Irenic Capital Management LP

Key Holdings

The portfolio is dominated by a few select names, with the top 10 positions comprising the vast majority of the fund's value.

• Sotera Health Co (SHC): Remaining the largest position at $55.81 million (16.23%), SHC continues to be a core holding despite a 4.4% reduction in stake value. This suggests the manager maintains conviction in the healthcare name, perhaps viewing recent price weakness as a cyclical issue rather than a structural problem.
• Reservoir Media Inc: Representing 13.42% of the portfolio ($46.15M), this is a significant bet on the media/entertainment sector. The position saw a slight increase of 3.2%, indicating continued accumulation.
• Workiva Inc (WK): A new entry and the third-largest holding at $42.78 million (12.44%). This represents a major capital deployment into the technology sector, specifically targeting cloud-based reporting and compliance solutions.
• Theravance Biopharma Inc: At $40.31 million (11.72%), this biopharma position reinforces the fund's heavy tilt toward healthcare and life sciences.
• Bandwidth Inc & Forward Air Corp: These positions in communications and logistics saw substantial increases. Notably, Bandwidth Inc saw a 66.2% increase in stake value, suggesting aggressive buying during the quarter.