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Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Themes	Quick Take

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McIntyre Partnerships 2024 Q3 Investor Letter | Buyside Digest

Back to Fund Profile (McIntyre Partnerships)

Primary Source Intelligence • Q3 2024 Letter Analysis

McIntyre Partnerships Quarterly Analysis

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.

Fund Returns

Annualized+9.9%

Digest Analysis

Quick Take

"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."

Executive Summary

McIntyre Partnerships returned 6% net in Q3 2024, slightly underperforming the Russell 2000 Value benchmark of 9% but delivering strong quarterly gains of 15% versus 10% for the index. The fund maintains a concentrated approach with five largest positions representing 68% of assets and 97% net exposure. SHC was the standout performer with a 40% rally as Sterigenics volumes accelerated for the first time in four quarters, validating the manager's thesis. The primary new position is SEG, a spinoff from Howard Hughes Holdings representing troubled Manhattan real estate assets. McIntyre views this as a classic bad bank spin creating indiscriminate selling and bargain valuations. With SEG trading at $28 versus estimated cash and other assets of $41 per share, the manager sees significant upside potential if new management achieves even modest success with the Seaport turnaround. The concentrated portfolio approach continues to drive performance through careful stock selection in small cap value opportunities.

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Institutional Meta Strategy

Meta Strategy Gauges

Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.

Signal Matrix

Market Conviction

82%

CautiousHigh

High Conviction (82%)

Very high conviction evidenced by concentrated portfolio with top five positions at 68% of assets, specific position sizing language about maintaining large SHC position and building large SEG position, plus detailed fundamental analysis with specific price targets.

Growth Outlook

25%

BearishBullish

Bearish (25%)

Manager expresses mild optimism about small cap value opportunities and sees attractive valuations in spinoffs, but acknowledges market rally was primary Q3 driver rather than fundamental improvement across holdings.

Risk Appetite

50%

DefensiveAggressive

Balanced (50%)

Portfolio maintains high net exposure at 97% with concentrated positioning in top five holdings representing 68% of assets, indicating continued risk-on positioning and willingness to maintain concentrated bets.

Capital Deployment

35%

De-riskingDeploying

Net Neutral (35%)

Manager built large position in SEG subsequent to quarter end and maintains high net exposure at 97%, indicating moderate deployment activity but no dramatic cash level changes or aggressive scaling mentioned.

Forward Guidance

40%

CautiousExpansionary

Neutral (40%)

Manager built large position in SEG subsequent to quarter end and maintains large SHC position, showing selective deployment bias but measured approach to new opportunities rather than aggressive scaling.

Language Signal

30%

BearishBullish

Bearish (30%)

Language includes positive terms like attractive valuations, considerable room to rally, and significant upside potential, but balanced with acknowledgment of risks and modest expectations for some holdings.

Perceived Risk

25%

Low RiskElevated

Low Risk (25%)

Limited risk discussion beyond acknowledging SHC's legal issues and Seaport's troubled history. Manager views current environment as presenting opportunities rather than expressing significant concern about systemic risks.

Opportunity Density

65%

ScarceAbundant

Abundant (65%)

Manager identifies selective opportunities in spinoffs and special situations, building new position in SEG while maintaining conviction in existing holdings, suggesting moderate opportunity set in defined areas.

Time Horizon

70%

Short-TermLong-Term

Decade+ (70%)

Manager expects SEG investment to perform well over time and discusses multi-year lease-out timeline for Seaport development, indicating medium-term 2-3 year investment horizon rather than near-term catalyst dependency.