Iron Triangle Partners LP's Q4 2025 13F: 16 new positions, 14 exits
Form 13F-HR for the quarter ended Dec 31, 2025 · filed Feb 17, 2026 · 27 reported positions · accession 0001172661-26-000928
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| Exited | DEXCOM INC (DXCM) | 8.1% | — | −8.1 pts | −850K sh | −100% |
| Exited | ABBVIE INC (ABBV) | 6.6% | — | −6.6 pts | −200K sh | −100% |
| Exited | MEDTRONIC PLC (MDT) | 6.1% | — | −6.1 pts | −453K sh | −100% |
| New | INTUITIVE SURGICAL INC (ISRG) | — | 6.1% | +6.1 pts | +94,459 sh | new |
| New | BOSTON SCIENTIFIC CORP (BSX) | — | 4.6% | +4.6 pts | +421K sh | new |
| New | WATERS CORP (WAT) | — | 4.6% | +4.6 pts | +105K sh | new |
| New | BRUKER CORP (BRKR) | — | 4.3% | +4.3 pts | +794K sh | new |
| New | VERTEX PHARMACEUTICALS INC (VRTX) | — | 4.0% | +4.0 pts | +76,910 sh | new |
| Exited | GLAUKOS CORP (GKOS) | 4.0% | — | −4.0 pts | −343K sh | −100% |
| Exited | TENET HEALTHCARE CORP (THC) | 4.0% | — | −4.0 pts | −137K sh | −100% |
| New | FORTREA HLDGS INC (FTRE) | — | 3.9% | +3.9 pts | +1.99M sh | new |
| Exited | EXACT SCIENCES CORP (EXAS) | 3.9% | — | −3.9 pts | −500K sh | −100% |
| New | MERIT MED SYS INC (MMSI) | — | 3.9% | +3.9 pts | +386K sh | new |
| Exited | ADAPTIVE BIOTECHNOLOGIES COR (ADPT) | 3.9% | — | −3.9 pts | −1.82M sh | −100% |
| Exited | MADRIGAL PHARMACEUTICALS INC (MDGL) | 3.8% | — | −3.8 pts | −58,378 sh | −100% |
| Exited | GUARDANT HEALTH INC (GH) | 3.6% | — | −3.6 pts | −400K sh | −100% |
| Reduced | CVS HEALTH CORP (CVS) | 8.6% | 3.9% | −4.6 pts | −365K sh | −46% |
| New | BIO-TECHNE CORP (TECH) | — | 3.1% | +3.1 pts | +467K sh | new |
| New | ALPHATEC HLDGS INC (ATEC) | — | 3.1% | +3.1 pts | +1.29M sh | new |
| Exited | CARDINAL HEALTH INC (CAH) | 3.1% | — | −3.1 pts | −138K sh | −100% |
| New | ENVISTA HOLDINGS CORPORATION (NVST) | — | 2.9% | +2.9 pts | +1.19M sh | new |
| Increased | JAZZ PHARMACEUTICALS PLC (JAZZ) | 2.8% | 5.7% | +2.9 pts | +142K sh | +95% |
| New | UNITEDHEALTH GROUP INC (UNH) | — | 2.6% | +2.6 pts | +70,126 sh | new |
| Exited | NEUROCRINE BIOSCIENCES INC (NBIX) | 2.6% | — | −2.6 pts | −131K sh | −100% |
| Exited | WEST PHARMACEUTICAL SVSC INC (WST) | 2.6% | — | −2.6 pts | −70,000 sh | −100% |
| Increased | CHARLES RIV LABS INTL INC (CRL) | 6.0% | 8.7% | +2.7 pts | +112K sh | +42% |
| New | ABBOTT LABS (ABT) | — | 2.5% | +2.5 pts | +175K sh | new |
| Increased | DOXIMITY INC (DOCS) | 2.2% | 3.5% | +1.3 pts | +477K sh | +227% |
