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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Sep 3, 2025 | McIntyre Partnerships | -2.1% | -18.9% | FTRE, HAYW, LESL, MDRX, SEG, SHC, STHO, SWIM | Concentration, healthcare, small caps, special situations, value, volatility | The fund focuses on small cap value and special situations, specifically targeting off-the-run situations in lesser-followed areas of the market. Small cap special situations significantly underperformed in H1 2025, with median decline of -15% among sub-$5B market cap companies that underwent spinoffs in the last three years. | SEG SHC SEG SHC |
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| 2024 Q1 | May 31, 2024 | McIntyre Partnerships | 14.7% | 6.0% | CC, GTX, KRO, MDRX, OSW, SHC, SPHR, TROX, UMG, WMG | Concentration, Cyclical, Opportunistic, small caps, value | The fund is positioned for a cyclical recovery in the TiO2 market after a prolonged downcycle. CC's TiO2 segment EBITDA declined from $809MM in 2021 to $290MM in 2023, but peers are showing strong results with improving volumes and pricing. The manager estimates CC can earn $1.5B in 2025 EBITDA. | CC |
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| 2026 Q1 | May 13, 2026 | Broyhill Asset Management | -8.9% | -8.9% | AVTR, BALL, CACI, FMS, FND, IQV, KW, LEG, MAS, MC.PA, MSFT, PM, RKT.L, RTO.L, SHC, SMWT, VVV, WOSG.L | AI, Defensive, Europe, healthcare, Quality, value | FND MAS SW MSFT SHC AVTR IQV RB.L BALL RTO VVV |
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| 2025 Q1 | May 13, 2025 | McIntyre Partnerships | -17.1% | -17.1% | BWA, FTRE, GTX, HAYW, LESL, MDRX, SEG, SHC, STE, STHO, SWIM | Concentration, Healthcare Software, small caps, special situations, value | The fund focuses on concentrated special situations that are often complex, with a benchmark of Russell 2000 Value. The manager emphasizes idiosyncratic ideas with strong catalysts that should be less at the whims of macro forces over time. | MDRX |
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| 2026 Q1 | May 11, 2026 | McIntyre Partnerships | -19.8% | -19.8% | CC, FTRE, ICLR, MDRX, QDEL, SEG, SHC, STHO, SWIM | Concentration, Diagnostics, healthcare, Life Sciences, Medical Devices, small cap, value | QDEL |
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| 2024 Q1 | Apr 15, 2024 | Meridian Growth Fund | 6.8% | 0.0% | ACVA, ALIT, CARG, EEFT, IRDM, MATX, QDEL, RBA, SHC, ST, STE, TRMB, ZD | growth, Quality, Recurring Revenue, risk management, small caps, technology | QuidelOrtho Corporation is a global leader in the diagnostics industry following the merger of Quidel and Ortho Clinical Diagnostics. The company faced challenges from a dramatic slowdown in Covid-19 testing volumes but maintains steady performance in its core clinical diagnostic division with EBITDA margins north of 20%. | RBA ACVA TRMB SHC IRDM QDEL |
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| 2024 Q4 | Feb 3, 2025 | McIntyre Partnerships | -5.6% | 0.0% | CC, GTX, HAYW, LESL, MDRX, OSW, SAFE, SEG, SHC, SPHR, STHO, SWIM | Automotive, Concentration, Cyclical, Litigation, real estate, small cap, value | Pool market at cyclical lows similar to Great Financial Crisis with pool starts at 6% of single-family home starts versus historical 11% average. Pool construction highly correlated with residential construction and R&R spending which shows early signs of recovery. | STHO GTX SHC |
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| 2025 Q4 | Feb 19, 2026 | McIntyre Partnerships | 0.0% | 6.0% | MDRX, SAFE, SHC, STE | healthcare, liquidation, real estate, small cap, undervalued, value | Portfolio positioned in undervalued securities trading at significant discounts to intrinsic value. Manager emphasizes rotation from winners to laggards where fundamentals are improving but share prices declined. Focus on companies with strong cash generation trading below fair value multiples. Significant exposure to healthcare through sterilization services (SHC) and healthcare software (MDRX). Healthcare IT viewed as defensive with regulatory complexity creating barriers to disruption. Sterilization services seen as recession-proof with predictable growth. Exposure through liquidating real estate holdings (STHO) and entertainment real estate (SEG). Focus on asset monetization and development projects with major tenants like Meow Wolf driving traffic and rental income growth. | MDRX SEG STHO SHC |
