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Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Themes	Quick Take

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McIntyre Partnerships 2024 Q1 Investor Letter | Buyside Digest

Back to Fund Profile (McIntyre Partnerships)

Primary Source Intelligence • Q1 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

"But demonstrated opportunistic value creation by rapidly scaling CC position during accounting crisis-driven selloff."

Executive Summary

McIntyre Partnerships declined 4% net in Q1 2024, underperforming the Russell 2000 Value's 3% return, primarily due to a 30% decline in largest holding SHC following a poorly executed block trade and legal headlines. The manager increased the SHC position, maintaining conviction despite near-term volatility. The fund demonstrated opportunistic agility by rapidly scaling its CC position to 10% during a 50% intraday decline caused by accounting irregularities, generating significant profits as shares recovered. CC represents a cyclical recovery play in the TiO2 market, where the manager estimates 50-100% upside potential based on normalized 2025 EBITDA of $1.5B. The portfolio remains concentrated with five largest positions representing 77% of assets at 110% long, 11% short exposure. New positions in CC and MDRX contributed positively, while SPHR rallied on Sphere segment profitability. The manager emphasizes the fund's flexibility to move quickly during market dislocations as a key competitive advantage.

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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 5 positions at 77% of assets, willingness to rapidly scale CC to 10% in one hour, and explicit statements about increasing SHC position despite 30% decline. The manager provides specific EBITDA estimates and upside targets for CC, demonstrating strong conviction in named positions.

Growth Outlook

25%

BearishBullish

Bearish (25%)

The manager expresses cautious optimism about market opportunities, particularly noting potential for more frequent overreactions due to structural changes in the market with pod shops unable to withstand volatility. However, the outlook is measured rather than strongly bullish.

Risk Appetite

40%

DefensiveAggressive

Defensive (40%)

The fund maintains high gross exposure at 110% long and demonstrates willingness to rapidly scale positions during dislocations, but the manager also shows risk management by reducing the CC position after recovery and maintaining some short exposure at 11%.

Capital Deployment

15%

De-riskingDeploying

De-risking (15%)

Limited net deployment activity. While the manager rapidly scaled CC and added two new positions, he also reduced CC after recovery and adjusted sizing across existing holdings. The 110% gross exposure suggests active positioning but no clear evidence of significant net cash deployment.

Forward Guidance

30%

CautiousExpansionary

Cautious (30%)

The manager indicates selective deployment bias, particularly around cyclical recovery opportunities, and expresses willingness to add to positions on weakness. However, the guidance is measured and conditional rather than aggressively bullish.

Language Signal

20%

BearishBullish

Bearish (20%)

Language is balanced with opportunity-focused terms around CC and TiO2 recovery, but also acknowledges risks and challenges. The tone is analytical and measured rather than predominantly bullish or bearish.

Perceived Risk

25%

Low RiskElevated

Low Risk (25%)

Low perceived risk with minimal discussion of macro or systemic concerns. The manager acknowledges specific company risks like accounting irregularities and legal headlines but frames these as opportunities rather than systemic threats. No broader market risk warnings are present.

Opportunity Density

65%

ScarceAbundant

Abundant (65%)

Moderate to good opportunity density. The manager identifies specific opportunities in cyclical recovery (TiO2), successfully added two new positions, and expresses optimism about increased market volatility creating more opportunities. However, opportunities appear selective rather than abundant across sectors.

Time Horizon

70%

Short-TermLong-Term

Decade+ (70%)

Multi-year investment horizon evidenced by the manager's statement that 99% of realized gains since inception have been long-term, willingness to hold through volatility in SHC, and focus on cyclical recovery themes that typically play out over 2-3 years. The CC trade was described as atypical short-term activity.