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Irenic Capital Management LP

Q1 2026 · Filed 2026-05-18
Market Value
$972M
+53.4%
Holdings
51
+9
New Purchases
13
Added To
12
Closed
16
Reduced
1
Top 10 Concentration
72.9%
Turnover
56.9%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
SNAP 14.20% 0.00% +14.20% $138M
TFX 10.71% 0.00% +10.71% $104M
RAL 7.45% 2.67% +4.78% $72M
SNDA 4.05% 0.55% +3.50% $39M
CMP 3.45% 0.00% +3.45% $34M
AHRT 1.97% 0.00% +1.97% $19M
HPE 1.92% 0.00% +1.92% $19M
RYAM 1.54% 0.00% +1.54% $15M
WSR 2.10% 0.71% +1.40% $20M
FSLR 1.48% 0.29% +1.19% $14M
JANX 1.10% 0.00% +1.10% $11M
PKST 1.45% 0.76% +0.69% $14M
SGRY 0.87% 0.21% +0.67% $8M
ADEA 0.49% 0.00% +0.49% $5M
CTRI 1.07% 0.72% +0.35% $10M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
HI 0.00% 6.77% -6.77% $0
WRE 0.39% 5.24% -4.85% $4M
ITGR 11.44% 15.64% -4.20% $111M
SHC 6.43% 10.57% -4.14% $63M
WK 3.39% 7.51% -4.13% $33M
TBPH 4.61% 8.15% -3.54% $45M
ALKT 4.31% 7.67% -3.36% $42M
SPSC 3.42% 6.36% -2.93% $33M
FWRD 2.11% 4.85% -2.74% $21M
USM 0.00% 1.99% -1.99% $0
PZZA 0.00% 1.97% -1.97% $0
TASK 0.00% 1.78% -1.78% $0
BLND 0.39% 1.49% -1.11% $4M
NWS 1.74% 2.78% -1.03% $17M
CWAN 0.00% 0.95% -0.95% $0

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Large Cap 5 $52M 5.4%
Mid Cap 15 $537M 55.3%
Small Cap 24 $352M 36.2%
Micro Cap 7 $30M 3.1%

Portfolio Analytics

Avg Market Cap
$4.7B
Median Market Cap
$1.5B
Avg P/E
52.5
Median P/E
26.9
Avg Dividend Yield
0.19%
Avg Beta
1.09
# Stocks
50
# ETFs / Funds
1

