Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 30th June 2026
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 12% | 23.3% | -1.2% |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 12% | 23.3% | -1.2% |
McIntyre Partnerships delivered a strong Q2 2026 with 23.3% net returns, fully reversing Q1 losses but remaining flat year-to-date at -1.2% net. The portfolio experienced a broad-based rally across almost all holdings, driven by positive idiosyncratic events rather than just market momentum. The most significant development was news that QDEL is in late stages of divesting its Point of Care business for approximately $1.5B at 10x EV/EBITDA, which would deleverage the company and enable share repurchases. The manager views QDEL as a once-in-five-to-ten-year opportunity and maintains it as the largest position. Other major holdings showed strong progress: SHC's Sterigenics segment returned to high single-digit growth with favorable legal developments, while STHO made significant progress unwinding legacy real estate holdings and its SAFE investment rallied 20%. The CRO market inflection from biotech M&A benefited FTRE and signals positive momentum for life science tools broadly. The highly concentrated portfolio (five positions representing 88% of assets) reflects the manager's high conviction in these multibagger opportunities. The fund plans to reopen in H1 2027 after being closed since Q1 2025.
McIntyre Partnerships is a concentrated small-cap value fund with 88% of assets in five positions, focused on special situations with significant upside potential driven by corporate actions, asset sales, and valuation re-ratings.
The manager retains high conviction in the portfolio despite a flat first half result. QDEL is viewed as a once-in-five-to-ten-year opportunity with plans to maintain a significant investment for the foreseeable future. Beyond QDEL, the manager believes there are several large investments with strong catalysts that represent multibagger opportunities. The fund, which has been closed since Q1 2025, plans to reopen in H1 2027 with existing LPs given priority.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Aug 3 2026 | 2026 Q2 | FTRE, QDEL, SHC, STHO, STRZ | Buybacks, healthcare, Life Science Tools, real estate, small caps, special situations, value |
QDEL SHC STHO |
McIntyre Partnerships rebounded 23% in Q2 after a difficult Q1, driven by QDEL's announced $1.5B asset sale that will deleverage the company and unlock value. The manager maintains extreme concentration with five positions representing 88% of assets, viewing QDEL as a once-in-a-decade opportunity. Strong catalysts across SHC, STHO, and the broader life science tools sector support the multibagger thesis for this concentrated small-cap value portfolio. |
| May 11 2026 | 2026 Q1 | CC, FTRE, ICLR, MDRX, QDEL, SEG, SHC, STHO, SWIM | Concentration, Diagnostics, healthcare, Life Sciences, Medical Devices, small cap, value | QDEL | McIntyre concentrated over 20% in QDEL at $11, viewing it as a once-in-a-decade opportunity. Five temporary issues mask a stable diagnostics business with 95% contract renewal rates and 6% core growth. Manager projects $4 FCF per share by 2028, implying $80 target versus current $11 price, with put protection limiting downside. |
| Feb 19 2026 | 2025 Q4 | MDRX, SAFE, SHC, STE | healthcare, liquidation, real estate, small cap, undervalued, value |
SHC STHO SEG MDRX |
McIntyre Partnerships underperformed in 2025 but manager believes portfolio is exceptionally positioned after rotating from winners to undervalued laggards. Key catalysts include tax benefits for SHC, capital returns from STHO liquidation, Meow Wolf opening for SEG, and MDRX relisting. Fund plans to reopen to investors in H2 2026. |
| Sep 3 2025 | 2025 Q2 | FTRE, HAYW, LESL, MDRX, SEG, SHC, STHO, SWIM | Concentration, healthcare, small caps, special situations, value, volatility |
SHC SEG SHC SEG |
McIntyre Partnerships recovered from -19% H1 underperformance to +4% YTD by August through concentrated small cap value investing. Key catalysts included Sotera Health volume recovery and Seaport Entertainment asset sale. The manager attributes H1 weakness to index fund flows and small cap special situations factor headwinds, positioning for continued outperformance as these factors reverse. |
