McIntyre Partnerships’ Q2 2026 Investor Letter

US-based investment company McIntyre Partnerships delivered flat performance in H1 2026, returning 0% gross and -1% net compared to the Russell 2000 Value Index’s 23% return. The second quarter results were a complete reversal of Q1 results, with the portfolio appreciating 23.0% (gross) and 23.3% (net), outperforming the index’s 17.3%. The overall market surge contributed to this performance, alongside several positive developments related to the firm’s holdings. Since inception, the fund has returned ~16% gross and ~12% net per annum, surpassing the benchmark’s return of ~9% per annum.  The portfolio is highly concentrated, with QDEL as the largest holding, creating volatility. Despite mixed results, the firm remains confident in the portfolio, particularly with QDEL viewed as a key investment opportunity. Potential for further growth is expected from several large investments with promising catalysts. In addition, you can check the Strategy’s top 5 holdings to determine its best picks for 2026.

A copy of McIntyre Partnerships’ Q2 2026 investor letter can be downloaded here.