 7.33%
902,813
+110,820
+14% +$9.06M
DXCM icon
2
DexCom
DXCM
$28.3B
$65.4M 6.7%
471,631
+181,631
+63% +$22.8M
ICLR icon
3
Icon
ICLR
$13B
$50.7M 5.19%
150,853
-21,822
-13% -$6.43M
ABBV icon
4
AbbVie
ABBV
$454B
$50.3M 5.15%
276,098
+26,098
+10% +$4.5M
ISRG icon
5
Intuitive Surgical
ISRG
$128B
$49.6M 5.08%
124,337
+4,337
+4% +$1.64M
EXAS
6
DELISTED
Exact Sciences
EXAS
$48.3M 4.95%
+700,000
New +$44.3M
WST icon
7
West Pharmaceutical
WST
$23.3B
$47.4M 4.85%
+119,736
New +$44.3M
ALGN icon
8
Align Technology
ALGN
$12B
$46.6M 4.77%
+141,958
New +$41.6M
ILMN icon
9
Illumina
ILMN
$28.7B
$45.4M 4.65%
340,019
+113,859
+50% +$15.3M
BRKR icon
10
Bruker
BRKR
$9.14B
$43.8M 4.49%
466,521
+16,521
+4% +$1.33M
GKOS icon
11
Glaukos
GKOS
$8.92B
$40.5M 4.15%
429,525
+184,919
+76% +$16.5M
TEVA icon
12
Teva Pharmaceuticals
TEVA
$36.2B
$39.1M 4%
2,769,864
+1,469,864
+113% +$18.5M
BKD icon
13
Brookdale Senior Living
BKD
$3.69B
$39M 3.99%
5,897,960
+1,038,353
+21% +$6.06M
APLS
14
DELISTED
Apellis Pharmaceuticals
APLS
$32.3M 3.31%
+550,000
New +$35.1M
FTRE icon
15
Fortrea Holdings
FTRE
$1.82B
$31.8M 3.25%
+791,233
New +$27.4M
NBIX icon
16
Neurocrine Biosciences
NBIX
$17.7B
$30.3M 3.11%
+220,000
New +$30M
AVTR icon
17
Avantor
AVTR
$8.03B
$29.4M 3.01%
+1,150,000
New +$27.4M
SWAV
18
DELISTED
Shockwave Medical, Inc. Common Stock
SWAV
$26M 2.66%
+79,736
New +$19.6M
SDGR icon
19
Schrodinger
SDGR
$1.14B
$23.3M 2.39%
863,323
+394,738
+84% +$11M
SNDX icon
20
Syndax Pharmaceuticals
SNDX
$1.82B
$23.2M 2.37%
+973,057
New +$21.7M
XBI icon
21
State Street SPDR S&P Biotech ETF
XBI
$10.2B
$21.5M 2.2%
+226,066
New +$21M
ELAN icon
22
Elanco Animal Health
ELAN
$12.7B
$21.1M 2.16%
1,297,132
-1,702,868
-57% -$26.6M
CYTK icon
23
Cytokinetics
CYTK
$10.9B
$21M 2.15%
+300,000
New +$23.2M
MCK icon
24
McKesson
MCK
$99.5B
$20.1M 2.06%
37,419
-42,581
-53% -$21.6M
OSCR icon
25
Oscar Health
OSCR
$8.54B
$19.8M 2.03%
1,334,503
-718,048
-35% -$9.83M
1
2

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Iron Triangle Partners's Q1 2024 Portfolio in Review

As of Q1 2024, Iron Triangle Partners held 40 positions worth $976M, up 26% from $773M the previous quarter. Its ten largest holdings account for 53% of the portfolio.

Iron Triangle Partners deployed $115M of net new capital in Q1 2024, opening 14 new positions and adding to 10 existing holdings. Its largest new stake was West Pharmaceutical: 119,736 shares worth $47.4M.

By sector, the portfolio is most concentrated in Healthcare at 97% of assets, down from 100% a quarter earlier.

On the sell side, the largest reduction was Elanco Animal Health, an estimated $26.6M trimmed.

  • Iron Triangle Partners's largest Q1 2024 buy was West Pharmaceutical: 119,736 shares worth $47.4M.
  • Iron Triangle Partners added most to DexCom in Q1 2024, an estimated $22.8M increase.
  • Iron Triangle Partners's biggest Q1 2024 reduction was Elanco Animal Health, cutting an estimated $26.6M.
  • Iron Triangle Partners fully exited Universal Health Services in Q1 2024, selling an estimated $49.1M.
  • Iron Triangle Partners's ten largest holdings make up 53% of its $976M portfolio in Q1 2024.
  • Iron Triangle Partners opened 14 new positions and closed 11 in Q1 2024.
  • Iron Triangle Partners's portfolio value rose 26% quarter-over-quarter to $976M.

Based on Iron Triangle Partners's 13F filing for Q1 2024, filed 15 May 2024.