Irth Capital Management LP

Key Holdings

The sole holding is PZZA (Papa Johns Intl Inc), valued at $62.68 million and representing 100.0% of the reported portfolio. At 1.63 million shares, this position is a full‑weight, single‑name exposure. From an investor perspective, this is a high‑conviction, idiosyncratic stake: performance of the entire reported portfolio will track PZZA share moves dollar‑for‑dollar (subject to small cash or unreported positions). The concentration implies the manager is accepting substantial single‑company risk (operational, competitive, regulatory, litigation, or corporate‑action risks specific to Papa Johns).

Sector Allocation

The portfolio is 100% allocated to the Consumer Cyclical sector (specifically a restaurant/foodservice chain). This creates a clear sector tilt: the portfolio’s performance will be correlated with consumer discretionary demand cycles and industry‑specific input costs (commodity prices, labor), franchise performance, and macro trends affecting discretionary spending. There is no sector diversification in the reported equities.