Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
| 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.
"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."
McIntyre Partnerships declined 19.8% net in Q1 2026 versus a 5% gain for the Russell 2000 Value benchmark, primarily driven by a sharp pullback in life science tools stocks and specific issues at QDEL. The manager has made QDEL the fund's largest position at over 20% of capital, viewing the current $11 price as a once-in-five-to-ten-year opportunity. QDEL is a healthcare diagnostics company with a razor/razor blade model serving hospitals and labs under long-term contracts with 95% renewal rates. The manager believes five concurrent but unrelated issues have created a mispricing: COVID sales decline, ERP implementation problems, weak flu season, Chinese reimbursement changes, and LEX product launch costs. The core 75% of QDEL's business continues growing at 6% while trading at substantial discounts to peers. With projected $4 FCF per share in 2028 and comparable companies trading at 20x+ multiples, the manager targets $80 per share. Put options limit downside to under 20% of fund value.
Sign in or create a free account to unlock full commentary, extracted equity pitches, and direct outbound manager source links with your 3 quarterly credits.
Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: 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 rate...
Growth Outlook
Market outlook remains low conviction: 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 rate...
Risk Appetite
Risk appetite posture is above average conviction: 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 rate...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. 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 rate...
Forward Guidance
Forward guidance signal: 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 rate...
Language Signal
Tone analysis indicates moderate conviction language: 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 rate...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. 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 rate...
Opportunity Density
Opportunity density index indicates moderate conviction actionable entry points. 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 rate...
Time Horizon
Investment time horizon reflects a moderate conviction orientation. 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 rate...
