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 prices declined. Focus on companies with strong cash generation trading below fair value multiples. Significant exposure to healthcare through sterilization services (SHC) and healthcare software (MDRX). Healthcare IT viewed as defensive with regulatory complexity creating barriers to disruption. Sterilization services seen as recession-proof with predictable growth. Exposure through liquidating real estate holdings (STHO) and entertainment real estate (SEG). Focus on asset monetization and development projects with major tenants like Meow Wolf driving traffic and rental income growth. |
| 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, and long holding periods. Value realization is expected through normalization of earnings and multiple expansion over time. |
| 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 | |||