Iron Triangle Partners LP In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Iron Triangle Partners LP reported 28 stock positions worth $966.4 million . Its top holding was Acadia Healthcare (ACHC) at 7.4% of the portfolio, followed by Dexcom (DXCM, 6.8% ) and Icon (ICLR, 5.2% ). Compared with Q4 2023, it opened 13 new positions, sold out of 11, added to 10 and reduced 5. The biggest buy was a new position in Exact Sciences (EXAS) and the biggest sale an exit from Universal Health Services-B (UHS).
Location Cos Cob, CT
CIK 0001779763
Portfolio Value $966.4M (Q1 2024) Holdings 28 stocks · $966.4M Holdings quarter Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2023 ACHC Acadia Healthcare Co. Inc. 902,813 $71.5M Add +14.0% DXCM Dexcom Inc. 471,631 $65.4M Add +62.6% ICLR Icon PLC 150,853 $50.7M Reduce -12.6% ABBV Abbvie Inc. 276,098 $50.3M Add +10.4% ISRG Intuitive Surgical Inc. 124,337 $49.6M Add +3.6% EXAS Exact Sciences Corp. 700,000 $48.3M New WST West Pharmaceutical Services 119,736 $47.4M New ALGN Align Technology Inc. 141,958 $46.6M New ILMN Illumina Inc. 330,758 $45.4M Add +50.3% BRKR Bruker Corp. 466,521 $43.8M Add +3.7% GKOS Glaukos Corp. 429,525 $40.5M Add +75.6% TEVA Teva Pharmaceutical-SP ADR 2,769,864 $39.1M Add +113.1% BKD Brookdale Senior Living Inc. 5,897,960 $39.0M Add +21.4% APLS Apellis Pharmaceuticals Inc. 550,000 $32.3M New FTRE Fortrea Holdings Inc. 791,233 $31.8M New NBIX Neurocrine Biosciences Inc. 220,000 $30.3M New AVTR Avantor Inc. 1,150,000 $29.4M New SWAV Shockwave Medical Inc. 79,736 $26.0M New SDGR Schrodinger Inc. 863,323 $23.3M Add +84.2% SNDX Syndax Pharmaceuticals Inc. 973,057 $23.2M New XBI SS SPDR S&P Biotech ETF 226,066 $21.5M New ELAN Elanco Animal Health Inc. 1,297,132 $21.1M Reduce -56.8% CYTK Cytokinetics Inc. 300,000 $21.0M New MCK McKesson Corp. 37,419 $20.1M Reduce -53.2% OSCR Oscar Health Inc. Class A 1,334,503 $19.8M Reduce -35.0% ARGX Argenx SE - ADR 45,000 $17.7M New MASS 908 Devices Inc. 1,040,768 $7.9M Reduce -19.0% NYXH Nyxoah SA 253,025 $3.4M New
Options reported separately and not counted above: ELAN calls ($9.9M).
Portfolio Sells Q4 2023 → Q1 2024 Portfolio Sells quarter Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▲ UHS Universal Health Services-B Sold out 0.00% −6.35 IDXX Idexx Laboratories Inc. Sold out 0.00% −5.46 SGRY Surgery Partners Inc. Sold out 0.00% −4.32 INSP Inspire Medical Systems Inc. Sold out 0.00% −3.95 ELAN Elanco Animal Health Inc. Reduce -56.8% 2.19% −3.60 TXG 10X Genomics Inc. Class A Sold out 0.00% −3.47 SNY Sanofi-ADR Sold out 0.00% −3.22 LEGN Legend Biotech Corp.-ADR Sold out 0.00% −2.96 MCK McKesson Corp. Reduce -53.2% 2.08% −2.71 BMRN Biomarin Pharmaceutical Inc. Sold out 0.00% −2.50 PACB Pacific Biosciences of Calif Sold out 0.00% −2.34 RGEN Repligen Corp. Sold out 0.00% −1.92 ESTA Establishment Labs Holdings Sold out 0.00% −1.11 ICLR Icon PLC Reduce -12.6% 5.24% −1.08 MASS 908 Devices Inc. Reduce -19.0% 0.81% −1.05 OSCR Oscar Health Inc. Class A Reduce -35.0% 2.05% −0.38
Portfolio Buys Q4 2023 → Q1 2024 Portfolio Buys quarter Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▼ EXAS Exact Sciences Corp. New 5.00% +5.00 WST West Pharmaceutical Services New 4.90% +4.90 ALGN Align Technology Inc. New 4.82% +4.82 APLS Apellis Pharmaceuticals Inc. New 3.35% +3.35 FTRE Fortrea Holdings Inc. New 3.29% +3.29 NBIX Neurocrine Biosciences Inc. New 3.14% +3.14 AVTR Avantor Inc. New 3.04% +3.04 SWAV Shockwave Medical Inc. New 2.69% +2.69 SNDX Syndax Pharmaceuticals Inc. New 2.40% +2.40 TEVA Teva Pharmaceutical-SP ADR Add +113.1% 4.04% +2.29 XBI SS SPDR S&P Biotech ETF New 2.22% +2.22 CYTK Cytokinetics Inc. New 2.18% +2.18 DXCM Dexcom Inc. Add +62.6% 6.77% +2.11 ARGX Argenx SE - ADR New 1.83% +1.83 GKOS Glaukos Corp. Add +75.6% 4.19% +1.68 ILMN Illumina Inc. Add +50.3% 4.70% +0.74 BKD Brookdale Senior Living Inc. Add +21.4% 4.03% +0.37 NYXH Nyxoah SA New 0.35% +0.35 BRKR Bruker Corp. Add +3.7% 4.53% +0.26 SDGR Schrodinger Inc. Add +84.2% 2.41% +0.24 ABBV Abbvie Inc. Add +10.4% 5.20% +0.19 ISRG Intuitive Surgical Inc. Add +3.6% 5.13% −0.10 ACHC Acadia Healthcare Co. Inc. Add +14.0% 7.40% −0.57
Options Activity Q4 2023 → Q1 2024 Security Type Change vs Q4 2023 Underlying Shares Value ▼ ELAN Elanco Animal Health Inc. call New 610,500 $9.9M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q4 2025 27 $874.7M CRL, ISRG, RGEN, JAZZ, VCYT Q3 2025 25 $703.3M CVS, DXCM, ABBV, MDT, CRL Q2 2025 26 $631.9M CVS, CRL, ABBV, MMSI, ICLR Q1 2025 27 $634.4M DVA, CAH, ABBV, TEVA, BSX Q4 2024 22 $857.9M A, GMED, ABBV, UNH, TEVA Q3 2024 24 $711.2M MEDP, ELAN, ILMN, THC, ACHC Q2 2024 24 $954.0M EW, DXCM, GKOS, ACHC, ISRG Q1 2024 28 $966.4M ACHC, DXCM, ICLR, ABBV, ISRG