Top Holdings (51 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 SNAP 14.20% 30,000,000 $138M $4.60 +30,000,000 NEW
2 ITGR 11.44% 1,263,663 $111M $88.00 $12M
3 TFX 10.71% 870,000 $104M $119.61 +870,000 NEW
4 RAL 7.45% 1,740,218 $72M $41.59 $55M +1,408,176 +424.1%
5 SHC 6.43% 4,359,348 $63M $14.34 -$4M +561,322 +14.8%
6 RSVR 6.23% 6,181,176 $61M $9.79 $15M +195,000 +3.3%
7 TBPH 4.61% 2,760,948 $45M $16.23 -$7M
8 ALKT 4.31% 2,675,151 $42M $15.67 -$7M +568,703 +27.0%
9 SNDA 4.05% 1,219,747 $39M $32.25 $36M +1,113,622 +1049.3%
10 CMP 3.45% 1,435,529 $34M $23.35 +1,435,529 NEW
11 SPSC 3.42% 597,704 $33M $55.67 -$7M +145,638 +32.2%
12 WK 3.39% 552,010 $33M $59.63 -$15M
13 FWRD 2.11% 1,229,819 $21M $16.71 -$10M
14 WSR 2.10% 1,265,391 $20M $16.15 $16M +943,215 +292.8%
15 AHRT 1.97% 3,485,643 $19M $5.50 +3,485,643 NEW
16 HPE 1.92% 785,000 $19M $23.81 +785,000 NEW
17 NWS 1.74% 593,809 $17M $28.51 -$665K
18 RYAM 1.54% 1,356,166 $15M $11.07 +1,356,166 NEW
19 FSLR 1.48% 72,889 $14M $197.26 $13M +65,889 +941.3%
20 PKST 1.45% 674,700 $14M $20.89 $9M +337,883 +100.3%
21 JANX 1.10% 765,804 $11M $13.90 +765,804 NEW
22 CTRI 1.07% 354,771 $10M $29.21 $6M +174,771 +97.1%
23 SGRY 0.87% 711,000 $8M $11.92 $7M +626,380 +740.2%
24 SAC-UN 0.52% 500,000 $5M $10.11 $12K
25 ADEA 0.49% 199,900 $5M $24.03 +199,900 NEW
26 WRE 0.39% 1,909,557 $4M $2.01 -$29M
27 BLND 0.39% 2,204,200 $4M $1.70 -$6M -910,749 -29.2%
28 HVMC 0.31% 450,000 $3M $6.78 $53K +150,000 +50.0%
29 SHY 0.25% 30,000 $2M $82.57 -$8K
30 QURE 0.17% 100,000 $2M $16.35 +100,000 NEW
31 AVIR 0.17% 301,699 $2M $5.38 +301,699 NEW
32 FATE 0.11% 878,055 $1M $1.20 +878,055 NEW
33 ATKR 0.08% 13,977 $823K $58.91 -$61K
34 VOR 0.06% 32,663 $583K $17.84 +32,663 NEW
35 DH 0.01% 58,088 $71K $1.23 +58,088 NEW
36 GSM —% -$46K -10,000 -100.0% SOLD
37 WEAV —% -$2M -226,731 -100.0% SOLD
38 USM —% -$13M -235,294 -100.0% SOLD
39 HSIC —% -$302K -4,000 -100.0% SOLD
40 SARO —% -$717K -25,000 -100.0% SOLD
41 MRVI —% -$262K -80,668 -100.0% SOLD
42 AIN —% -$1M -20,000 -100.0% SOLD
43 ABUS —% -$288K -59,853 -100.0% SOLD
44 TASK —% -$11M -954,425 -100.0% SOLD
45 CWAN —% -$6M -250,000 -100.0% SOLD
46 HVMCW —% -$41K -150,000 -100.0% SOLD
47 PZZA —% -$13M -325,108 -100.0% SOLD
48 0I3I.L —% -$1M -15,000 -100.0% SOLD
49 ICLR —% -$1M -8,000 -100.0% SOLD
50 MLAB —% -$2M -25,000 -100.0% SOLD
51 HI —% -$43M -1,351,604 -100.0% SOLD

Options Breakdown

3 Calls $72M Call Value 2 Puts $361M Put Value 5.04 P/C Ratio

Top Calls

SymbolSharesValueStatus
FSLR 215,500 $43M NEW
SNAP 5,764,500 $27M NEW
SARO 99,800 $3M NEW

Top Puts

SymbolSharesValueStatus
IWM 1,306,200 $324M NEW
QQQ 64,600 $37M NEW

New Positions

SymbolValue% Port
SNAP $138M 14.20%
TFX $104M 10.71%
CMP $34M 3.45%
AHRT $19M 1.97%
HPE $19M 1.92%
RYAM $15M 1.54%
JANX $11M 1.10%
ADEA $5M 0.49%
QURE $2M 0.17%
AVIR $2M 0.17%
FATE $1M 0.11%
VOR $583K 0.06%
DH $71K 0.01%

Sold Out Positions

SymbolValue% Port
WEAV —%
SARO —%
CWAN —%
AIN —%
GSM —%
MLAB —%
ICLR —%
MRVI —%
TASK —%
HSIC —%
PZZA —%
ABUS —%
0I3I.L —%
HVMCW —%
HI —%
View SEC EDGAR Filings for Irenic Capital Management LP →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms