Irenic Capital Management LP
Sector Allocation
- Technology36.9%$511.9M
- Healthcare35.0%$486.7M
- Communication Services7.8%$109.0M
- Real Estate7.6%$105.8M
- Materials5.4%$74.5M
- Consumer Discretionary3.1%$43.2M
- Other1.8%$24.4M
- Financials1.3%$18.0M
- Energy1.1%$15.7M
AUM History
13fpro.ai/research/fund/irenic-capital-management-lp-1929389
Conviction and streaks
Diversifying · top 10 = 61.9%From the fund's last 12 quarters of 13F filings: positions held longest at size, and names it added to or trimmed several quarters running.
Largest positions — Q2 2026
SNAP
$133.2MRAL
$128.1MITGR
$118.1MTFX
$110.3MSHC
$91.3MSNDA
$77.7MRSVR
$61.9MALKT
$48.5MTBPH
$46.9MCPNG
$43.2MDPC
$41.2MDBD
$40.5MATKR
$38.6MMMSI
$37.6MSPSC
$34.2MCMP
$33.3MSMA
$28.5MWK
$26.8MBATRA
$26.2MFSLR
$23.4M
Top 20 stock positions. Options are left out: 13F reports them at the underlying's value.
13fpro.ai/research/fund/irenic-capital-management-lp-1929389
Irenic Capital Management LP 13F holdings — Q2 2026
$2.1B portfolio (+35.6% QoQ) · 49 holdings · Q2 2026 13F · top 10 are 62% of the stock portfolio
Includes $692.9M of put/call options ($615.2M puts, $77.7M calls), which 13F rules report at the value of the underlying shares, not the premium at risk. Stocks alone: $1.4B. Weights use the stock portfolio.
$133.2M
9.6% of stocks
No changeThis quarter+17.2%Since filed2 qtrsHeld$128.1M
9.2% of stocks
No changeThis quarter-6.1%Since filed3 qtrsHeld$118.1M
8.5% of stocks
+0.0%This quarter+1.0%Since filed3 qtrsHeld$110.3M
7.9% of stocks
No changeThis quarter-0.3%Since filed2 qtrsHeld$91.3M
6.6% of stocks
+18%This quarter-2.6%Since filed10+ qtrsHeld$77.7M
5.6% of stocks
+56%This quarter-14.3%Since filed3 qtrsHeldAIQualityAI quality score is Pro: unlock with a free trialEst. buyEstimated buy price is Pro: unlock with a free trialAdded 3 qtrs in a row$61.9M
4.5% of stocks
+1%This quarter-4.0%Since filed10+ qtrsHeldAIQualityAI quality score is Pro: unlock with a free trialEst. buyEstimated buy price is Pro: unlock with a free trialAdded 6 qtrs in a row$48.5M
3.5% of stocks
No changeThis quarter-24.0%Since filed3 qtrsHeld$46.9M
3.4% of stocks
No changeThis quarter—Since filed10+ qtrsHeld$43.2M
3.1% of stocks
NewThis quarter-14.7%Since filedNew this quarterHeld
All holdings — Irenic Capital Management LP (Q2 2026)
49 disclosed positions from the Form 13F-HR on SEC EDGAR, with quarter-over-quarter share changes. Largest by value first; the ten above are not repeated.
