Irenic Capital Management LP
"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.
13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.
We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 12 quarters, returned +5.3% per quarter — versus +4.3% per quarter from simply owning every 13F stock. It beat that baseline in only 33.3% of quarters (excess t = 0.12, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 41 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| SNAP | $138M | | NEW |
| ITGR | $111M | | HOLD |
| TFX | $104M | | NEW |
| RAL | $72M | | ADD |
| SHC | $63M | | ADD |
| RSVR | $61M | | ADD |
| TBPH | $45M | | HOLD |
| ALKT | $42M | | ADD |
| SNDA | $39M | | ADD |
| DBD | $36M | | TRIM |
| CMP | $34M | | NEW |
| SPSC | $33M | | ADD |
| WK | $33M | | HOLD |
| FWRD | $21M | | HOLD |
| AIV | $20M | | ADD |
| WSR | $20M | | ADD |
| AHRT | $19M | | NEW |
| HPE | $19M | | NEW |
| NWS | $17M | | HOLD |
| RYAM | $15M | | NEW |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q1
Method & Limitations
Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.