| Increased | VERACYTE INC (VCYT) | 2.4% | 4.7% | +2.4 pts | +495K sh | +102% |
| Exited | AMICUS THERAPEUTICS INC (FOLD) | 2.2% | — | −2.2 pts | −1.97M sh | −100% |
| Reduced | ELI LILLY & CO (LLY) | 5.4% | 4.3% | −1.1 pts | −14,510 sh | −29% |
| Reduced | BRIGHTSPRING HEALTH SVCS INC (BTSG) | 5.2% | 3.8% | −1.4 pts | −341K sh | −28% |
| New | BIOHAVEN LTD (BHVN) | — | 1.2% | +1.2 pts | +958K sh | new |
| New | XENON PHARMACEUTICALS INC (XENE) | — | 1.2% | +1.2 pts | +234K sh | new |
| New | DIANTHUS THERAPEUTICS INC (DNTH) | — | 1.1% | +1.1 pts | +231K sh | new |
| New | MINERALYS THERAPEUTICS INC (MLYS) | — | 1.1% | +1.1 pts | +257K sh | new |
| Exited | ARGENX SE (ARGX) | 1.0% | — | −1.0 pts | −9,900 sh | −100% |
| Increased | REPLIGEN CORP (RGEN) | 5.1% | 6.0% | +0.9 pts | +50,474 sh | +19% |
| Increased | BROOKDALE SR LIVING INC (BKD) | 3.4% | 4.3% | +0.9 pts | +653K sh | +23% |
| Increased | IDEAYA BIOSCIENCES INC (IDYA) | 1.0% | 1.8% | +0.8 pts | +197K sh | +73% |
| Increased | ADAPTHEALTH CORP (AHCO) | 2.4% | 3.0% | +0.5 pts | +685K sh | +36% |
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 — 53.2% of the equity book
Changes in the top 10 this quarter: ISRG entered · JAZZ entered · VCYT entered · BSX entered · WAT entered · BKD entered · BRKR entered · CVS left · DXCM left · ABBV left · MDT left · BTSG left · GKOS left · THC left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | CHARLES RIV LABS INTL INC (CRL) | 6.0% | 8.7% | |
| 2 | INTUITIVE SURGICAL INC (ISRG) | 0.0% | 6.1% | Entered the top 10 |
| 3 | REPLIGEN CORP (RGEN) | 5.1% | 6.0% | |
| 4 | JAZZ PHARMACEUTICALS PLC (JAZZ) | 2.8% | 5.7% | Entered the top 10 |
| 5 | VERACYTE INC (VCYT) | 2.4% | 4.7% | Entered the top 10 |
| 6 | BOSTON SCIENTIFIC CORP (BSX) | 0.0% | 4.6% | Entered the top 10 |
| 7 | WATERS CORP (WAT) | 0.0% | 4.6% | Entered the top 10 |
| 8 | BROOKDALE SR LIVING INC (BKD) | 3.4% | 4.3% | Entered the top 10 |
| 9 | ELI LILLY & CO (LLY) | 5.4% | 4.3% | |
| 10 | BRUKER CORP (BRKR) | 0.0% | 4.3% | Entered the top 10 |
| — | CVS HEALTH CORP (CVS) | 8.6% | 3.9% | Left the top 10 |
| — | DEXCOM INC (DXCM) | 8.1% | 0.0% | Left the top 10 |
| — | ABBVIE INC (ABBV) | 6.6% | 0.0% | Left the top 10 |
| — | MEDTRONIC PLC (MDT) | 6.1% | 0.0% | Left the top 10 |
| — | BRIGHTSPRING HEALTH SVCS INC (BTSG) | 5.2% | 3.8% | Left the top 10 |
| — | GLAUKOS CORP (GKOS) | 4.0% | 0.0% | Left the top 10 |
| — | TENET HEALTHCARE CORP (THC) | 4.0% | 0.0% | 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).