| # | Company | Held | Source | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 11 | — PUT | ISHARES TR - RUSSELL 2000 ETF | — | $428.3M | — | 1.43M | +9% | — | — | 13F |
| 12 | INVESCO QQQ TRUST, SERIES 1 | — | $173.3M | — | 235K | +264% | — | — | 13F | |
| 13 | FIRST SOLAR, INC. | Technology | $59.0M | — | 250K | +16% | — | — | 13F | |
| 14 | DPC Holdings PLC | Materials | $41.2M | 3.0% | 840K | New | 1 qtr | AI quality score is Pro: unlock with a free trial | 13F | |
| 15 | DIEBOLD NIXDORF, Inc | Technology | $40.5M | 2.9% | 477K | -0.8% | 10+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 16 | Atkore Inc. | Technology | $38.6M | 2.8% | 508K | +3532% | 3 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 17 | MERIT MEDICAL SYSTEMS INC | Healthcare | $37.6M | 2.7% | 543K | New | 1 qtr | AI quality score is Pro: unlock with a free trial | 13F | |
| 18 | SPS COMMERCE INC | Technology | $34.2M | 2.5% | 598K | — | 3 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 19 | COMPASS MINERALS INTERNATIONAL INC | Materials | $33.3M | 2.4% | 1.07M | -26% | 2 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 20 | SmartStop Self Storage REIT, Inc. | Real Estate | $28.5M | 2.0% | 877K | New | 1 qtr | AI quality score is Pro: unlock with a free trial | 13F | |
| 21 | WORKIVA INC | Technology | $26.8M | 1.9% | 552K | — | 4 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 22 | Atlanta Braves Holdings, Inc. | Communication Services | $26.2M | 1.9% | 505K | New | 1 qtr | AI quality score is Pro: unlock with a free trial | 13F | |
| 23 | FIRST SOLAR, INC. | Technology | $23.4M | 1.7% | 99K | +36% | 3 qtrsAdded 3 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 24 | NOKIA CORPadr | Technology | $23.0M | 1.6% | 1.73M | New | 1 qtr | AI quality score is Pro: unlock with a free trial | 13F | |
| 25 | Compass, Inc. | Real Estate | $22.2M | 1.6% | 1.80M | New | 1 qtr | AI quality score is Pro: unlock with a free trial | 13F | |
| 26 | — | PAR TECHNOLOGY CORP - NOTE 1.000% 1/1 | — | $21.9M | 1.6% | 27.23M | +22% | |||
| 27 | $ADEA | Adeia Inc. | Communication Services | $20.9M | 1.5% | 635K | +218% | |||
| 28 | $AHRT | AH Realty Trust, Inc. | Real Estate | $20.7M | 1.5% | 2.92M | -16% | |||
| 29 | $CTRI | Centuri Holdings, Inc. | Energy | $15.7M | 1.1% | 519K | +46% | |||
| 30 | $SPY PUT | SPDR S&P 500 ETF TRUST | — | $13.6M | — | 18K | New | |||
| 31 | $SITC | SITE Centers Corp. | Real Estate | $10.3M | 0.7% | 2.61M | — | |||
| 32 | $SNAP CALL | Snap Inc | Technology | $9.4M | — | 2.12M | -63% | |||
| 33 | — CALL | SELECT SECTOR SPDR TR - ST STR ENERG ETF | — | $9.3M | — | 175K | New | |||
| 34 | $GDS | GDS Holdings Ltd | Technology | $8.5M | 0.6% | 283K | New | |||
| 35 | $NHP | National Healthcare Properties, Inc. | Real Estate | $8.1M | 0.6% | 550K | New | |||
| 36 | $WSR | Whitestone REIT | Real Estate | $7.7M | 0.6% | 408K | -68% | |||
| 37 | $SAC | Safeguard Acquisition Corp. | Financials | $5.1M | 0.4% | 500K | — | |||
| 38 | $GPAC | General Purpose Acquisition Corp. | Financials | $5.0M | 0.4% | 500K | — | |||
| 39 | $ANAB | ANAPTYSBIO, INC | Healthcare | $4.8M | 0.3% | 70K | New | |||
| 40 | $AIV | APARTMENT INVESTMENT & MANAGEMENT CO | Real Estate | $4.2M | 0.3% | 1.40M | -72% | |||
| 41 | $USO | United States Oil Fund, LP | Financials | $4.1M | 0.3% | 39K | New | |||
| 42 | $BLND | Blend Labs, Inc. | Technology | $3.9M | 0.3% | 2.28M | +4% | |||
| 43 | $PRGS | PROGRESS SOFTWARE CORP /MA | Technology | $3.3M | 0.2% | 3.44M | New | |||
| 44 | $HVMC | Highview Merger Corp. | Financials | $3.0M | 0.2% | 300K | -33% | |||
| 45 | $ELME | Elme Communities | Real Estate | $2.8M | 0.2% | 1.91M | — | |||
| 46 | — | ISHARES TR - 1 3 YR TREAS BD | — | $2.5M | 0.2% | 30K | — | |||
| 47 | $FVR | FrontView REIT, Inc. | Real Estate | $1.3M | 0.1% | 67K | New | |||
| 48 | $IACQ | Irenic Acquisition Corp. | Financials | $668K | 0.1% | 66K | New | |||
| 49 | $HVMC | Highview Merger Corp. | Financials | $53K | 0.0% | 150K | New |
What changed in Q2 2026
Against the previous quarter's 13F: 16 new, 13 added to, 7 trimmed, 14 sold out. Share-count changes; largest moves by dollar size first.