| May 13 2025 | 2025 Q1 | BWA, FTRE, GTX, HAYW, LESL, MDRX, SEG, SHC, STE, STHO, SWIM | Concentration, Healthcare Software, small caps, special situations, value | MDRX | McIntyre Partnerships fell 17% in Q1 versus 8% for Russell 2000 Value as broad selling hit concentrated special situations portfolio. Largest holding SHC disappointed despite lower cyclical risk while MDRX was resized after failed deal. Manager maintains conviction in idiosyncratic ideas with strong catalysts, expecting fundamentals to drive recovery over time. |
| Feb 3 2025 | 2024 Q4 | CC, GTX, HAYW, LESL, MDRX, OSW, SAFE, SEG, SHC, SPHR, STHO, SWIM | Automotive, Concentration, Cyclical, Litigation, real estate, small cap, value |
SHC GTX STHO |
Small-cap value fund underperformed in 2024 due to declines in three concentrated positions but manager maintains conviction in core theses. New investments in pool construction market at cyclical lows offer significant recovery potential. Portfolio positioned defensively with market hedges given broad market valuation concerns while maintaining focus on less-followed opportunities with structural advantages. |
| Nov 20 2024 | 2024 Q3 | CC, GTX, HHH, LESL, MDRX, OSW, SEG, SHC, SPHR, STHO | Concentration, real estate, small caps, spinoffs, value | SEG | Concentrated small cap value fund delivered strong Q3 performance led by SHC's 40% rally on improving fundamentals. New position SEG represents classic spinoff opportunity trading below asset value with significant upside if Manhattan real estate turnaround succeeds. Portfolio remains concentrated with top five positions at 68% of assets targeting mispriced special situations. |
| Jul 31 2024 | 2024 Q2 | SHC, STE, UMG.AS, WMG | Concentration, healthcare, Legal Risk, small caps, Sterilization, value | SHC | Concentrated small-cap value fund underperformed in Q2 but maintains conviction in core holdings. Largest position SHC trades at 10x EBITDA versus peer at 15x, offering compelling value despite legal risks. Manager trimmed overvalued positions like UMG at 30x earnings, demonstrating discipline. Key catalysts include inventory destocking resolution and legal settlements. |
| May 31 2024 | 2024 Q1 | CC, GTX, KRO, MDRX, OSW, SHC, SPHR, TROX, UMG, WMG | Concentration, Cyclical, Opportunistic, small caps, value | CC | McIntyre Partnerships fell 4% in Q1 due to largest holding SHC's 30% decline from block trade issues, but demonstrated opportunistic value creation by rapidly scaling CC position during accounting crisis-driven selloff. The fund maintains concentrated exposure to cyclical recovery themes, particularly TiO2 chemicals, with 77% in top five positions and flexibility to capitalize on market dislocations. |
| Jan 24 2024 | 2023 Q4 | ALGN, FBIN, FOR, GTX, MBC, MSGE, OSW, SAFE, SHC, SPHR, STHO, TPHS, UMG.AS, WMG, ZWS | Concentration, Event Driven, Litigation, small caps, turnaround, value |
SHC GTX |
McIntyre delivered 38% net returns through concentrated value investing in litigation-discounted SHC and BEV-contrarian GTX. Portfolio benefits from baby with the bathwater purchases in record labels and entertainment assets during 2022 sentiment trough. Top five positions represent 80% of assets with asymmetric risk-reward profiles as temporary headwinds resolve and fundamental quality drives multiple expansion. |
| Oct 25 2023 | 2023 Q3 | GTX, MSGE, OSW, SHC, SPHR, STHO, UMG.AS, WMG | Buybacks, Concentration, Cruises, Entertainment, Music, small caps, value | OSW | McIntyre Partnerships' concentrated small-cap value strategy delivered 22% net YTD returns through Q3 2023, vastly outperforming benchmarks. The fund's largest holding OSW operates as a cruise spa quasi-monopoly with high-teens IRR potential from strong cash generation. Record labels and entertainment venue SPHR also contributed meaningfully. Manager maintains conviction while positioning for potential capital rotation opportunities. |
| Oct 8 2023 | 2023 Q2 | GTX, MSGE, SHC, SPHR, STE | Buybacks, Entertainment, GARP, healthcare, small caps, value | SHC | McIntyre delivered 36% H1 returns through concentrated small-cap value positions. SHC leads as largest holding with 40-70% upside potential post-legal settlement. SPHR benefits from viral Sphere marketing validating business model. GTX's 20% buyback creates reweighting catalyst. Manager rebuilt record labels after AI selloff, viewing displacement fears as overblown. Portfolio remains 96% long despite market caution. |
| Jan 5 2023 | 2023 Q1 | MSGE, OSW, SAFE, SHC, SPHR, STHO, WMG | Catalyst Driven, Entertainment, real estate, small cap, spinoffs, value |
STHO SPHR |
McIntyre delivered 28% net returns through concentrated catalyst-driven investing, with SHC litigation settlement and MSGE spinoff driving outperformance. The manager rotated from MSGE to SPHR post-spinoff, viewing the Sphere development as undervalued despite strong U2 ticket demand. Remains cautious on cyclicals while maintaining high conviction in defensive, catalyst-rich portfolio. |
| Jan 27 2023 | 2022 Q4 | MSGE, SHC, STE | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
Life Science ToolsThe CRO market saw continued momentum from the inflection in biotech M&A and fundraising in 2025, which directly benefited FTRE. The manager believes the CRO inflection is a positive early sign for the life science tools market, which should benefit QDEL and SHC. QDEL is expected to return to consistent high single-digit EBITDA growth once Chinese regulations are finalized. |
CRO Biotech Diagnostics Medical Devices |
Biopharma M&AThe CRO market experienced continued momentum from the inflection in biotech M&A and fundraising in 2025. This inflection directly benefited FTRE and is viewed as a positive early sign for the broader life science tools market. |
Biotech M&A CRO Fundraising | |
Healthcare REITsSHC's Sterigenics segment is returning to high single-digit organic growth following COVID destocking in 2023 and 2024. The company had positive legal news with the judge throwing out 5 lawsuits in Georgia litigation, with reasoning that implies the remaining 450 cases are likely to be rejected. The manager estimates worst-case settlement exposure at $180MM versus 2026 EBITDA of $640MM. |
Sterigenics Medical Devices Litigation Growth | |
Commercial Real EstateSTHO has made significant progress unwinding its legacy real estate holdings. The company exited its Surfhouse JV in Q2, with capital expenditure on land and development swinging from negative $16.2MM in Q1 2025 to a reimbursement of $1.7MM in Q1 2026. The manager estimates only five parcels of land remain to sell along with two hotels in Asbury Park, with complete exit expected by end of 2027. |
Real Estate Liquidation Hotels Land Development | |
Net Lease REITsSAFE rallied 20% in the first half of 2026 and implemented its first share buyback, retiring approximately 2% of shares outstanding. Origination volumes returned to a four-year high. Most importantly, SAFE sold a portfolio at a 4.1% cap rate, which compares favorably to SAFE's current implied cap rate of 5.3%. Applying a 4.1% cap rate, SAFE would be valued at $37/share versus its $16 trading price. |
SAFE Cap Rates Buybacks Valuation | |
BuybacksSAFE implemented its first share buyback in Q2, retiring approximately 2% of shares outstanding. QDEL is expected to use proceeds from the POC division sale to deleverage and then pursue share repurchases. STHO is approaching a net cash position at the holding company level and can repay the term loan, paving the way for capital returns as soon as fall 2026. |
Share Repurchases Capital Returns Deleveraging | |
| 2026 Q1 |
Life Science ToolsThe fund has significant exposure to life science tools companies which experienced a sharp pullback in Q1. The sector broadly declined amid fears that AI models will dramatically change drug development, though the manager believes these concerns are overblown for QDEL specifically. The manager expects potential recovery as AI fears prove unfounded. |
Diagnostics Medical Devices Healthcare Biotechnology Laboratory |
DiagnosticsQDEL is positioned as a healthcare diagnostics tools company with a razor/razor blade business model focused on routine blood testing and point-of-care respiratory testing. The manager views the current pricing as a once-in-five-to-ten-year opportunity despite multiple temporary headwinds affecting the business. |
Medical Testing Healthcare Laboratory Point of Care Blood Testing | |
ChinaChinese government reimbursement rate changes are negatively impacting QDEL's China revenues, which fell 15% in Q1 as distributors pulled back. The manager considers this a real negative and excludes the China segment from core 2027 EBITDA projections, modeling it as a $70MM EBITDA hit. |
Reimbursement Healthcare Policy Government Asia Revenue | |
AIThe life science tools sector declined amid fears that AI models will dramatically change drug development. However, the manager believes these concerns are overblown, stating that QDEL specifically has almost nothing to do with drug development and that AI fears proving unfounded could provide a relief rally catalyst. |
Artificial Intelligence Drug Development Technology Healthcare Innovation | |
| 2025 Q4 |
HealthcareSHC represents a stable, recession-proof sterilization business with predictable growth. The core Sterigenics segment posted 10% revenue growth in 2025, marking an inflection from previous years. Manager expects return to historical 10%+ EBITDA growth rates above Street estimates. |
Sterilization Medical Devices Healthcare Services |
Real EstateSTHO is a liquidating security making significant progress toward asset sales and capital returns. SEG owns valuable Manhattan real estate in the Seaport district with Meow Wolf as a transformational anchor tenant expected to drive traffic and rental income. |
Liquidation Manhattan Entertainment | |
ValueManager rotated capital from winners where value is fairly reflected to laggards where fundamentals are improving but share prices declined. Portfolio described as 'cranking a spring' with substantial opportunity despite modest returns. |
Rotation Mispriced Undervalued | |
| 2025 Q2 |
Small CapsThe fund focuses on small cap value and special situations, specifically targeting off-the-run situations in lesser-followed areas of the market. Small cap special situations significantly underperformed in H1 2025, with median decline of -15% among sub-$5B market cap companies that underwent spinoffs in the last three years. |
Value Special Situations Concentration Spinoffs Off-the-run |
ValueMcIntyre Partnerships is described as a small cap value fund that runs a significantly more concentrated portfolio than most investment funds. The manager emphasizes superior stock selection and concentration as key drivers of success, citing Buffett's philosophy that no one ever got rich off their eighth best idea. |
Concentration Stock Selection Undervaluation Fundamentals Long-term | |
| 2025 Q1 |
ValueThe fund focuses on concentrated special situations that are often complex, with a benchmark of Russell 2000 Value. The manager emphasizes idiosyncratic ideas with strong catalysts that should be less at the whims of macro forces over time. |
Special Situations Concentrated Catalysts Undervalued Complex |
Healthcare SoftwareMDRX represents mission-critical healthcare software with sticky revenue streams. The company should generate $0.50-$0.70 per share in adjusted FCF in a normal year, offering a ~30% FCF/EV yield on a stable business. |
Healthcare IT Software Mission Critical Sticky Revenue FCF Yield | |
| 2024 Q4 |
Building MaterialsPool market at cyclical lows similar to Great Financial Crisis with pool starts at 6% of single-family home starts versus historical 11% average. Pool construction highly correlated with residential construction and R&R spending which shows early signs of recovery. |
Pool Construction Residential R&R Building Products Cyclical Recovery Housing |
LitigationSHC facing mass tort litigation in California with market pricing in $2B liability for 29 plaintiffs, which manager believes significantly overestimates probable outcomes based on prior settlement patterns in Illinois and Georgia. |
Mass Tort Legal Risk Settlement Overreaction | |
Electric VehiclesBEV penetration slowing from 50% growth rates to 25% annually, creating opportunity in turbocharger manufacturer GTX which is investing heavily in zero emission vehicle technologies while maintaining strong position in traditional automotive. |
BEV Penetration Turbochargers ZEV Investment Auto Transition | |
LiquidationSTHO trading at significant discount to NAV with liquidation plan offering 33% IRR over four years as real estate assets including Asbury Park beachfront properties are sold and proceeds distributed to shareholders. |
NAV Discount Real Estate Asset Liquidation Special Situation | |
| 2024 Q3 |