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| 2024 Q3 | Nov 7, 2024 | Prosper Stars & Stripes | -2.0% | - | BIO, BLFS, CRS, DOCS, FLT, FND, FOXF, NR, PCT, RGEN, SHC, UPWK, WEX | aerospace, healthcare, infrastructure, interest rates, Long/Short, Recession, semiconductors, small cap | The semiconductor industry has experienced a 20%+ decline in revenues similar to past industry cycles, following supply shortages that drove demand to unsustainably high levels during the pandemic. The manager sees opportunities in this rolling cycle as the industry normalizes from previous boom-bust dynamics. | View | |
| 2024 Q3 | Nov 20, 2024 | McIntyre Partnerships | 14.7% | 6.0% | CC, GTX, HHH, LESL, MDRX, OSW, SEG, SHC, SPHR, STHO | Concentration, real estate, small caps, spinoffs, value | Manager discusses SEG as a bad bank spin from Howard Hughes Holdings, where troubled assets are spun off creating indiscriminate selling and bargain valuations. The spin dynamics created selling pressure from HHH shareholders who lacked mandate for smaller companies. | SEG |
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| 2023 Q3 | Oct 25, 2023 | McIntyre Partnerships | 14.7% | 6.0% | GTX, MSGE, OSW, SHC, SPHR, STHO, UMG.AS, WMG | Buybacks, Concentration, Cruises, Entertainment, Music, small caps, value | OSW operates as a quasi-monopoly in cruise ship spa services with limited competition and modest cyclicality. The business has returned to profitability with ~$85MM EBITDA expected in 2023 and ~$100MM in 2024. Cruise demand has been improving throughout the year, helping OSW post its best quarter since COVID. | OSW |
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| 2023 Q2 | Oct 8, 2023 | McIntyre Partnerships | 14.7% | 6.0% | GTX, MSGE, SHC, SPHR, STE | Buybacks, Entertainment, GARP, healthcare, small caps, value | MSGE completed its spin-off of SPHR (Sphere Entertainment). The Sphere has gone viral with its exosphere displays, which validates the innovative business model for selling naming rights and advertisements. Manager trimmed position but retains holding. | SHC |
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| 2024 Q2 | Jul 31, 2024 | McIntyre Partnerships | 14.7% | 6.0% | SHC, STE, UMG.AS, WMG | Concentration, healthcare, Legal Risk, small caps, Sterilization, value | Manager focuses on buying companies at discounted valuations, exemplified by SHC trading at 10x 2025 EBITDA versus peer STE at 15x. Exited UMG position when it reached 30x earnings, stating unwillingness to underwrite multiple expansion beyond 50% premium to market. Portfolio concentrated in undervalued positions with clear catalysts. | SHC |
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| 2022 Q4 | Jan 27, 2023 | McIntyre Partnerships | 14.7% | 6.0% | MSGE, SHC, STE | - | View | ||
| 2023 Q4 | Jan 24, 2024 | McIntyre Partnerships | 14.7% | 6.0% | ALGN, FBIN, FOR, GTX, MBC, MSGE, OSW, SAFE, SHC, SPHR, STHO, TPHS, UMG.AS, WMG, ZWS | Concentration, Event Driven, Litigation, small caps, turnaround, value | Manager discusses significant slowdown in battery electric vehicle growth and believes the stronger for longer tail of internal combustion engines and hybrid powertrains has materially increased in value. The slowdown in BEV is heading on a collision course with GTX's valuation and proper capital allocation. | GTX SHC |
