Iron Triangle Partners LP's Q1 2025 13F: 12 new positions, 7 exits
Form 13F-HR for the quarter ended Mar 31, 2025 · filed May 15, 2025 · 27 reported positions · accession 0001172661-25-001955
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| Reduced | AGILENT TECHNOLOGIES INC (A) | 9.3% | 3.8% | −5.5 pts | −388K sh | −65% |
| Exited | UNITEDHEALTH GROUP INC (UNH) | 7.1% | — | −7.1 pts | −121K sh | −100% |
| Reduced | ABBVIE INC (ABBV) | 7.7% | 6.4% | −1.4 pts | −181K sh | −48% |
| Reduced | GLOBUS MED INC (GMED) | 8.1% | 5.0% | −3.2 pts | −413K sh | −49% |
| New | TENET HEALTHCARE CORP (THC) | — | 4.4% | +4.4 pts | +209K sh | new |
| New | ASTRAZENECA PLC (AZN) | — | 4.4% | +4.4 pts | +376K sh | new |
| New | BEIGENE LTD (ONC) | — | 4.2% | +4.2 pts | +97,840 sh | new |
| New | GUARDANT HEALTH INC (GH) | — | 4.0% | +4.0 pts | +601K sh | new |
| Exited | EXACT SCIENCES CORP (EXAS) | 3.9% | — | −3.9 pts | −600K sh | −100% |
| Exited | HEALTHEQUITY INC (HQY) | 3.8% | — | −3.8 pts | −336K sh | −100% |
| Reduced | INTUITIVE SURGICAL INC (ISRG) | 4.6% | 2.3% | −2.2 pts | −45,000 sh | −60% |
| Exited | MEDPACE HLDGS INC (MEDP) | 3.5% | — | −3.5 pts | −90,000 sh | −100% |
| Reduced | NEUROCRINE BIOSCIENCES INC (NBIX) | 5.1% | 2.6% | −2.5 pts | −171K sh | −54% |
| Reduced | MERIT MED SYS INC (MMSI) | 4.6% | 3.8% | −0.8 pts | −177K sh | −44% |
| New | ALNYLAM PHARMACEUTICALS INC (ALNY) | — | 2.8% | +2.8 pts | +65,409 sh | new |
| New | ADAPTHEALTH CORP (AHCO) | — | 2.8% | +2.8 pts | +1.61M sh | new |
| Reduced | ENVISTA HOLDINGS CORPORATION (NVST) | 4.9% | 3.4% | −1.6 pts | −967K sh | −44% |
| Exited | SPDR SER TR (XBI) | 2.6% | — | −2.6 pts | −250K sh | −100% |
| Exited | GLAUKOS CORP (GKOS) | 2.6% | — | −2.6 pts | −150K sh | −100% |
| Reduced | BOSTON SCIENTIFIC CORP (BSX) | 5.2% | 5.3% | +0.1 pts | −163K sh | −33% |
| New | JAZZ PHARMACEUTICALS PLC (JAZZ) | — | 2.5% | +2.5 pts | +130K sh | new |
| New | ADAPTIVE BIOTECHNOLOGIES COR (ADPT) | — | 2.5% | +2.5 pts | +2.13M sh | new |
| Increased | CARDINAL HEALTH INC (CAH) | 2.6% | 6.5% | +4.0 pts | +114K sh | +61% |
| Exited | WAYSTAR HLDG CORP (WAY) | 2.4% | — | −2.4 pts | −552K sh | −100% |
| New | BIO-TECHNE CORP (TECH) | — | 2.3% | +2.3 pts | +250K sh | new |
| New | BRIGHTSPRING HEALTH SVCS INC (BTSG) | — | 2.1% | +2.1 pts | +722K sh | new |
| Reduced | INSULET CORP (PODD) | 4.7% | 4.4% | −0.3 pts | −47,985 sh | −31% |
| New | ENHABIT INC (EHAB) | — | 1.6% | +1.6 pts | +1.14M sh | new |
| Increased | DAVITA INC (DVA) | 4.5% | 7.7% | +3.2 pts | +59,142 sh | +23% |
| New | 10X GENOMICS INC (TXG) | — | 1.4% | +1.4 pts | +1M sh | new |
| Reduced | ARGENX SE (ARGX) | 2.5% | 2.6% | +0.1 pts | −7,126 sh | −20% |
| Increased | DOXIMITY INC (DOCS) | 1.9% | 3.3% | +1.3 pts | +47,425 sh | +15% |
| Reduced | TWIST BIOSCIENCE CORP (TWST) | 2.7% | 2.6% | 0.0 pts | −68,558 sh | −14% |
| Increased | TEVA PHARMACEUTICAL INDS LTD (TEVA) | 5.7% | 5.4% | −0.3 pts | +17,694 sh | +1% |
Reported by the fund in its Form 13F filed with the SEC; holdings are as of the quarter-end report date and may have changed since. For informational purposes only — not investment advice or a recommendation to buy or sell any security. FilingExplorer is not affiliated with or endorsed by this fund. How this brief is compiled
Top 10 positions — 53.6% of the equity book
Changes in the top 10 this quarter: DVA entered · CAH entered · THC entered · AZN entered · ONC entered · A left · UNH left · NBIX left · NVST left · MMSI left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | DAVITA INC (DVA) | 4.5% | 7.7% | Entered the top 10 |
| 2 | CARDINAL HEALTH INC (CAH) | 2.6% | 6.5% | Entered the top 10 |
| 3 | ABBVIE INC (ABBV) | 7.7% | 6.4% | |
| 4 | TEVA PHARMACEUTICAL INDS LTD (TEVA) | 5.7% | 5.4% | |
| 5 | BOSTON SCIENTIFIC CORP (BSX) | 5.2% | 5.3% | |
| 6 | GLOBUS MED INC (GMED) | 8.1% | 5.0% | |
| 7 | TENET HEALTHCARE CORP (THC) | 0.0% | 4.4% | Entered the top 10 |
| 8 | INSULET CORP (PODD) | 4.7% | 4.4% | |
| 9 | ASTRAZENECA PLC (AZN) | 0.0% | 4.4% | Entered the top 10 |
| 10 | BEIGENE LTD (ONC) | 0.0% | 4.2% | Entered the top 10 |
| — | AGILENT TECHNOLOGIES INC (A) | 9.3% | 3.8% | Left the top 10 |
| — | UNITEDHEALTH GROUP INC (UNH) | 7.1% | 0.0% | Left the top 10 |
| — | NEUROCRINE BIOSCIENCES INC (NBIX) | 5.1% | 2.6% | Left the top 10 |
| — | ENVISTA HOLDINGS CORPORATION (NVST) | 4.9% | 3.4% | Left the top 10 |
| — | MERIT MED SYS INC (MMSI) | 4.6% | 3.8% | Left the top 10 |
Weights are each position's reported value as a share of the fund's reported equity positions (options and principal-amount holdings excluded).
Option positions (puts and calls)
Reported separately from the positions above. The value a 13F reports for an option is that of the underlying shares, not the option itself.
| Activity | Security | Type | Shares before | Shares now | Reported value |
|---|---|---|---|---|---|
| Exited | UNITEDHEALTH GROUP INC (UNH) | Call | 100K | 0 | $0 |