SpinoffsManager discusses SEG as a bad bank spin from Howard Hughes Holdings, where troubled assets are spun off creating indiscriminate selling and bargain valuations. The spin dynamics created selling pressure from HHH shareholders who lacked mandate for smaller companies. |
Spinoffs Value Real Estate |
Commercial Real EstateExtensive analysis of SEG's Seaport development in Lower Manhattan, including construction costs, rental comparables, and turnaround potential. Manager estimates replacement costs and compares to current market pricing for Manhattan real estate assets. |
Real Estate Manhattan Development | |
| 2024 Q2 |
ValueManager focuses on buying companies at discounted valuations, exemplified by SHC trading at 10x 2025 EBITDA versus peer STE at 15x. Exited UMG position when it reached 30x earnings, stating unwillingness to underwrite multiple expansion beyond 50% premium to market. Portfolio concentrated in undervalued positions with clear catalysts. |
Valuation Multiples Discount Premium Undervalued |
Small CapsFund benchmarks against Russell 2000 Value and has benefited from recent sharp rally in small cap value stocks. Portfolio composition focuses on smaller companies with concentrated positions, with top five holdings representing 72% of assets in what appears to be a small-cap focused strategy. |
Russell 2000 Small Cap Concentration Rally Value | |
| 2024 Q1 |
Specialty ChemicalsThe fund is positioned for a cyclical recovery in the TiO2 market after a prolonged downcycle. CC's TiO2 segment EBITDA declined from $809MM in 2021 to $290MM in 2023, but peers are showing strong results with improving volumes and pricing. The manager estimates CC can earn $1.5B in 2025 EBITDA. |
TiO2 Cyclical Recovery EBITDA Pricing |
| 2023 Q4 |
Electric VehiclesManager discusses significant slowdown in battery electric vehicle growth and believes the stronger for longer tail of internal combustion engines and hybrid powertrains has materially increased in value. The slowdown in BEV is heading on a collision course with GTX's valuation and proper capital allocation. |
BEV Hybrid ICE Powertrains Decarbonization |
MediaRecord labels UMG and WMG were significant contributors to performance. Manager views these as high-quality businesses that were down due to prevailing negative market sentiment rather than long-term fundamental issues. The Las Vegas Sphere opened to broadly positive reviews. |
Record Labels Entertainment Sphere Content | |
Medical DevicesSHC is one of two scaled outsourced providers of medical device sterilization services with 100% retention rate and consistent 10% growth. Manager believes destocking at medical device manufacturers and GLP-1 fears have created temporary headwinds that will abate. |
Sterilization Medical Equipment Healthcare Services GLP1 | |
| 2023 Q3 |
CruisesOSW operates as a quasi-monopoly in cruise ship spa services with limited competition and modest cyclicality. The business has returned to profitability with ~$85MM EBITDA expected in 2023 and ~$100MM in 2024. Cruise demand has been improving throughout the year, helping OSW post its best quarter since COVID. |
Cruises Travel Monopoly Recovery |
MusicRecord label investments (UMG, WMG) saw strong results with share price appreciation. Worries around AI disruption have faded while WMG posted better results in new music. Both labels are benefitting from positive developments in artist-centric models and incremental price increases. |
Music Streaming AI Pricing | |
EntertainmentSPHR opened with U2 to sold-out crowds in late September with favorable reviews for both U2 and the original production Postcard From Earth. The venue is trending towards the higher end of expectations with sold-out residencies, strong demand for original content, and ramping advertising. |
Entertainment Venues Content Advertising | |
| 2023 Q2 |
EntertainmentMSGE completed its spin-off of SPHR (Sphere Entertainment). The Sphere has gone viral with its exosphere displays, which validates the innovative business model for selling naming rights and advertisements. Manager trimmed position but retains holding. |
Sphere Exosphere Viral Naming Rights Advertisements |
AIRecord labels fell significantly on fears that AI music would displace the labels. Manager finds this logic silly, believing people won't abandon favorite bands to listen to AI knockoffs. Used the dislocation to rebuild substantial position in record labels. |
Music Streaming Labels Displacement | |
Medical DevicesSHC is the fund's largest holding, serving as a sterilization provider to pharma and medical device manufacturers. Company has 100% renewal rate across top 10 customers, 25-year average relationships, and ~50% EBIT margins. Growth driven by medical procedures and device innovation. |
Sterilization Healthcare Procedures Innovation | |
BuybacksGTX bought back roughly half of the controlling PE fund's shares, reducing sharecount by ~20%. Manager views the buyback favorably and believes the share collapse could be a significant catalyst for reweighting. |
Share Reduction PE Exit Catalyst | |
| 2023 Q1 |
EntertainmentMSGE completed its spin-off of the MSG arena, with the new SPHR entity owning the Sphere development in Las Vegas. The Sphere's opening show with U2 sold out in days with tickets averaging close to $500, suggesting strong demand despite market skepticism about the project's viability. |
Sphere MSG U2 Las Vegas Venues |
CruisesOSW rallied 33% on faster than anticipated return to profitability and ongoing recovery in cruise travel. The manager believes the sector can improve further as capacity returns, even if overall consumer spending broadly pulls back, since cruise travel has not yet fully recovered from the pandemic. |
Cruise Recovery Capacity Travel | |
MusicThe manager reduced investment in record labels, particularly WMG, after shares rallied significantly despite only incremental news. While remaining bullish on the record labels' long-term prospects, the manager will consider resizing the investment if the recent selloff continues. |
Record Labels WMG Music Industry | |
Commercial Real EstateThe manager is keeping an exceptionally high bar for any new investment with cyclical end markets, particularly construction or commercial real estate. While identifying potential cyclical investments that could double in five years, the manager hopes they might fall 30-50% further if results worsen. |
CRE Cyclical Construction Real Estate |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Aug 10, 2023 | Fund Letters | McIntyre Partnerships | SHC | Sotera Health Company | Health Care | Health Care Services | Bull | NASDAQ | defensive, GARP, growth, Healthcare services, Medical devices, Monopolistic, pharma, Sterilization | Login |
| Aug 3, 2026 | Fund Letters | McIntyre Partnerships | QDEL | QuidelOrtho Corporation | Other | Health Care Equipment | Bull | - | China Regulatory, deleveraging, diagnostics, divestiture, Equity, Health Care Equipment, Private Equity Target, Special Situation, Sum-of-the-Parts, Value | Login |
| Aug 3, 2026 | Fund Letters | McIntyre Partnerships | SHC | Sotera Health Company | Other | Health Care Services | Bull | - | CEO transition, Equity, growth, Health Care Services, Litigation Overhang, Medical Device Services, post-COVID recovery, Private Equity Overhang, Sterilization, Value | Login |
| Aug 3, 2026 | Fund Letters | McIntyre Partnerships | STHO | Star Holdings | Other | Real Estate Management & Development | Bull | - | asset monetization, capital return, Equity, ground leases, holding company, Liquidation, NAV discount, Real Estate, Special Situation, Sum-of-the-Parts, Value | Login |
| May 11, 2026 | Fund Letters | McIntyre Partnerships | QDEL | QuidelOrtho Corporation | Medical Devices | Health Care Equipment & Supplies | Bull | NASDAQ | Concentrated Position, diagnostics, Healthcare Equipment, Hospital Contracts, Life Sciences Tools, Medical devices, Point-of-Care Testing, Razor Razorblade Model, turnaround, Value | 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 |
| 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 |
| Sep 3, 2025 | Fund Letters | McIntyre Partnerships | SHC | Sotera Health Company | Health Care | Health Care Services | Bull | NASDAQ | Bioprocessing, Healthcare services, Inventory Destocking, market leader, Medical Sterilization, Post-COVID Normalization, turnaround, Volume Recovery | Login |
| Sep 3, 2025 | Fund Letters | McIntyre Partnerships | SEG | Seaport Entertainment Group | Communication Services | Entertainment | Bull | NASDAQ | Asset Sale, cash generation, Entertainment Venues, FCF Generation, Meow Wolf, net cash, Operational Turnaround, Real Estate Monetization | Login |
