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Livermore
Livermore
ZHEN

Iron Triangle Partners LP

SEC CIK
0001779763
Latest filing
Feb 17, 2026

The latest 13F from Iron Triangle Partners LP covers Q4 2025 (filed Feb 17, 2026): 27 long positions worth $874.7M. The top 10 holdings make up 53.2% of the portfolio, and the largest is Charles River Laboratories International, Inc. (CRL) at 8.7%. Livermore has 20 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q4 2025

Share counts compared with Q3 2025: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
16
Est. +$439.7M
Added
8
Est. +$117.4M
Reduced
3
Est. −$57.4M
Sold out
14
Est. −$390.3M

Top 5 holdings

Share of this quarter's portfolio value

  1. CRLCharles River Laboratories International, Inc.
    8.7%$75.7MHistory
  2. ISRGIntuitive Surgical Inc
    6.1%$53.5MHistory
  3. RGENRepligen Corp
    6.0%$52.5MHistory
  4. JAZZJazz Pharmaceuticals plc
    5.7%$49.7MHistory
  5. VCYTVeracyte, Inc.
    4.7%$41.3MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. ISRGIntuitive Surgical Inc
    +$53.5MNewHistory
  2. BSXBoston Scientific Corp
    +$40.1MNewHistory
  3. WATWaters Corp
    +$39.9MNewHistory
  4. BRKRBruker Corp
    +$37.4MNewHistory
  5. VRTXVertex Pharmaceuticals Inc
    +$34.9MNewHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. ISRGIntuitive Surgical Inc
    +6.12 pp0.0% → 6.1%History
  2. BSXBoston Scientific Corp
    +4.59 pp0.0% → 4.6%History
  3. WATWaters Corp
    +4.57 pp0.0% → 4.6%History
  4. BRKRBruker Corp
    +4.28 pp0.0% → 4.3%History
  5. VRTXVertex Pharmaceuticals Inc
    +3.99 pp0.0% → 4.0%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. DXCMDexcom Inc
    −$57.2MSold outHistory
  2. ABBVAbbVie Inc.
    −$46.4MSold outHistory
  3. MDTMedtronic plc
    −$43.2MSold outHistory
  4. CVSCVS Health Corp
    −$29.0MReducedHistory
  5. GKOSGLAUKOS Corp
    −$28.0MSold outHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. DXCMDexcom Inc
    −8.13 pp8.1% → 0.0%History
  2. ABBVAbbVie Inc.
    −6.60 pp6.6% → 0.0%History
  3. MDTMedtronic plc
    −6.14 pp6.1% → 0.0%History
  4. CVSCVS Health Corp
    −4.63 pp8.6% → 3.9%History
  5. GKOSGLAUKOS Corp
    −3.98 pp4.0% → 0.0%History

Metrics

13F metrics for Q4 2025, computed only from the numbers in the filings. Definitions below.

Portfolio value
$874.7M
+$171.4M (+24.4%) vs. prior quarter
Positions
27
+2 vs. prior quarter
Top 10 concentration
53.2%
Top 10 as share of value
Turnover
56.7%
Q4 2025, one quarter
Average holding period
1.9 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

20 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $970.8M (Q2 2021)

Q1 2021: $786.5MQ2 2021: $970.8MQ3 2021: $696.8MQ4 2021: $717.7MQ1 2022: $840.7MQ2 2022: $620.3MQ3 2022: $572.0MQ4 2022: $557.8MQ1 2023: $693.2MQ2 2023: $729.6MQ3 2023: $684.2MQ4 2023: $772.9MQ1 2024: $966.4MQ2 2024: $954.0MQ3 2024: $711.2MQ4 2024: $857.9MQ1 2025: $634.4MQ2 2025: $631.9MQ3 2025: $703.3MQ4 2025: $874.7M
Q1 2021Q4 2025
13F filings of Iron Triangle Partners LP by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q4 2025Feb 17, 202627$874.7MCRLISRGRGENvs. Q3 2025SEC
Q3 2025Nov 14, 202525$703.3MCVSDXCMABBVvs. Q2 2025SEC
Q2 2025Aug 14, 202526$631.9MCVSCRLABBVvs. Q1 2025SEC
Q1 2025May 15, 202527$634.4MDVACAHABBVvs. Q4 2024SEC
Q4 2024Feb 14, 202522$857.9MAGMEDABBVvs. Q3 2024SEC
Q3 2024Nov 14, 202424$711.2MMEDPELANILMNvs. Q2 2024SEC
Q2 2024Aug 14, 202424$954.0MEWDXCMGKOSvs. Q1 2024SEC
Q1 2024May 15, 202428$966.4MACHCDXCMICLRvs. Q4 2023SEC
Q4 2023Feb 14, 202426$772.9MACHCUHSICLRvs. Q3 2023SEC
Q3 2023Nov 14, 202323$684.2MUHSACHCDXCMvs. Q2 2023SEC
Q2 2023Aug 14, 202322$729.6MICLRUHSABBVvs. Q1 2023SEC
Q1 2023May 15, 202327$693.2MSNYABBVICLRvs. Q4 2022SEC
Q4 2022Feb 14, 202326$557.8MICLRCRLUHSvs. Q3 2022SEC
Q3 2022Nov 14, 202227$572.0MCRLCINBIXvs. Q2 2022SEC
Q2 2022Aug 15, 202224$620.3MABBVHUMRGENvs. Q1 2022SEC
Q1 2022May 16, 202228$840.7MICLRHZNPGHvs. Q4 2021SEC
Q4 2021Feb 14, 202225$717.7MDVANVSTGHvs. Q3 2021SEC
Q3 2021Nov 15, 202126$696.8MHZNPNVSTHUMvs. Q2 2021SEC
Q2 2021Aug 16, 202126$970.8MHUMCTLTMOHvs. Q1 2021SEC
Q1 2021May 17, 202127$786.5MEHCUNHZBH–SEC