Iron Triangle Partners LP

Hedge Fund • Long/Short

Iron Triangle Partners LP is a Long/Short Hedge Fund based in Atlanta, GA led by Michael John O'Brien, reporting $1.3B in AUM as of Q3 2025 with 99% Healthcare concentration and 59% concentrated in top 10 holdings.

CFOMichael John O'Brien

Portfolio Value: $703.3M
Positions: 25
Top Holding: CVS at 8.55%
Last Reported: Q3 2025

Address3355 Lenox Rd, Suite 925, Atlanta, GA, 30326, United States

Top Holdings

Largest long holdings in Iron Triangle Partners LP's portfolio (59% of total portfolio)

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GthenH

Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 CVS Health CVS	Medical - Healthcare Plans Healthcare	$60.2M	8.55%	+$3.6M Bought	0.06% 797.9K shares	Q2 2025 Held for 5 months
2 DexCom DXCM	Medical - Devices Healthcare	$57.2M	8.13%	+$57.2M Bought	0.22% 850.0K shares	Q3 2025 Held for 2 months
3 AbbVie ABBV	Drug Manufacturers - General Healthcare	$46.4M	6.60%	-$11.5M Sold	0.01% 200.3K shares	Q1 2023 Held for 2y 8m
4 Medtronic MDT	Medical - Devices Healthcare	$43.2M	6.14%	+$5.1M Bought	0.04% 453.3K shares	Q2 2025 Held for 5 months
5 Charles River Laboratories CRL	Medical - Diagnostics & Research Healthcare	$41.9M	5.96%	-$8.1M Sold	0.54% 268.0K shares	Q2 2025 Held for 5 months
6 Eli Lilly LLY	Drug Manufacturers - General Healthcare	$37.8M	5.38%	+$37.8M New	0.01% 49.6K shares	Q3 2025 Held for 2 months
7 BrightSpring Health Services, Inc. BTSG	Medical - Healthcare Information Services Healthcare	$36.6M	5.21%	+$1.1M Bought	0.70% 1.2M shares	Q1 2025 Held for 8 months
8 Repligen RGEN	Medical - Instruments & Supplies Healthcare	$36.1M	5.13%	+$36.1M Bought	0.48% 270.0K shares	Q3 2025 Held for 2 months
9 Glaukos GKOS	Medical - Devices Healthcare	$28.0M	3.98%	+$5.8M Bought	0.60% 342.8K shares	Q2 2023 Held for 2y 5m
10 Tenet Healthcare THC	Medical - Care Facilities Healthcare	$27.9M	3.97%	-$10.7M Sold	0.16% 137.4K shares	Q3 2024 Held for 1y 2m

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GthenH

Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Iron Triangle Partners LP's latest filing

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GthenC

Market Value

$703.3M

Prior: $617.4M

Q/Q Change

+13.92%

+$85.9M

Net Flows % of MV

-15.48%

Turnover Ratio

40.67%

New Purchases

5 stocks

$104.1M

Added To

10 stocks

+$52.5M

Sold Out Of

10 stocks

$212.0M

Reduced Holdings

5 stocks

-$53.6M

Increased Positions

Position	Shares Δ	Change
1 Eli Lilly LLY	New	0 → 49.6K +$37.8M
2 Madrigal Pharmaceuticals, Inc. MDGL	New	0 → 58.4K +$26.8M
3 Veracyte VCYT	New	0 → 485.0K +$16.7M
4 Amicus Therapeutics FOLD	New	0 → 2.0M +$15.5M
5 IDEAYA Biosciences, Inc. IDYA	New	0 → 270.0K +$7.3M

Decreased Positions

Position	Shares Δ	Change
1 Merit Medical Systems MMSI	Sold	392.8K → 0 −$36.7M
2 Icon ICLR	Sold	250.0K → 0 −$36.4M
3 Intuitive Surgical ISRG	Sold	60.0K → 0 −$32.6M
4 HCA Healthcare HCA	Sold	80.0K → 0 −$30.6M
5 Insulet PODD	Sold	68.0K → 0 −$21.4M