Iron Triangle Partners LP In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Iron Triangle Partners LP reported 27 stock positions worth $634.4 million . Its top holding was Davita (DVA) at 7.7% of the portfolio, followed by Cardinal Health (CAH, 6.5% ) and Abbvie (ABBV, 6.4% ). Compared with Q4 2024, it opened 12 new positions, sold out of 7, added to 4 and reduced 11. The biggest buy was a new position in Tenet Healthcare (THC) and the biggest sale an exit from Unitedhealth (UNH).
Location Cos Cob, CT
CIK 0001779763
Portfolio Value $634.4M (Q1 2025) Holdings 27 stocks · $634.4M 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 2024 DVA Davita Inc. 319,566 $48.9M Add +22.7% CAH Cardinal Health Inc. 300,000 $41.3M Add +61.3% ABBV Abbvie Inc. 192,819 $40.4M Reduce -48.5% TEVA Teva Pharmaceutical-SP ADR 2,217,730 $34.1M Add +0.8% BSX Boston Scientific Corp. 332,167 $33.5M Reduce -32.9% GMED Globus Medical Inc. Class A 431,221 $31.6M Reduce -48.9% THC Tenet Healthcare Corp. 209,454 $28.2M New PODD Insulet Corp. 106,029 $27.8M Reduce -31.2% AZN Astrazeneca PLC-Spons ADR 376,330 $27.7M New ONC Beone Medicines Ltd.-ADR filed as BEIGENE LTD 97,840 $26.6M New GH Guardant Health Inc. 600,867 $25.6M New A Agilent Technologies Inc. 208,438 $24.4M Reduce -65.0% MMSI Merit Medical Systems Inc. 229,738 $24.3M Reduce -43.6% NVST Envista Holdings Corp. 1,232,798 $21.3M Reduce -44.0% DOCS Doximity Inc. Class A 360,000 $20.9M Add +15.2% ALNY Alnylam Pharmaceuticals Inc. 65,409 $17.7M New AHCO Adapthealth Corp. 1,614,045 $17.5M New TWST Twist Bioscience Corp. 423,913 $16.6M Reduce -13.9% ARGX Argenx SE - ADR 27,874 $16.5M Reduce -20.4% NBIX Neurocrine Biosciences Inc. 146,836 $16.2M Reduce -53.9% JAZZ Jazz Pharmaceuticals PLC 130,000 $16.1M New ADPT Adaptive Biotechnologies 2,134,061 $15.9M New ISRG Intuitive Surgical Inc. 30,000 $14.9M Reduce -60.0% TECH Bio-Techne Corp. 250,000 $14.7M New BTSG Brightspring Health Services 722,341 $13.1M New EHAB Enhabit Inc. 1,140,000 $10.0M New TXG 10X Genomics Inc. Class A 1,000,000 $8.7M New
Portfolio Sells Q4 2024 → Q1 2025 Portfolio Sells quarter Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▲ UNH Unitedhealth Group Inc. Sold out 0.00% −7.12 A Agilent Technologies Inc. Reduce -65.0% 3.84% −5.49 EXAS Exact Sciences Corp. Sold out 0.00% −3.93 HQY Healthequity Inc. Sold out 0.00% −3.75 MEDP Medpace Holdings Inc. Sold out 0.00% −3.49 GMED Globus Medical Inc. Class A Reduce -48.9% 4.98% −3.16 XBI SS SPDR S&P Biotech ETF Sold out 0.00% −2.62 GKOS Glaukos Corp. Sold out 0.00% −2.62 NBIX Neurocrine Biosciences Inc. Reduce -53.9% 2.56% −2.50 WAY Waystar Holding Corp. Sold out 0.00% −2.36 ISRG Intuitive Surgical Inc. Reduce -60.0% 2.34% −2.22 NVST Envista Holdings Corp. Reduce -44.0% 3.35% −1.59 ABBV Abbvie Inc. Reduce -48.5% 6.37% −1.38 MMSI Merit Medical Systems Inc. Reduce -43.6% 3.83% −0.76 PODD Insulet Corp. Reduce -31.2% 4.39% −0.30 TWST Twist Bioscience Corp. Reduce -13.9% 2.62% −0.04 ARGX Argenx SE - ADR Reduce -20.4% 2.60% +0.09 BSX Boston Scientific Corp. Reduce -32.9% 5.28% +0.13
Portfolio Buys Q4 2024 → Q1 2025 Portfolio Buys quarter Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▼ THC Tenet Healthcare Corp. New 4.44% +4.44 AZN Astrazeneca PLC-Spons ADR New 4.36% +4.36 ONC Beone Medicines Ltd.-ADR New 4.20% +4.20 GH Guardant Health Inc. New 4.03% +4.03 CAH Cardinal Health Inc. Add +61.3% 6.52% +3.95 DVA Davita Inc. Add +22.7% 7.71% +3.17 ALNY Alnylam Pharmaceuticals Inc. New 2.78% +2.78 AHCO Adapthealth Corp. New 2.76% +2.76 JAZZ Jazz Pharmaceuticals PLC New 2.54% +2.54 ADPT Adaptive Biotechnologies New 2.50% +2.50 TECH Bio-Techne Corp. New 2.31% +2.31 BTSG Brightspring Health Services New 2.06% +2.06 EHAB Enhabit Inc. New 1.58% +1.58 TXG 10X Genomics Inc. Class A New 1.38% +1.38 DOCS Doximity Inc. Class A Add +15.2% 3.29% +1.35 TEVA Teva Pharmaceutical-SP ADR Add +0.8% 5.37% −0.28
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ UNH Unitedhealth Group Inc. call Sold out 100,000 $50.6Mbefore exit
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