Iron Triangle Partners LP's Q3 2025 13F: 10 new positions, 11 exits
Form 13F-HR for the quarter ended Sep 30, 2025 · filed Nov 14, 2025 · 25 reported positions · accession 0001172661-25-004856
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| New | DEXCOM INC (DXCM) | — | 8.1% | +8.1 pts | +850K sh | new |
| Exited | MERIT MED SYS INC (MMSI) | 5.8% | — | −5.8 pts | −393K sh | −100% |
| Exited | ICON PLC (ICLR) | 5.8% | — | −5.8 pts | −250K sh | −100% |
| New | ELI LILLY & CO (LLY) | — | 5.4% | +5.4 pts | +49,555 sh | new |
| Exited | INTUITIVE SURGICAL INC (ISRG) | 5.2% | — | −5.2 pts | −60,000 sh | −100% |
| New | REPLIGEN CORP (RGEN) | — | 5.1% | +5.1 pts | +270K sh | new |
| Exited | HCA HEALTHCARE INC (HCA) | 4.9% | — | −4.9 pts | −80,000 sh | −100% |
| New | MADRIGAL PHARMACEUTICALS INC (MDGL) | — | 3.8% | +3.8 pts | +58,378 sh | new |
| Exited | INSULET CORP (PODD) | 3.4% | — | −3.4 pts | −68,041 sh | −100% |
| New | JAZZ PHARMACEUTICALS PLC (JAZZ) | — | 2.8% | +2.8 pts | +150K sh | new |
| Reduced | DOXIMITY INC (DOCS) | 4.6% | 2.2% | −2.4 pts | −261K sh | −55% |
| New | NEUROCRINE BIOSCIENCES INC (NBIX) | — | 2.6% | +2.6 pts | +131K sh | new |
| New | WEST PHARMACEUTICAL SVSC INC (WST) | — | 2.6% | +2.6 pts | +70,000 sh | new |
| Exited | TWIST BIOSCIENCE CORP (TWST) | 2.5% | — | −2.5 pts | −424K sh | −100% |
| New | VERACYTE INC (VCYT) | — | 2.4% | +2.4 pts | +485K sh | new |
| Exited | BEONE MEDICINES LTD (ONC) | 2.3% | — | −2.3 pts | −60,000 sh | −100% |
| New | AMICUS THERAPEUTICS INC (FOLD) | — | 2.2% | +2.2 pts | +1.97M sh | new |
| Exited | ENVISTA HOLDINGS CORPORATION (NVST) | 1.9% | — | −1.9 pts | −620K sh | −100% |
| Reduced | ABBVIE INC (ABBV) | 7.3% | 6.6% | −0.7 pts | −49,671 sh | −20% |
| Exited | ENHABIT INC (EHAB) | 1.6% | — | −1.6 pts | −1.03M sh | −100% |
| Increased | EXACT SCIENCES CORP (EXAS) | 2.5% | 3.9% | +1.4 pts | +200K sh | +67% |
| Reduced | TENET HEALTHCARE CORP (THC) | 5.3% | 4.0% | −1.3 pts | −52,552 sh | −28% |
| Exited | ALNYLAM PHARMACEUTICALS INC (ALNY) | 1.5% | — | −1.5 pts | −29,339 sh | −100% |
| Increased | BROOKDALE SR LIVING INC (BKD) | 1.9% | 3.4% | +1.5 pts | +1.14M sh | +67% |
| Reduced | CHARLES RIV LABS INTL INC (CRL) | 7.7% | 6.0% | −1.7 pts | −52,000 sh | −16% |
| Exited | INSMED INC (INSM) | 1.1% | — | −1.1 pts | −70,000 sh | −100% |
| New | IDEAYA BIOSCIENCES INC (IDYA) | — | 1.0% | +1.0 pts | +270K sh | new |
| Increased | GUARDANT HEALTH INC (GH) | 2.5% | 3.6% | +1.1 pts | +100K sh | +33% |
| Increased | GLAUKOS CORP (GKOS) | 4.4% | 4.0% | −0.5 pts | +71,641 sh | +26% |
| Increased | CARDINAL HEALTH INC (CAH) | 2.8% | 3.1% | +0.3 pts | +32,754 sh | +31% |
| Increased | MEDTRONIC PLC (MDT) | 5.5% | 6.1% | +0.6 pts | +53,347 sh | +13% |
| Increased | ADAPTIVE BIOTECHNOLOGIES COR (ADPT) | 2.8% | 3.9% | +1.1 pts | +325K sh | +22% |
| Reduced | ARGENX SE (ARGX) | 1.4% | 1.0% | −0.3 pts | −5,667 sh | −36% |
| Increased | CVS HEALTH CORP (CVS) | 8.2% | 8.6% | +0.4 pts | +47,900 sh | +6% |
| Increased | BRIGHTSPRING HEALTH SVCS INC (BTSG) | 4.5% | 5.2% | +0.7 pts | +38,520 sh | +3% |
| Increased | ADAPTHEALTH CORP (AHCO) | 2.9% | 2.4% | −0.4 pts | +4,113 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 — 59.0% of the equity book
Changes in the top 10 this quarter: DXCM entered · LLY entered · BTSG entered · RGEN entered · GKOS entered · MMSI left · ICLR left · ISRG left · HCA left · DOCS left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | CVS HEALTH CORP (CVS) | 8.2% | 8.6% | |
| 2 | DEXCOM INC (DXCM) | 0.0% | 8.1% | Entered the top 10 |
| 3 | ABBVIE INC (ABBV) | 7.3% | 6.6% | |
| 4 | MEDTRONIC PLC (MDT) | 5.5% | 6.1% | |
| 5 | CHARLES RIV LABS INTL INC (CRL) | 7.7% | 6.0% | |
| 6 | ELI LILLY & CO (LLY) | 0.0% | 5.4% | Entered the top 10 |
| 7 | BRIGHTSPRING HEALTH SVCS INC (BTSG) | 4.5% | 5.2% | Entered the top 10 |
| 8 | REPLIGEN CORP (RGEN) | 0.0% | 5.1% | Entered the top 10 |
| 9 | GLAUKOS CORP (GKOS) | 4.4% | 4.0% | Entered the top 10 |
| 10 | TENET HEALTHCARE CORP (THC) | 5.3% | 4.0% | |
| — | MERIT MED SYS INC (MMSI) | 5.8% | 0.0% | Left the top 10 |
| — | ICON PLC (ICLR) | 5.8% | 0.0% | Left the top 10 |
| — | INTUITIVE SURGICAL INC (ISRG) | 5.2% | 0.0% | Left the top 10 |
| — | HCA HEALTHCARE INC (HCA) | 4.9% | 0.0% | Left the top 10 |
| — | DOXIMITY INC (DOCS) | 4.6% | 2.2% | 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 | OSCAR HEALTH INC (OSCR) | Put | 900K | 0 | $0 |