| May 13, 2025 | Fund Letters | McIntyre Partnerships | MDRX | Veradigm | Health Care | Health Care Technology | Bull | NASDAQ | Delisted, Ehr, FCF yield, Financial Restatement, healthcare software, M&A Target, turnaround, Value | Login |
| Feb 3, 2025 | Fund Letters | McIntyre Partnerships | SHC | Sotera Health Company | Health Care | Health Care Services | Bull | NASDAQ | Customer Destocking, duopoly, Healthcare services, high margins, Mass Tort Litigation, Medical devices, Mission-Critical, Sterilization Services | Login |
| Feb 3, 2025 | Fund Letters | McIntyre Partnerships | GTX | Garrett Motion Inc. | Consumer Discretionary | Automotive Parts & Equipment | Bull | NASDAQ | Automotive Supplier, BEV Disruption, duopoly, high margins, R&D investment, Share Buybacks, Turbochargers, zero-emission vehicles | Login |
| Feb 3, 2025 | Fund Letters | McIntyre Partnerships | STHO | Star Holdings | Real Estate | Real Estate Management & Development | Bull | OTC | Asbury Park, Asset Convergence, Beachfront Real Estate, Illiquid Security, Liquidation Play, NAV discount, Rate Sensitive, REIT Holdings | Login |
| Nov 20, 2024 | Fund Letters | McIntyre Partnerships | SEG | Seaport Entertainment Group | Real Estate | Real Estate Development | Bull | NASDAQ | Asset-Based, entertainment, Las Vegas, Manhattan, real estate development, spinoff, Sum-of-parts, turnaround, Value | Login |
| Jul 31, 2024 | Fund Letters | McIntyre Partnerships | SHC | Sotera Health Company | Health Care | Health Care Services | Bull | NASDAQ | duopoly, Healthcare services, Inventory Destocking, Legal Overhang, multiple expansion, Sterilization, turnaround, Value | Login |
| May 16, 2024 | Fund Letters | McIntyre Partnerships | CC | Chemours Company | Materials | Specialty Chemicals | Bull | NYSE | Accounting Irregularities, Cyclical Recovery, EBITDA recovery, Management turnover, Peer Outperformance, specialty chemicals, TiO2, Titanium Dioxide, Value | Login |
| Oct 25, 2023 | Fund Letters | McIntyre Partnerships | OSW | OneSpaWorld Holdings | Consumer Discretionary | Leisure Products | Bull | NASDAQ | capital allocation, Cruise, defensive, FCF yield, Quasi-monopoly, Recession-Resilient, share repurchases, Spa Services | Login |
| May 1, 2023 | Fund Letters | McIntyre Partnerships | STHO | Star Holdings | Real Estate | Real Estate Management & Development | Bull | NASDAQ | ground leases, Liquidation, NAV discount, Orphaned Security, Real Estate, REIT, Special Situation, spinoff, Value, Waterfront Property | Login |
| May 1, 2023 | Fund Letters | McIntyre Partnerships | SPHR | Sphere Entertainment | Communication Services | Entertainment | Bull | NYSE | Asymmetric Risk, Entertainment Venue, execution risk, Las Vegas, Media Networks, premium pricing, Real Estate, Residency Shows, spinoff, Sum-of-parts | Login |
| Jan 24, 2024 | Fund Letters | McIntyre Partnerships | SHC | Sotera Health Company | Health Care | Health Care Services | Bull | NASDAQ | duopoly, Equity, Healthcare services, Litigation Overhang, Medical devices, multiple expansion, Sterilization, Value | Login |
| Jan 24, 2024 | Fund Letters | McIntyre Partnerships | GTX | Garrett Motion Inc. | Consumer Discretionary | Auto Parts & Equipment | Bull | NASDAQ | Asymmetric Risk, Auto parts, capital allocation, Electric Vehicles, Equity, Hybrid Powertrains, Turbocharging, Value | Login |
| TICKER | COMMENTARY |
|---|---|
| QDEL | According to the FT article, QDEL is looking to sell its POC division for roughly $1.5B. POC is the old Quidel business, and the transaction would essentially undo the 2022 merger of Quidel and Ortho. Assuming a sale near the rumored price, the QDEL RemainCo would be ~2.5x levered and consist of the legacy Ortho business. Critically, the driver of QDEL's repeated missed estimates over the last three years is the legacy Quidel business, while legacy Ortho has been a steady performer, albeit with negative Chinese regulatory news in Q1. Once the Chinese regulations are finalized in the coming months, I believe the legacy Ortho business will return to its historical, consistent high single-digit EBITDA growth. Additionally, I believe Q2 will mark a low point for cash flow generation, a frequent bear point. As QDEL delivers and exits the volatile flu and COVID business, I believe the stock can reweight towards peers in the 11-15x EV/EBITDA range. If not, I believe the company will be sold to private equity. A 12x multiple on my RemainCo 2029 EBITDA estimate yields ~$100/sh. I believe QDEL is a once-in-five-to-ten-year opportunity, and I plan to retain a significant investment for the foreseeable future. |
