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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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| 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 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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| 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 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 |
|---|---|---|---|---|---|---|---|---|---|
| Apr 27, 2026 | Fund Letters | McIntyre Partnerships | Star Holdings | Real Estate | Real Estate Management & Development | Bull | NASDAQ | ground leases, Liquidation, NAV discount, Orphaned Security, Real Estate, REIT, Special Situation, spinoff, Value, Waterfront Property | View Pitch |
| Apr 13, 2026 | Fund Letters | McIntyre Partnerships | Star Holdings | Real Estate | Real Estate Management & Development | Bull | OTC | Asbury Park, Asset Convergence, Beachfront Real Estate, Illiquid Security, Liquidation Play, NAV discount, Rate Sensitive, REIT Holdings | View Pitch |
| Feb 26, 2026 | Fund Letters | Chris McIntyre | Star Holdings | Real Estate | Real Estate Management & Development | Bull | NASDAQ | buybacks, Liquidation, NAV, Real Estate, spinoff | 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 |
|---|---|---|---|---|---|---|---|---|
| Steven A. Cohen | Point72 Asset Management | $86.8B | $125,606 | 0.00% | 15,262 | +15,262 | +100.00% | 0.1155% |
| Boaz Weinstein | Saba Capital Management | $3.3B | $7.7M | 0.23% | 939,974 | -72,642 | -7.17% | 7.1160% |
| Israel Englander | Millennium Management LLC | $233.2B | $485,776 | 0.00% | 59,025 | -41,272 | -41.15% | 0.4468% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $227,996 | 0.00% | 27,703 | -2,390 | -7.94% | 0.2097% |