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| 2023 Q1 | Jan 5, 2023 | McIntyre Partnerships | 14.7% | 6.0% | MSGE, OSW, SAFE, SHC, SPHR, STHO, WMG | Catalyst Driven, Entertainment, real estate, small cap, spinoffs, value | MSGE completed its spin-off of the MSG arena, with the new SPHR entity owning the Sphere development in Las Vegas. The Sphere's opening show with U2 sold out in days with tickets averaging close to $500, suggesting strong demand despite market skepticism about the project's viability. | SPHR STHO |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| May 13, 2026 | Fund Letters | Broyhill Asset Management | Sotera Health Company | Diagnostics & Research | Life Sciences Tools & Services | Bull | NASDAQ | contrarian, duopoly, Litigation Overhang, Medical Device, Mission-Critical, Pharmaceutical, Sterilization Services | View Pitch |
| Apr 28, 2026 | Fund Letters | McIntyre Partnerships | Sotera Health Company | Health Care | Health Care Services | Bull | NASDAQ | duopoly, Equity, Healthcare services, Litigation Overhang, Medical devices, multiple expansion, Sterilization, Value | View Pitch |
| Apr 28, 2026 | Fund Letters | McIntyre Partnerships | Sotera Health Company | Health Care | Health Care Services | Bull | NASDAQ | defensive, GARP, growth, Healthcare services, Medical devices, Monopolistic, pharma, Sterilization | View Pitch |
| Apr 13, 2026 | Fund Letters | McIntyre Partnerships | Sotera Health Company | Health Care | Health Care Services | Bull | NASDAQ | Bioprocessing, Healthcare services, Inventory Destocking, market leader, Medical Sterilization, Post-COVID Normalization, turnaround, Volume Recovery | View Pitch |
| Apr 13, 2026 | Fund Letters | McIntyre Partnerships | Sotera Health Company | Health Care | Health Care Services | Bull | NASDAQ | duopoly, Healthcare services, Inventory Destocking, Legal Overhang, multiple expansion, Sterilization, turnaround, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Meridian Growth Fund | Sotera Health Company | Health Care | Health Care Services | Bull | NASDAQ | Ethylene Oxide, FDA Required, Healthcare services, Medical devices, Mission-Critical, Pharmaceutical, regulatory compliance, Sterilization | View Pitch |
| Apr 13, 2026 | Fund Letters | McIntyre Partnerships | Sotera Health Company | Health Care | Health Care Services | Bull | NASDAQ | Customer Destocking, duopoly, Healthcare services, high margins, Mass Tort Litigation, Medical devices, Mission-Critical, Sterilization Services | View Pitch |
| Feb 26, 2026 | Fund Letters | Chris McIntyre | Sotera Health Company | Health Care | Health Care Services | Bull | NASDAQ | duopoly, EBITDA, healthcare, litigation, Sterilization, Tax rate | View Pitch |
| Jan 8, 2026 | Fund Letters | Chris McIntyre | Sotera Health Co. | Health Care | Health Care Services | Bull | New York Stock Exchange | compounding, Medtech, Re-rating, Sterilization, Volumes | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Bret Jensen | Sotera Health Company | Health Care | Diagnostics & Research | Neutral | NASDAQ | — | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| Anthony Bozza | Lakewood Capital Management | $1.5B | $60.0M | 3.97% | 3,399,581 | +336,842 | +11.00% | 1.2097% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $13.6M | 0.03% | 770,128 | -855,264 | -52.62% | 0.2740% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $18.2M | 0.02% | 1,033,860 | +853,489 | +473.19% | 0.3679% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $2.9M | 0.00% | 161,784 | +101,158 | +166.86% | 0.0576% |
| Israel Englander | Millennium Management LLC | $233.2B | $11.8M | 0.01% | 671,314 | +627,309 | +1425.54% | 0.2389% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $5.7M | 0.01% | 321,905 | +321,905 | +100.00% | 0.1145% |
| Cliff Asness | AQR Capital Management | $190.6B | $50.5M | 0.03% | 2,864,106 | +2,644,831 | +1206.17% | 1.0191% |
| Oliver Murray | Brandes Investment | $13.1B | $2.6M | 0.02% | 148,572 | +28,577 | +23.82% | 0.0529% |
| Louis Bacon | Moore Capital Management | $6.8B | $3.9M | 0.06% | 222,793 | +222,793 | +100.00% | 0.0793% |
| $2.0B | $5.7M | 0.28% | 336,970 | +336,970 | +100.00% | 0.1145% | ||
| Scott Ferguson | Sachem Head Capital Management | $4.3B | $205.4M | 4.82% | 11,645,000 | +3,735,000 | +47.22% | 4.1436% |