Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st December 2025
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 12.8% | 6.0% | 5.6% |
| 2025 |
|---|
| 6.0% |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 12.8% | 6.0% | 5.6% |
| 2025 |
|---|
| 6.0% |
McIntyre Partnerships delivered 6% net returns in 2025 versus 13% for the Russell 2000 Value benchmark, though the fund has significantly outperformed since inception with 13% net annualized returns versus 7% for the benchmark. Manager Chris McIntyre describes 2025 as choppy but views the portfolio as exceptionally well-positioned following strategic rotation from winners to laggards. Key holdings include Sotera Health (SHC), a sterilization services company benefiting from tax law changes and trading at a discount to peers; Star Holdings (STHO), a liquidating security expected to announce significant capital returns in 2026; Seaport Entertainment Group (SEG), positioned to benefit from Meow Wolf's opening in 2027; and Veradigm (MDRX), a healthcare software company expected to relist in 2026. The portfolio is 117% long, 16% short, and 101% net, with top five positions representing 76% of assets. McIntyre plans to reopen the fund to outside investors in H2 2026 as liquidity has improved significantly.
The fund focuses on undervalued small-cap securities where fundamental value exceeds market price, particularly in healthcare and real estate liquidation situations with clear catalysts for value realization.
Manager believes portfolio is as well-positioned as at any point in fund's history, describing it as cranking a spring where tension is rising. Expects strong returns in 2026 based on rotation from winners to improving laggards and multiple catalysts across holdings.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Feb 19 2026 | 2025 Q4 | MDRX, SAFE, SHC, STE | healthcare, liquidation, real estate, small cap, undervalued, value |
SHC STHO SEG MDRX |
Portfolio positioned in undervalued securities trading at significant discounts to intrinsic value. Manager emphasizes rotation from winners to laggards where fundamentals are improving but share… |
| Sep 3 2025 | 2025 Q2 | SEG MM, SHC | Balance Sheets, Intrinsic Value, Mean reversion, Patience, value |
SHC SEG |
The letter emphasizes patient value investing focused on buying high-quality businesses at discounts created by short-term dislocations. Management highlights disciplined capital allocation, conservative balance sheets,… |
| May 13 2025 | 2025 Q1 | GTX, MDRX, SHC | - | - | - |
| Feb 3 2025 | 2024 Q4 | GTX, SHC, STHO | - | - | - |
| Nov 20 2024 | 2024 Q3 | SEG | - | - | - |
| Jul 31 2024 | 2024 Q2 | SHC | - | - | - |
| May 31 2024 | 2024 Q1 | CC, SHC | - | - | - |
| Jan 24 2024 | 2023 Q4 | GTX, MSGE, SHC, SPHR | - | - | - |
| Oct 25 2023 | 2023 Q3 | OSW, SPHR | - | - | - |
| Oct 8 2023 | 2023 Q2 | GTX, SHC | - | - | - |
| Jan 5 2023 | 2023 Q1 | OSW, SHC, SPHR, STHO | - | - | - |
| Jan 27 2023 | 2022 Q4 | MSGE, SHC, STE | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
HealthcareHealthcare was the strongest relative contributor in the quarter with holdings increasing nearly +16% compared to benchmark returns of roughly +12%. Exact Sciences was acquired for a significant premium by Abbott Laboratories resulting in an +86% return, while other strong performers included Tarsus Pharmaceuticals, Glaukos following approval of a new product, Penumbra, and Repligen driven by strong earnings results. |
M&A Product Approval Earnings Biotech |
Real Estate |
||
ValueManager emphasizes investing in controlled companies trading at significant discounts to NAV, with European holding companies showing discounts of 30-68%. The strategy focuses on securities mispricing where real value exists, contrasting with overvalued technology stocks. |
Discounts NAV Mispricing Undervalued Controlled | |
| 2025 Q2 |
ValueThe manager continues to find attractive value opportunities despite expensive markets, purchasing undervalued companies like Centene, GlaxoSmithKline, Carrefour and PayPal trading at low multiples with strong fundamentals. |
Undervalued Low Multiples Contrarian Opportunistic |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Sep 3, 2025 | Fund Letters | Chris McIntyre | SHC | Sotera Health Co. | Health Care | Health Care Services | Bull | New York Stock Exchange | compounding, Medtech, Re-rating, Sterilization, Volumes | Login |
| Sep 3, 2025 | Fund Letters | Chris McIntyre | SEG | Seaport Entertainment Group | Communication Services | Entertainment Facilities | Bull | New York Stock Exchange | cashflow, Catalyst, entertainment, realestate, turnaround | Login |
| Feb 19, 2026 | Fund Letters | Chris McIntyre | SHC | Sotera Health Company | Health Care | Health Care Services | Bull | NASDAQ | duopoly, EBITDA, healthcare, litigation, Sterilization, Tax rate | Login |
| Feb 19, 2026 | Fund Letters | Chris McIntyre | STHO | Star Holdings | Real Estate | Real Estate Management & Development | Bull | NASDAQ | buybacks, Liquidation, NAV, Real Estate, spinoff | Login |
| Feb 19, 2026 | Fund Letters | Chris McIntyre | SEG | Seaport Entertainment Group | Real Estate | Diversified Real Estate Activities | Bull | New York Stock Exchange | Caprate, cash, Event-driven, Real Estate, Redevelopment | Login |
| Feb 19, 2026 | Fund Letters | Chris McIntyre | MDRX | Veradigm Inc. | Health Care | Health Care Technology | Bull | NASDAQ | Ehr, FCF, Relisting, SaaS, turnaround | Login |
| TICKER | COMMENTARY |
|---|---|
| MDRX | After a previously discussed successful trade in 2024, MDRX again became a top-five position for the partnership following a failed sales process in Q1 2025. I believe the path forward is relatively straightforward: finish the audits, relist the shares in 2026, and then look to return cash to shareholders and/or sell the company if the market does not properly value it. When they do, I believe shares will trade at 15x my normalized $0.50-$0.70 in FCF/sh, which, giving credit for net cash, would yield $7-$11 versus a current price of $4.50. |
| SHC | SHC's stock was volatile in 2025 but ultimately finished strong. Despite the share price volatility, SHC remains a predictable, growing, and recession-proof business. 2025 marked an inflection year, with the core Sterigenics segment posting 10% revenue growth, up from ~4-7% in the previous two years. SHC should benefit from the tax law changes in the OBBB Act. Despite improved volumes, changes in tax law, and positive legal developments, SHC remains at a material discount to STE, the other side of their sterilization duopoly. I value SHC at 25x my 2027 EPS estimate of $1.20, implying a $30 valuation versus its current $17 price. |
| STE | STE trades ~25x 2026 EPS and 21x 2027 EPS, versus SHC at 17x and 14x my estimates, respectively. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||