Irenic Capital Management portfolio

Type not verified

Portfolio as of Jun 30, 2026 (Q2 2026) · filed with the SEC on Aug 14, 2026 · data updated on Nov 5, 2026 · Q2 2026 13F (filing) ↗ · all its 13F filings ↗

A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions and they may have changed.

Irenic Capital Management reported a $1.4 bn portfolio of 42 companies (43 positions, counting each share class separately) to the SEC as of the end of Q2 2026. Its largest positions are SNAP, RAL, ITGR. During the quarter it opened Coupang and Merit Medical Systems and exited Bandwidth and Forward Air.

Stock portfolio

$1.4 bn

Companies

43 positions (by CUSIP)Top 10: 62%

Turnover

28%

Copying its 13F, 5 years

—

Not calculated: not counted as a concentrated manager

Sections with a free account

What changed this quarter

38 positions with a change (12 new, 9 added to, 5 trimmed, 12 sold); also, 3 entered through an IPO, 1 exited through an acquisition or merger. 12 are listed here: those of 0.5 points of the portfolio or more (up to 12).

Newly listedDPC HoldingsDPC3.0% of the portfolio
Newly listedNational Healthcare PropertiesNHP0.6% of the portfolio

It started trading this quarter: it appears in a 13F for the first time. The filing does not say whether the manager already held it before the listing, so it is not counted as a purchase.

Coupang+3.1 ppof portfolioNew
— → 3.1%
Merit Medical Systems+2.7 ppof portfolioNew
— → 2.7%
Bandwidth−2.7 ppof portfolioSold out
3.4% → —
Atkore+3,532%more sharesIncreased
0.1% → 2.8%
SmartStop Self Storage REIT+2.1 ppof portfolioNew
— → 2.1%
Sonida Senior Living+56%more sharesIncreased
3.6% → 5.6%
Atlanta Braves Holdings+1.9 ppof portfolioNew
— → 1.9%
Nokia+1.7 ppof portfolioNew
— → 1.7%
Compass+1.6 ppof portfolioNew
— → 1.6%
Forward Air−1.5 ppof portfolioSold out
1.9% → —
Hewlett Packard Enterprise−1.3 ppof portfolioSold out
1.7% → —
News−1.2 ppof portfolioSold out
1.5% → —

The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight: what it bought or sold, excluding price effects.

Top holdings

SNAPSNAP9.6%
RalliantRAL9.2%
Integer HoldingsITGR8.5%
TeleflexTFX7.9%
Sotera HealthSHC6.6%
Sonida Senior LivingSNDA5.6%
Reservoir MediaRSVR4.5%
Alkami TechnologyALKT3.5%
Theravance BiopharmaTBPH3.4%
CoupangCPNG3.1%
DPC HoldingsDPC3.0%
Diebold NixdorfDBD2.9%
AtkoreATKR2.8%
Merit Medical SystemsMMSI2.7%
SPS CommerceSPSC2.5%
Compass Minerals InternationalCMP2.4%
SmartStop Self Storage REITSMA2.1%
WorkivaWK1.9%
Atlanta Braves HoldingsBATRK1.9%
First SolarFSLR1.7%
NokiaNOK1.7%
CompassCOMP1.6%
PAR Technology(bond)1.6%
AdeiaADEA1.5%
AH Realty TrustAHRT1.5%
Centuri HoldingsCTRI1.1%
SITE CentersSITC0.7%
GDS HoldingsGDS0.6%
National Healthcare PropertiesNHP0.6%
Whitestone REIT0.6%
Safeguard AcquisitionSAC/U(unit)0.4%
General Purpose AcquisitionGPACU(unit)0.4%
AnaptysbioANAB0.3%
Apartment Investment and ManagementAIV0.3%
United STS Oil FundUSO0.3%
Blend LabsBLND0.3%
Progress Software(bond)0.2%
Highview MergerHVMC · HVMCW0.2%
ELME CommunitiesELME0.2%
iShares 1-3 Year Treasury BO ETFSHY0.2%
Frontview ReitFVR0.1%
Irenic AcquisitionIACQU(unit)under 0.1%

Portfolio by sector

● Health Care 35%
● Information Technology 34%
● Real Estate 8%
● Consumer Discretionary 8%
● Materials 5%
● Industrials 4%
● Communication Services 3%
● No sector 3%
● SPAC / vehículos 1%

Declared options (6)

Besides stocks, Irenic Capital Management declared 3 puts (they gain if the stock falls) and 3 calls (they gain if it rises) with a notional of $693M. The 13F reports the value of the underlying shares, not the premium paid, so these figures look large and are not added to the portfolio. Nor does it say whether the option is bought or written, or its strike or expiry: it may be a hedge.

PUTiShares Russell 2000 ETFIWM$428M
PUTInvesco QQQ Trnew this quarter$173M
CALLFirst SolarFSLR$59.0M
PUTSpdr S&p 500 ETF Trnew this quarter$13.6M
CALLSnapSNAP$9.4M
CALLState Street Energy Select Sector ETFXLEnew this quarter$9.3M

Stakes above 5% (13D/13G)

Companies where this filer reported holding 5% or more of the shares. It is the figure from its latest filing on each one; history since December 2024.

How we classify it

Type not verified: we have not assigned a type because we found no document that is enough to tell. Most 13F filers are in this situation: we only review in depth those that meet the portfolio criteria.

Not counted as a concentrated manager: more than 20% is options. Its portfolio is shown all the same, but it is left out of manager counts, the consensus and the ranking. How this is decided

Managers of a similar size

A 13F portfolio value between a third and three times this one, whatever the type of filer. It is not a comparison of what they hold.

Talbot Financial$1.4 bn
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Scheer, Rowlett & Associates Investment Management$1.4 bn
Teewinot Capital Advisers, L.L.CInvestment firm · $1.4 bn
Impactive CapitalInvestment firm · $1.4 bn
Pale Fire Capital$1.4 bn