Iron Triangle Partners LP In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Iron Triangle Partners LP reported 24 stock positions worth $711.2 million . Its top holding was Medpace (MEDP) at 9.1% of the portfolio, followed by Elanco Animal Health (ELAN, 8.8% ) and Illumina (ILMN, 8.1% ). Compared with Q2 2024, it opened 13 new positions, sold out of 13, added to 1 and reduced 10. The biggest buy was a new position in Medpace (MEDP) and the biggest sale an exit from Edwards Lifesciences (EW).
Location Cos Cob, CT
CIK 0001779763
Portfolio Value $711.2M (Q3 2024) Holdings 24 stocks · $711.2M 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 Q2 2024 MEDP Medpace Holdings Inc. 192,842 $64.4M New ELAN Elanco Animal Health Inc. 4,263,343 $62.6M Add +32.1% ILMN Illumina Inc. 440,000 $57.4M New THC Tenet Healthcare Corp. 308,940 $51.3M New ACHC Acadia Healthcare Co. Inc. 802,151 $50.9M Reduce -4.4% NVST Envista Holdings Corp. 2,189,369 $43.3M New ISRG Intuitive Surgical Inc. 72,001 $35.4M Reduce -40.5% TEVA Teva Pharmaceutical-SP ADR 1,943,790 $35.0M Reduce -41.1% OSCR Oscar Health Inc. Class A 1,611,909 $34.2M Reduce -12.0% DHR Danaher Corp. 110,000 $30.6M Reduce -41.2% GKOS Glaukos Corp. 217,674 $28.4M Reduce -57.2% EXAS Exact Sciences Corp. 399,871 $27.2M New PODD Insulet Corp. 110,000 $25.6M Reduce -58.3% MMSI Merit Medical Systems Inc. 253,000 $25.0M New TWST Twist Bioscience Corp. 510,000 $23.0M Reduce -3.1% AXSM Axsome Therapeutics Inc. 252,266 $22.7M New GERN Geron Corp. 3,351,000 $15.2M New SNY Sanofi-ADR 261,741 $15.1M New BKD Brookdale Senior Living Inc. 2,197,578 $14.9M Reduce -62.1% INSM Insmed Inc. 180,000 $13.1M Reduce -56.4% ACAD Acadia Pharmaceuticals Inc. 750,000 $11.5M New MYGN Myriad Genetics Inc. 401,859 $11.0M New INDV Indivior Ltd. 845,470 $8.2M New BCAX Bicara Therapeutics Inc. 200,000 $5.1M New
Options reported separately and not counted above: ELAN calls ($10.6M).
Portfolio Sells Q2 2024 → Q3 2024 Portfolio Sells quarter Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2024 % Of Portfolio Change To Portfolio ▲ EW Edwards Lifesciences Corp. Sold out 0.00% −7.04 DXCM Dexcom Inc. Sold out 0.00% −6.92 MCK McKesson Corp. Sold out 0.00% −5.64 ABBV Abbvie Inc. Sold out 0.00% −5.12 BMRN Biomarin Pharmaceutical Inc. Sold out 0.00% −4.79 WST West Pharmaceutical Services Sold out 0.00% −4.59 INSP Inspire Medical Systems Inc. Sold out 0.00% −3.96 NBIX Neurocrine Biosciences Inc. Sold out 0.00% −2.89 ARGX Argenx SE - ADR Sold out 0.00% −2.78 GKOS Glaukos Corp. Reduce -57.2% 3.99% −2.32 SDGR Schrodinger Inc. Sold out 0.00% −2.30 BKD Brookdale Senior Living Inc. Reduce -62.1% 2.10% −2.06 PODD Insulet Corp. Reduce -58.3% 3.60% −1.99 AGL Agilon Health Inc. Sold out 0.00% −1.73 INSM Insmed Inc. Reduce -56.4% 1.85% −1.05 TEVA Teva Pharmaceutical-SP ADR Reduce -41.1% 4.93% −0.70 ISRG Intuitive Surgical Inc. Reduce -40.5% 4.97% −0.67 DHR Danaher Corp. Reduce -41.2% 4.30% −0.60 MASS 908 Devices Inc. Sold out 0.00% −0.39 ALMS Alumis Inc. Sold out 0.00% −0.17 TWST Twist Bioscience Corp. Reduce -3.1% 3.24% +0.52 ACHC Acadia Healthcare Co. Inc. Reduce -4.4% 7.15% +1.21 OSCR Oscar Health Inc. Class A Reduce -12.0% 4.81% +1.77
Portfolio Buys Q2 2024 → Q3 2024 Portfolio Buys quarter Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2024 % Of Portfolio Change To Portfolio ▼ MEDP Medpace Holdings Inc. New 9.05% +9.05 ILMN Illumina Inc. New 8.07% +8.07 THC Tenet Healthcare Corp. New 7.22% +7.22 NVST Envista Holdings Corp. New 6.08% +6.08 ELAN Elanco Animal Health Inc. Add +32.1% 8.81% +3.92 EXAS Exact Sciences Corp. New 3.83% +3.83 MMSI Merit Medical Systems Inc. New 3.52% +3.52 AXSM Axsome Therapeutics Inc. New 3.19% +3.19 GERN Geron Corp. New 2.14% +2.14 SNY Sanofi-ADR New 2.12% +2.12 ACAD Acadia Pharmaceuticals Inc. New 1.62% +1.62 MYGN Myriad Genetics Inc. New 1.55% +1.55 INDV Indivior Ltd. New 1.16% +1.16 BCAX Bicara Therapeutics Inc. New 0.72% +0.72
Options Activity Q2 2024 → Q3 2024 Security Type Change vs Q2 2024 Underlying Shares Value ▼ ACHC Acadia Healthcare Co. Inc. call Sold out 298,200 $20.1Mbefore exit ELAN Elanco Animal Health Inc. call Add +9.5% 723,600 $10.6M
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