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Irenic Capital Management LP
Irenic Capital Management LP is a New York-based investment manager registered as a limited partnership in Delaware. The firm serves institutional clients and manages several private funds, including master funds domiciled in the Cayman Islands. It focuses on value-oriented, event-driven, and activist investment strategies, engaging with companies to drive shareholder value and operational improvements. The firm was founded in 2022 and primarily works with sophisticated investors including institutions and family offices.
Investment Strategy
Irenic Capital pursues a value-oriented and event-driven investment strategy, frequently taking activist positions in public companies and engaging with management and boards to unlock shareholder value. The firm utilizes fundamental analysis to identify undervalued companies and may employ various financial instruments, including equities, options, and derivatives, with a focus on strategic and operational improvements. Irenic also dynamically adjusts its holdings based on relative value, market conditions, and company-specific catalysts. The approach includes engaging in mergers, restructurings, or other corporate actions to realize investment upside.
Latest 13F Filing Activity
Irenic Capital Management LP filed their most recent 13F report on Jun 30, 2025 disclosing 18 equity positions with a total 13F market value of $678M. The fund increased holdings in Forward Air Corp., Grocery Outlet HLDG Corp., Site CTRS Corp. among other positions. Irenic Capital Management LP reduced exposure to Triumph Group Inc. New, Forward Air Corp., Magnera Corp. among others.
Top Holdings
Equity Positions (18)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
T TGI | TRIUMPH GROUP INC NEW | 8.93% | $60.5M | 2,350,173 | $13.85 | $25.75 | -$35.4M |
A AIV | APARTMENT INVT & MGMT CO | 6.24% | $42.3M | 4,886,442 | $7.99 | $8.65 | +$1.5M |
R RSVR | RESERVOIR MEDIA INC | 6.22% | $42.1M | 5,492,310 | $6.81 | $7.67 | +$1.0M |
S SHC | SOTERA HEALTH CO | 6.09% | $41.3M | 3,712,011 | $13.14 | $11.12 | +$4.9M |
D DBD | DIEBOLD NIXDORF INC | 4.87% | $33.0M | 595,223 | $27.57 | $55.40 | +$1.5M |
Industry Allocation
Investment Team (1)
| Name | Role | Location | |
|---|---|---|---|
 | Senior Analyst | United States |
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