Iron Triangle Partners LP In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Iron Triangle Partners LP reported 25 stock positions worth $703.3 million . Its top holding was CVS Health (CVS) at 8.6% of the portfolio, followed by Dexcom (DXCM, 8.1% ) and Abbvie (ABBV, 6.6% ). Compared with Q2 2025, it opened 10 new positions, sold out of 11, added to 10 and reduced 5. The biggest buy was a new position in Dexcom (DXCM) and the biggest sale an exit from Merit Medical Systems (MMSI).
Location Cos Cob, CT
CIK 0001779763
Portfolio Value $703.3M (Q3 2025) Holdings 25 stocks · $703.3M 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 2025 CVS CVS Health Corp. 797,900 $60.2M Add +6.4% DXCM Dexcom Inc. 850,000 $57.2M New ABBV Abbvie Inc. 200,326 $46.4M Reduce -19.9% MDT Medtronic PLC 453,347 $43.2M Add +13.3% CRL Charles River Laboratories 268,000 $41.9M Reduce -16.3% LLY Eli Lilly & Co. 49,555 $37.8M New BTSG Brightspring Health Services 1,238,520 $36.6M Add +3.2% RGEN Repligen Corp. 270,000 $36.1M New GKOS Glaukos Corp. 342,804 $28.0M Add +26.4% THC Tenet Healthcare Corp. 137,448 $27.9M Reduce -27.7% EXAS Exact Sciences Corp. 500,000 $27.4M Add +66.7% ADPT Adaptive Biotechnologies 1,820,915 $27.2M Add +21.7% MDGL Madrigal Pharmaceuticals Inc. 58,378 $26.8M New GH Guardant Health Inc. 400,000 $25.0M Add +33.3% BKD Brookdale Senior Living Inc. 2,838,361 $24.0M Add +67.0% CAH Cardinal Health Inc. 138,011 $21.7M Add +31.1% JAZZ Jazz Pharmaceuticals PLC 150,000 $19.8M New NBIX Neurocrine Biosciences Inc. 131,390 $18.4M New WST West Pharmaceutical Services 70,000 $18.4M New AHCO Adapthealth Corp. 1,924,132 $17.2M Add +0.2% VCYT Veracyte Inc. 485,000 $16.7M New FOLD Amicus Therapeutics Inc. 1,971,260 $15.5M New DOCS Doximity Inc. Class A 210,000 $15.4M Reduce -55.4% IDYA Ideaya Biosciences Inc. 270,000 $7.3M New ARGX Argenx SE - ADR 9,900 $7.3M Reduce -36.4%
Portfolio Sells Q2 2025 → Q3 2025 Portfolio Sells quarter Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▲ MMSI Merit Medical Systems Inc. Sold out 0.00% −5.81 ICLR Icon PLC Sold out 0.00% −5.75 ISRG Intuitive Surgical Inc. Sold out 0.00% −5.16 HCA HCA Healthcare Inc. Sold out 0.00% −4.85 PODD Insulet Corp. Sold out 0.00% −3.38 TWST Twist Bioscience Corp. Sold out 0.00% −2.47 DOCS Doximity Inc. Class A Reduce -55.4% 2.18% −2.39 ONC Beone Medicines Ltd.-ADR Sold out 0.00% −2.30 NVST Envista Holdings Corp. Sold out 0.00% −1.92 CRL Charles River Laboratories Reduce -16.3% 5.96% −1.72 EHAB Enhabit Inc. Sold out 0.00% −1.57 ALNY Alnylam Pharmaceuticals Inc. Sold out 0.00% −1.51 THC Tenet Healthcare Corp. Reduce -27.7% 3.97% −1.32 INSM Insmed Inc. Sold out 0.00% −1.11 ABBV Abbvie Inc. Reduce -19.9% 6.60% −0.75 ARGX Argenx SE - ADR Reduce -36.4% 1.04% −0.32
Portfolio Buys Q2 2025 → Q3 2025 Portfolio Buys quarter Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▼ DXCM Dexcom Inc. New 8.13% +8.13 LLY Eli Lilly & Co. New 5.38% +5.38 RGEN Repligen Corp. New 5.13% +5.13 MDGL Madrigal Pharmaceuticals Inc. New 3.81% +3.81 JAZZ Jazz Pharmaceuticals PLC New 2.81% +2.81 NBIX Neurocrine Biosciences Inc. New 2.62% +2.62 WST West Pharmaceutical Services New 2.61% +2.61 VCYT Veracyte Inc. New 2.37% +2.37 FOLD Amicus Therapeutics Inc. New 2.21% +2.21 BKD Brookdale Senior Living Inc. Add +67.0% 3.42% +1.55 EXAS Exact Sciences Corp. Add +66.7% 3.89% +1.37 ADPT Adaptive Biotechnologies Add +21.7% 3.87% +1.12 GH Guardant Health Inc. Add +33.3% 3.55% +1.08 IDYA Ideaya Biosciences Inc. New 1.04% +1.04 BTSG Brightspring Health Services Add +3.2% 5.21% +0.73 MDT Medtronic PLC Add +13.3% 6.14% +0.62 CVS CVS Health Corp. Add +6.4% 8.55% +0.37 CAH Cardinal Health Inc. Add +31.1% 3.08% +0.28 AHCO Adapthealth Corp. Add +0.2% 2.45% −0.42 GKOS Glaukos Corp. Add +26.4% 3.98% −0.46
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ OSCR Oscar Health Inc. Class A put Sold out 900,000 $19.3Mbefore 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