| SHC | SHC saw positive Q1 results, with the key Sterigenics segment continuing its return to HSD organic growth following the COVID destocking in 2023 and 2024. Further, SHC also had positive legal news regarding its Georgia litigation, where the judge threw out 5 lawsuits with reasoning that implies the remaining 450 cases are likely to be rejected as well. While I believe the judge's ruling implies current liability is sub-$50MM, I estimate a worst-case $400k per case settlement, or $180MM, even if appeals reverse the decision. This compares to SHC's 2026 EBITDA of ~$640MM. The company also saw a CEO transition, with its long-time CEO transitioning to Executive Chairman and the hiring of CEO Shader from Viant, a medical device services company where he served as CEO. Finally, and most importantly, following Q1 earnings, SHC's former private equity owners sold the last of their shares. I believe the PE firms' selling pressure, via predictable quarterly block trades, has been a considerable overhang on SHC's shares over the past year. With this overhang gone, I believe SHC is well positioned to reweight towards peers. I estimate SHC can earn ~$1.30 in 2028, and an in-line valuation with similar growth med device companies would imply ~25x P/E, roughly double the current share price. |
| STHO | 2026 has been a decent year for STHO, with shares rallying ~14% YTD. However, it has been a substantially better fundamental year, with SAFE rallying ~20%. For perspective, based solely on SAFE's share price appreciation, STHO would have appreciated approximately 36%. Further, STHO has made significant progress in unwinding its legacy holdings. I estimate STHO's current NAV is ~$24.50, a 160% premium, and that the company will be able to return significant capital in 2027, if not sooner. Regarding SAFE, Q2 marked STHO's best fundamental performance since we began purchasing STHO, with origination volumes returning to a four-year high and the company implementing its first share buyback, retiring ~2% of shares outstanding. Most importantly, SAFE sold a portfolio at a ~4.1% cap rate, which compares favorably to SAFE's current implied cap rate of ~5.3%. Applying a 4.1% cap rate, SAFE would be valued at $37/sh. versus its $16 trading price. While the remaining properties could warrant a lower multiple, if SAFE were to close its valuation gap, our STHO investment would benefit substantially. Regarding the liquidating portfolio, in Q2, STHO exited its Surfhouse JV, which had weighed on reported cash flows. I estimate there are now only five parcels of land left to sell, along with the two hotels in Asbury Park. Assuming STHO's dispositions continue at their current pace, I believe the company will completely exit most of its real estate by the end of 2027. Finally, STHO is now almost in a net cash position at the holding company level and can repay the term loan, paving the way for capital returns, which I believe can occur as soon as this fall. |
| SAFE | Regarding SAFE, Q2 marked STHO's best fundamental performance since we began purchasing STHO, with origination volumes returning to a four-year high and the company implementing its first share buyback, retiring ~2% of shares outstanding. Most importantly, SAFE sold a portfolio at a ~4.1% cap rate, which compares favorably to SAFE's current implied cap rate of ~5.3%. Applying a 4.1% cap rate, SAFE would be valued at $37/sh. versus its $16 trading price. While the remaining properties could warrant a lower multiple, if SAFE were to close its valuation gap, our STHO investment would benefit substantially. |
| STRZ | In the winners column, STRZ, CC, SEG, GTX, ICLR, and STHO contributed 100-500bps. |
| FTRE | In the losers column, FTRE lost 100-500bps. In addition, the CRO market saw continued momentum from the inflection in biotech M&A and fundraising in 2025, which directly benefited FTRE. |
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