1y return+4.0%S&P 500 +20.9%
3y return+27.5%S&P 500 +68.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since December 31, 2022: $142 against $195 in the S&P 500.2
Irenic Capital Management LPS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| SNAPSnap Inc | $133.2M | 9.6% | |
| RALRalliant Corp | $128.1M | 9.2% | |
| ITGRInteger Hldgs Corp | $118.1M | 8.5% | |
| TFXTeleflex Incorporated | $110.3M | 7.9% | |
| SHCSotera Health Co | $91.3M | 6.6% | +17.9% |
| SNDASonida Senior Living Inc | $77.7M | 5.6% | +56.1% |
| RSVRReservoir Media Inc | $61.9M | 4.5% | +1.3% |
| ALKTAlkami Technology Inc | $48.5M | 3.5% | |
| Theravance Biopharma IncCUSIP G8807B106 | $46.9M | 3.4% | |
| CPNGCoupang Inc | $43.2M | 3.1% | New |
| Dpc Holdings PLCCUSIP G2R11M108 | $41.2M | 3.0% | New |
| DBDDiebold Nixdorf Inc | $40.5M | 2.9% | |
| ATKRAtkore Inc | $38.6M | 2.8% | +3531.8% |
| MMSIMerit Med Sys Inc | $37.6M | 2.7% | New |
| SPSCSps Comm Inc | $34.2M | 2.5% | |
| CMPCompass Minerals Intl Inc | $33.3M | 2.4% | −25.6% |
| SMASmartstop Self Storag Reit I | $28.5M | 2.1% | New |
| WKWorkiva Inc | $26.8M | 1.9% | |
| BATRKAtlanta Braves Hldgs Inc | $26.2M | 1.9% | New |
| FSLRFirst Solar Inc | $23.4M | 1.7% | +35.8% |
| NOKNokia Corp | $23.0M | 1.7% | New |
| COMPCompass Inc | $22.2M | 1.6% | New |
| Par Technology CorpCUSIP 698884AH6 | $21.9M | 1.6% | +22.5% |
| ADEAAdeia Inc | $20.9M | 1.5% | +217.5% |
| AHRTAh Rlty Tr Inc | $20.7M | 1.5% | −16.3% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| DBDDiebold Nixdorf Inc | September 30, 2023 | +348.9% | $40.5M |
| SHCSotera Health Co | December 31, 2022 | +113.1% | $91.3M |
| RSVRReservoir Media Inc | June 30, 2023 | +64.3% | $61.9M |
| Theravance Biopharma IncCUSIP G8807B106 | December 31, 2022 | +51.5% | $46.9M |
| RALRalliant Corp | December 31, 2025 | +44.6% | $128.1M |
| ADEAAdeia Inc | March 31, 2026 | +37.0% | $20.9M |
| Whitestone ReitCUSIP 966084204 | December 31, 2025 | +36.5% | $7.7M |
| CMPCompass Minerals Intl Inc | March 31, 2026 | +33.3% | $33.3M |
| AHRTAh Rlty Tr Inc | March 31, 2026 | +28.7% | $20.7M |
| SNDASonida Senior Living Inc | December 31, 2025 | +25.1% | $77.7M |
Sold off last quarter
- Bandwidth IncCUSIP 05988JAD5 was $37.6M
- FWRDForward Air Corp was $20.6M
- HPEHewlett Packard Enterprise C was $18.7M
- NWSNews Corp New was $16.9M
- RYAMRayonier Advanced Matls Inc was $15.0M
- PKSTPeakstone Realty Trust was $14.1M
- JANXJanux Therapeutics Inc was $10.6M
- SGRYSurgery Partners Inc was $8.5M
- Uniqure NvCUSIP N90064101 was $1.6M
- AVIRAtea Pharmaceuticals In was $1.6M
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +12.1% | +14.8% |
| March 31, 2026 | −13.4% | −4.6% |
| December 31, 2025 | −1.3% | +2.4% |
| September 30, 2025 | +8.5% | +7.8% |
| June 30, 2025 | −10.4% | +10.5% |
| March 31, 2025 | −10.7% | −4.6% |
| December 31, 2024 | +7.9% | +2.1% |
| September 30, 2024 | +8.5% | +5.4% |
| June 30, 2024 | +4.4% | +4.0% |
| March 31, 2024 | +3.3% | +10.0% |
| December 31, 2023 | +22.6% | +11.2% |
| September 30, 2023 | −0.9% | −3.6% |
| June 30, 2023 | +10.4% | +8.3% |
| March 31, 2023 | +0.8% | +7.0% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Irenic Capital Management LP Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1929389&type=13F-HR&dateb=&owner=include&count=40CIK 1929389
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1929389/000192938926000007/Filed August 14, 2026 · accession 0001929389-26-000007