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. A copy of the letter can be downloaded here. 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.
In its Q2 2026 investor letter, McIntyre Partnerships highlighted QuidelOrtho Corporation NASDAQ:QDEL). QuidelOrtho Corporation (NASDAQ:QDEL) is a diagnostic testing solutions company that provides solutions across Labs, Transfusion Medicine, Point of Care, and Molecular Diagnostics. On August 7, 2026, QuidelOrtho Corporation (NASDAQ:QDEL) closed at $12.28 per share, reflecting a market capitalization of $837.72 million. QuidelOrtho Corporation (NASDAQ:QDEL) posted a one‑month return of ‑837.72%, while its shares lost 46.55% over the past 52 weeks.”
McIntyre Partnerships stated the following regarding QuidelOrtho Corporation (NASDAQ:QDEL) in its Q2 2026 investor letter:
“As I argued in the Q1 letter outlining our thesis, QuidelOrtho Corporation (NASDAQ:QDEL) is essentially three different businesses operating under one corporate entity, and a division could be sold to deleverage the company. QDEL appears to be following this path. According to the FT article, QDEL is looking to sell its POC division for roughly $1.5B. POC is the old Quidel business, and the transaction would essentially undo the 2022 merger of Quidel and Ortho. Assuming a sale near the rumored price, the QDEL RemainCo would be ~2.5x levered and consist of the legacy Ortho business. Critically, the driver of QDEL’s repeated missed estimates over the last three years is the legacy Quidel business, while legacy Ortho has been a steady performer, albeit with negative Chinese regulatory news in Q1. Once the Chinese regulations are finalized in the coming months, I believe the legacy Ortho business will return to its historical, consistent high single-digit EBITDA growth.
Additionally, I believe Q2 will mark a low point for cash flow generation, a frequent bear point. As QDEL delevers and exits the volatile flu and COVID business, I believe the stock can reweight towards peers in the 11-15x EV/EBITDA range. If not, I believe the company will be sold to private equity. A 12x multiple on my RemainCo 2029 EBITDA estimate yields ~$100/sh.”
QuidelOrtho Corporation (NASDAQ:QDEL) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 24 hedge fund portfolios held QuidelOrtho Corporation (NASDAQ:QDEL) at the end of the first quarter, compared to 26 in the previous quarter. While we acknowledge the risk and potential of QuidelOrtho Corporation (NASDAQ:QDEL) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than QuidelOrtho Corporation (NASDAQ:QDEL) and that has 10,000% upside potential, check out our report about this cheapest AI stock.
In another article, we discussed QuidelOrtho Corporation (NASDAQ:QDEL) by sharing McIntyre Partnerships’ views from the previous quarter. In addition, please check out our hedge fund investor letters Q2 2026 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
