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Funds (13F)

Irenic Capital Management LP

Backtest from 17 Feb 2023 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+11.2%
S&P 500 +19.7%
Last 12 months
+2.4%
S&P 500 +12.1%
Sharpe ratio
0.37
S&P 500 1.02
Biggest drop
−22.2%
S&P 500 −16.9%
$10.0k$20.0k 2023202420252026 $19.5k$14.8k
Irenic Capital Management LPS&P 500 $10,000 in Irenic Capital Management LP from 17 Feb 2023 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies Irenic Capital Management LP's quarterly 13F holdings in the companies we cover, weighted by reported value: it buys on the first trading day after each 13F is filed (up to 45 days after the quarter) and holds until the next filing. A 13F shows long US-listed positions only, at the quarter's end, so this misses shorts, cash, bonds, non-US holdings and trading within the quarter.

Irenic Capital Management LP's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+11.2%+19.7%
Total return+48%+95%
Last 12 months+2.4%+12.1%
Last 3 months−0.8%—
Last month−1.3%—
This year so far−0.8%—
Volatility a year24.0%14.0%
Sharpe ratio0.371.02
Biggest drop−22.2%−16.9%
Beta to the S&P 5000.941.00
Alpha a year (t-statistic)−4.6% (−0.43)—
Share of weeks up51%—

Sharpe ratio uses returns above the 3-month Treasury bill rate. Alpha is the yearly return left after allowing for the strategy's exposure to the S&P 500 (CAPM); a t-statistic below about 2 means it cannot be told apart from luck.

Insights

CompanyWeightHeld sinceReturn since
SNAP10.8%——
RAL10.3%——
ITGR9.5%——
TFX8.9%——
SHC7.4%——
SNDA6.3%——
RSVR5.0%——
ALKT3.9%——
CPNG3.5%——
DPC3.3%——
DBD3.3%——
ATKR3.1%——
MMSI3.0%——
SPSC2.8%——
CMP2.7%——
SMA2.3%——
WK2.2%——
FSLR1.9%——
COMP1.8%——
ADEA1.7%——
AHRT1.7%——
CTRI1.3%——
SITC0.8%——
GDS0.7%——
NHP0.7%——
ANAB0.4%——
AIV0.3%——
BLND0.3%——
ELME0.2%——
FVR0.1%——

Weighted by reported value in the latest 13F, held until the next filing.

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest17 Feb 2023 to 2 Nov 2026+11.2%+19.7%0.371.02−22.2%0.94−4.6% (−0.43)
Last three years3 Nov 2023 to 2 Nov 2026+11.2%+21.8%0.371.16−22.2%0.86−4.9% (−0.40)
Last year7 Nov 2025 to 2 Nov 2026+3.5%+14.2%0.120.84−15.4%0.82−4.8% (−0.18)
DateCompanyAction
21 Aug 2026SMABought
21 Aug 2026NHPBought
21 Aug 2026MMSIBought
21 Aug 2026GDSBought
21 Aug 2026FVRBought
21 Aug 2026DPCBought
21 Aug 2026CPNGBought
21 Aug 2026COMPBought
21 Aug 2026ANABBought
22 May 2026VORBought
22 May 2026TFXBought
22 May 2026SNAPBought
22 May 2026RYAMBought
22 May 2026QUREBought
22 May 2026JANXBought
22 May 2026HPEBought
22 May 2026FATEBought
22 May 2026DHBought
22 May 2026CMPBought
22 May 2026AVIRBought
22 May 2026AHRTBought
22 May 2026ADEABought
20 Feb 2026WEAVBought
20 Feb 2026TASKBought
20 Feb 2026SPSCBought

Dated at the rebalance that made the change.

DateCompanyAction
21 Aug 2026VORSold
21 Aug 2026SGRYSold
21 Aug 2026RYAMSold
21 Aug 2026QURESold
21 Aug 2026JANXSold
21 Aug 2026HPESold
21 Aug 2026FWRDSold
21 Aug 2026FATESold
21 Aug 2026DHSold
21 Aug 2026AVIRSold
22 May 2026WEAVSold
22 May 2026TASKSold
22 May 2026SAROSold
22 May 2026PZZASold
22 May 2026MRVISold
22 May 2026MLABSold
22 May 2026LIONSold
22 May 2026ICLRSold
22 May 2026HSICSold
22 May 2026GSMSold
22 May 2026COOSold
22 May 2026AINSold
22 May 2026ADSold
22 May 2026ABUSSold
20 Feb 2026GOSold

Dated at the rebalance that made the change.

Backtests are hypothetical and use today's listed companies only, which flatters results. Past performance does not predict future returns. This is research, not investment advice. How we backtest