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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"McIntyre Partnerships returned 5.6% net in a choppy 2025, but the manager has actively rotated capital into coiled laggards and a massive new holding to position the fund for strong returns in 2026."
McIntyre Partnerships reported a net return of 6.0% for Q4 2025 and 5.6% net for the full year 2025, trailing its benchmark, the Russell 2000 Value Index, which gained 12.6% over the year. Despite 2025 being a choppy and frustrating year, portfolio manager Chris McIntyre emphasized that the fund's multi-year investment horizon remains intact, pointing to its annualized net return since inception of 12.8% versus the benchmark's 7.0%. During the year, the manager actively improved the portfolio's positioning by harvesting gains from strongly performing, fully-valued positions such as Garrett Motion (GTX) and Sphere Entertainment (SPHR) and rotating capital into beaten-down laggards where fundamentals have decoupled from share prices. This includes increasing stakes in Star Holdings (STHO) and Seaport Entertainment Group (SEG). Additionally, the fund initiated its largest position, referred to as "Stock A," which the manager believes offers multibagger upside with minimal risk of permanent capital loss. The fund ended the period 117% long, 16% short, and 101% net, described as highly coiled and primed for strong returns in 2026. Due to improved portfolio liquidity, the manager plans to reopen the fund to outside investors in H2 2026.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: McIntyre Partnerships returned 5.6% net in a choppy 2025, but the manager has actively rotated capital into coiled laggards and a massive new holding to position the fund for stron...
Growth Outlook
Market outlook remains high conviction: McIntyre Partnerships returned 5.6% net in a choppy 2025, but the manager has actively rotated capital into coiled laggards and a massive new holding to position the fund for stron...
Risk Appetite
Risk appetite posture is high conviction: McIntyre Partnerships returned 5.6% net in a choppy 2025, but the manager has actively rotated capital into coiled laggards and a massive new holding to position the fund for stron...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. McIntyre Partnerships returned 5.6% net in a choppy 2025, but the manager has actively rotated capital into coiled laggards and a massive new holding to position the fund for stron...
Forward Guidance
Forward guidance signal: McIntyre Partnerships returned 5.6% net in a choppy 2025, but the manager has actively rotated capital into coiled laggards and a massive new holding to position the fund for stron...
Language Signal
Tone analysis indicates high conviction language: McIntyre Partnerships returned 5.6% net in a choppy 2025, but the manager has actively rotated capital into coiled laggards and a massive new holding to position the fund for stron...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. McIntyre Partnerships returned 5.6% net in a choppy 2025, but the manager has actively rotated capital into coiled laggards and a massive new holding to position the fund for stron...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. McIntyre Partnerships returned 5.6% net in a choppy 2025, but the manager has actively rotated capital into coiled laggards and a massive new holding to position the fund for stron...
Time Horizon
Investment time horizon reflects a high conviction orientation. McIntyre Partnerships returned 5.6% net in a choppy 2025, but the manager has actively rotated capital into coiled laggards and a massive new holding to position the fund for stron...