New positions (16)
first bought this quarter
first bought this quarter
first bought this quarter
first bought this quarter
first bought this quarter
$NOKNOKIA CORP$23.0M
first bought this quarter
+10 more in the Excel export
Added to (13)
$QQQPUTINVESCO QQQ TRUST, SERIES 1+264%
now $173.3M
now $38.6M · held 3 qtrs
- PUTISHARES TR - RUSSELL 2000 ETF+9%
now $428.3M
now $77.7M · held 3 qtrs, 3 adds in a row
$ADEAAdeia Inc.+218%
now $20.9M · held 2 qtrs, 2 adds in a row
now $91.3M · held 10+ qtrs, 3 adds in a row
+7 more in the Excel export
Trimmed (7)
$WSRWhitestone REIT-68%
now $7.7M · held 3 qtrs
now $9.4M
now $33.3M · held 2 qtrs
$AIVAPARTMENT INVESTMENT & MANAGEMENT CO-72%
now $4.2M · held 3 qtrs
$AHRTAH Realty Trust, Inc.-16%
now $20.7M · held 2 qtrs
$HVMCHighview Merger Corp.-33%
now $3.0M · held 4 qtrs
+1 more in the Excel export
Sold out (14)
$BANDBandwidth Inc.was $37.6M
held 9+ qtrs
$FWRDFORWARD AIR CORPwas $20.6M
held 4 qtrs
$HPEHewlett Packard Enterprise Cowas $18.7M
held 1 qtr
$NWSNEWS CORPwas $16.9M
held 9+ qtrs
$RYAMRAYONIER ADVANCED MATERIALS INC.was $15.0M
held 1 qtr
$PKSTPeakstone Realty Trustwas $14.1M
+8 more in the Excel export
Holdings by quarter
Every 13F Irenic Capital Management LP has filed, 14 earlier quarters. Pick one to see what it held then.
Is it too late to follow Irenic Capital Management?
Q2 2026 13F filed with the SEC on Aug 14, 2026. Prices are closing prices as of Oct 26, 2026.
Average quality of Irenic Capital Management's top 20 holdings: 51/100 (our AI quality score, weighted by position size; 19 of the 20 are scored)
Top 10 since filing
-2.2%
Value-weighted move of the 10 largest stock positions
Turnover
15%
Last quarter; 78% over the last 4
Top 10 weight
62%
Share of the stock portfolio in its 10 largest positions
Held 4+ quarters
21%
Share of portfolio value in positions held a year or more
Highest-quality names it owns(among its 100 largest positions)
The 8 highest-scoring companies in this portfolio are a Pro feature.
How these are measured
- Moves since the quarter-end and since the filing date use our own daily closing prices, from the close on (or just before) each date to the latest close.
- Turnover is the lesser of shares bought or sold in a quarter, valued at the quarter-end prices in the 13F, divided by the average of the two quarters' stock portfolio values.
- Quarters held and add/trim streaks count back only through quarters whose filed holdings add up to the filing's own cover-page total (back to Q1 2024 for this fund). A change counts as an add or a trim when the split-adjusted share count moves by more than 1%.
- Estimate, not the fund's reported cost. For each quarter in the current holding period in which the fund's share count rose (split-adjusted), we take that quarter's average daily close and weight it by the shares added; sales do not change an average cost. Quarters where the stock's price history and the 13F's own implied price disagree by more than 2x are left out.
- Put and call option rows report the value of the underlying shares, not a position the fund paid for, so they are left out of all of the above.
Portfolio Overview
Irenic Capital Management LP disclosed 49 positions worth $2.1B in its Form 13F-HR for Q2 2026 — $1.4B in common stock plus $692.9M of put/call option positions (reported at underlying notional value, not premium at risk), led by $SNAP (Snap Inc) at 9.6% of the equity portfolio, followed by $RAL and $ITGR. During the quarter the fund opened 16 new positions and exited 14 — including a new stake in $CPNG and a full exit from $BAND. The portfolio is most concentrated in Technology (36.9% of disclosed assets). All figures are sourced directly from Irenic Capital Management LP’s Form 13F-HR filing with the SEC under CIK 1929389.
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