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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, McIntyre Partnerships. This analysis is provided for institutional research purposes only and is not investment advice.
"While H1 2025 was highly challenging due to factor headwinds and non-index positioning, subsequent Q2 earnings catalysts have driven a strong rebound back to positive territory (+4% net YTD) by August-end."
McIntyre Partnerships experienced a volatile first half of 2025, with the fund declining approximately 18% gross and 19% net, underperforming the Russell 2000 Value index which fell 3%. Portfolio manager Chris McIntyre attributes this underperformance to two primary factors: a significant allocation (over 50%) to high-conviction, off-the-run investments not included in major indices, and a broad selloff in small-cap special situations. Despite the short-term setback, McIntyre emphasizes that concentration is key to the fund's historical outperformance (trailing five-year returns of ~26% net per annum). By delaying the letter, the manager captured subsequent positive developments in August, noting the fund recovered to +4% net YTD. Key holdings drove this rebound, notably Sotera Health (SHC), which reported 6% volume growth in Q2 confirming its destocking recovery thesis, and Seaport Entertainment Group (SEG), which announced the high-value sale of 250 Water Street for $151 million. The fund closed to outside investors over the summer with plans to reopen to new LPs in 2026, maintaining a high-conviction portfolio with its top five positions representing roughly 85% of assets.
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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: While H1 2025 was highly challenging due to factor headwinds and non-index positioning, subsequent Q2 earnings catalysts have driven a strong rebound back to positive territory (+4...
Growth Outlook
Market outlook remains above average conviction: While H1 2025 was highly challenging due to factor headwinds and non-index positioning, subsequent Q2 earnings catalysts have driven a strong rebound back to positive territory (+4...
Risk Appetite
Risk appetite posture is high conviction: While H1 2025 was highly challenging due to factor headwinds and non-index positioning, subsequent Q2 earnings catalysts have driven a strong rebound back to positive territory (+4...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. While H1 2025 was highly challenging due to factor headwinds and non-index positioning, subsequent Q2 earnings catalysts have driven a strong rebound back to positive territory (+4...
Forward Guidance
Forward guidance signal: While H1 2025 was highly challenging due to factor headwinds and non-index positioning, subsequent Q2 earnings catalysts have driven a strong rebound back to positive territory (+4...
Language Signal
Tone analysis indicates above average conviction language: While H1 2025 was highly challenging due to factor headwinds and non-index positioning, subsequent Q2 earnings catalysts have driven a strong rebound back to positive territory (+4...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. While H1 2025 was highly challenging due to factor headwinds and non-index positioning, subsequent Q2 earnings catalysts have driven a strong rebound back to positive territory (+4...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. While H1 2025 was highly challenging due to factor headwinds and non-index positioning, subsequent Q2 earnings catalysts have driven a strong rebound back to positive territory (+4...
Time Horizon
Investment time horizon reflects a high conviction orientation. While H1 2025 was highly challenging due to factor headwinds and non-index positioning, subsequent Q2 earnings catalysts have driven a strong rebound back to positive territory (+4...
