Iron Triangle Partners LP

Iron Triangle Partners runs a tightly concentrated, 27-position, $874.7 million healthcare book, and this quarter it turned over more than half of it while staying entirely within the sector. Sixteen of the 27 holdings are brand new, including a $53.5 million stake in Intuitive Surgical, a $40.1 million position in Boston Scientific and a $39.9 million stake in Waters Corp, while the fund exited Dexcom ($57.2 million), AbbVie ($46.4 million) and Medtronic ($43.2 million) entirely. The through-line is a rotation from payors and diagnostics-adjacent names toward life-science tools and CDMO exposure: Charles River Labs (CRL) — already the top holding — grew from 6.0% to 8.7% of the book on a $33.8 million buy, and new positions in Waters, Bruker (BRKR) and Bio-Techne (TECH) reinforce the same lab-instrumentation theme. Meanwhile CVS Health, the largest single holding a quarter ago at 8.6% of the portfolio, was cut nearly in half by share count (-45.8%, -$25.8 million) and now ranks well down the list. Iron Triangle isn't diversifying out of healthcare — it's actively trading within it.