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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"McIntyre Partnerships rebounded 23% in Q2 after a difficult Q1, driven by QDEL's announced $1.5B asset sale that will deleverage the company and unlock value. The manager maintains extreme concentration with five positions representing 88% of assets, viewing QDEL as a once-in-a-decade opportunity."
McIntyre Partnerships delivered a strong Q2 2026 with 23.3% net returns, fully reversing Q1 losses but remaining flat year-to-date at -1.2% net. The portfolio experienced a broad-based rally across almost all holdings, driven by positive idiosyncratic events rather than just market momentum. The most significant development was news that QDEL is in late stages of divesting its Point of Care business for approximately $1.5B at 10x EV/EBITDA, which would deleverage the company and enable share repurchases. The manager views QDEL as a once-in-five-to-ten-year opportunity and maintains it as the largest position. Other major holdings showed strong progress: SHC's Sterigenics segment returned to high single-digit growth with favorable legal developments, while STHO made significant progress unwinding legacy real estate holdings and its SAFE investment rallied 20%. The CRO market inflection from biotech M&A benefited FTRE and signals positive momentum for life science tools broadly. The highly concentrated portfolio (five positions representing 88% of assets) reflects the manager's high conviction in these multibagger opportunities. The fund plans to reopen in H1 2027 after being closed since Q1 2025.
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