Iron Triangle Partners LP's Q2 2025 13F: 9 new positions, 10 exits
Form 13F-HR for the quarter ended Jun 30, 2025 · filed Aug 14, 2025 · 26 reported positions · accession 0001172661-25-003343
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| New | CVS HEALTH CORP (CVS) | — | 8.2% | +8.2 pts | +750K sh | new |
| Exited | DAVITA INC (DVA) | 7.7% | — | −7.7 pts | −320K sh | −100% |
| New | CHARLES RIV LABS INTL INC (CRL) | — | 7.7% | +7.7 pts | +320K sh | new |
| New | ICON PLC (ICLR) | — | 5.8% | +5.8 pts | +250K sh | new |
| New | MEDTRONIC PLC (MDT) | — | 5.5% | +5.5 pts | +400K sh | new |
| Exited | TEVA PHARMACEUTICAL INDS LTD (TEVA) | 5.4% | — | −5.4 pts | −2.22M sh | −100% |
| Exited | BOSTON SCIENTIFIC CORP (BSX) | 5.3% | — | −5.3 pts | −332K sh | −100% |
| Reduced | CARDINAL HEALTH INC (CAH) | 6.5% | 2.8% | −3.7 pts | −195K sh | −65% |
| Exited | GLOBUS MED INC (GMED) | 5.0% | — | −5.0 pts | −431K sh | −100% |
| New | HCA HEALTHCARE INC (HCA) | — | 4.9% | +4.9 pts | +80,000 sh | new |
| New | GLAUKOS CORP (GKOS) | — | 4.4% | +4.4 pts | +271K sh | new |
| Exited | ASTRAZENECA PLC (AZN) | 4.4% | — | −4.4 pts | −376K sh | −100% |
| Exited | AGILENT TECHNOLOGIES INC (A) | 3.8% | — | −3.8 pts | −208K sh | −100% |
| Increased | INTUITIVE SURGICAL INC (ISRG) | 2.3% | 5.2% | +2.8 pts | +30,000 sh | +100% |
| Exited | NEUROCRINE BIOSCIENCES INC (NBIX) | 2.6% | — | −2.6 pts | −147K sh | −100% |
| Exited | JAZZ PHARMACEUTICALS PLC (JAZZ) | 2.5% | — | −2.5 pts | −130K sh | −100% |
| New | EXACT SCIENCES CORP (EXAS) | — | 2.5% | +2.5 pts | +300K sh | new |
| Reduced | GUARDANT HEALTH INC (GH) | 4.0% | 2.5% | −1.6 pts | −301K sh | −50% |
| Increased | MERIT MED SYS INC (MMSI) | 3.8% | 5.8% | +2.0 pts | +163K sh | +71% |
| Exited | BIO-TECHNE CORP (TECH) | 2.3% | — | −2.3 pts | −250K sh | −100% |
| Reduced | ENVISTA HOLDINGS CORPORATION (NVST) | 3.4% | 1.9% | −1.4 pts | −613K sh | −50% |
| Reduced | INSULET CORP (PODD) | 4.4% | 3.4% | −1.0 pts | −37,988 sh | −36% |
| New | BROOKDALE SR LIVING INC (BKD) | — | 1.9% | +1.9 pts | +1.7M sh | new |
| Reduced | ALNYLAM PHARMACEUTICALS INC (ALNY) | 2.8% | 1.5% | −1.3 pts | −36,070 sh | −55% |
| Increased | BRIGHTSPRING HEALTH SVCS INC (BTSG) | 2.1% | 4.5% | +2.4 pts | +478K sh | +66% |
| Increased | ABBVIE INC (ABBV) | 6.4% | 7.3% | +1.0 pts | +57,178 sh | +30% |
| Reduced | BEONE MEDICINES LTD (ONC) | 4.2% | 2.3% | −1.9 pts | −37,840 sh | −39% |
| Exited | 10X GENOMICS INC (TXG) | 1.4% | — | −1.4 pts | −1M sh | −100% |
| Reduced | ADAPTIVE BIOTECHNOLOGIES COR (ADPT) | 2.5% | 2.8% | +0.3 pts | −638K sh | −30% |
| New | INSMED INC (INSM) | — | 1.1% | +1.1 pts | +70,000 sh | new |
| Increased | DOXIMITY INC (DOCS) | 3.3% | 4.6% | +1.3 pts | +111K sh | +31% |
| Reduced | ARGENX SE (ARGX) | 2.6% | 1.4% | −1.2 pts | −12,307 sh | −44% |
| Reduced | TENET HEALTHCARE CORP (THC) | 4.4% | 5.3% | +0.9 pts | −19,454 sh | −9% |
| Increased | ADAPTHEALTH CORP (AHCO) | 2.8% | 2.9% | +0.1 pts | +306K sh | +19% |
| Reduced | ENHABIT INC (EHAB) | 1.6% | 1.6% | 0.0 pts | −112K sh | −10% |
| Increased | TWIST BIOSCIENCE CORP (TWST) | 2.6% | 2.5% | −0.2 pts | +442 sh | 0% |
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 — 60.2% of the equity book
Changes in the top 10 this quarter: CVS entered · CRL entered · MMSI entered · ICLR entered · MDT entered · ISRG entered · HCA entered · DOCS entered · DVA left · CAH left · TEVA left · BSX left · GMED left · PODD left · AZN left · ONC left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | CVS HEALTH CORP (CVS) | 0.0% | 8.2% | Entered the top 10 |
| 2 | CHARLES RIV LABS INTL INC (CRL) | 0.0% | 7.7% | Entered the top 10 |
| 3 | ABBVIE INC (ABBV) | 6.4% | 7.3% | |
| 4 | MERIT MED SYS INC (MMSI) | 3.8% | 5.8% | Entered the top 10 |
| 5 | ICON PLC (ICLR) | 0.0% | 5.8% | Entered the top 10 |
| 6 | MEDTRONIC PLC (MDT) | 0.0% | 5.5% | Entered the top 10 |
| 7 | TENET HEALTHCARE CORP (THC) | 4.4% | 5.3% | |
| 8 | INTUITIVE SURGICAL INC (ISRG) | 2.3% | 5.2% | Entered the top 10 |
| 9 | HCA HEALTHCARE INC (HCA) | 0.0% | 4.9% | Entered the top 10 |
| 10 | DOXIMITY INC (DOCS) | 3.3% | 4.6% | Entered the top 10 |
| — | DAVITA INC (DVA) | 7.7% | 0.0% | Left the top 10 |
| — | CARDINAL HEALTH INC (CAH) | 6.5% | 2.8% | Left the top 10 |
| — | TEVA PHARMACEUTICAL INDS LTD (TEVA) | 5.4% | 0.0% | Left the top 10 |
| — | BOSTON SCIENTIFIC CORP (BSX) | 5.3% | 0.0% | Left the top 10 |
| — | GLOBUS MED INC (GMED) | 5.0% | 0.0% | Left the top 10 |
| — | INSULET CORP (PODD) | 4.4% | 3.4% | Left the top 10 |
| — | ASTRAZENECA PLC (AZN) | 4.4% | 0.0% | Left the top 10 |
| — | BEONE MEDICINES LTD (ONC) | 4.2% | 2.3% | 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 |
|---|---|---|---|---|---|
| New | OSCAR HEALTH INC (OSCR) | Put | 0 | 900K | $19.3M |