9 hours ago
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Soumya Eswaran
Mon, June 1, 2026 astatine 11:49 AM CDT 4 min read
US-based concern company, McIntyre Partnerships, returned -19% gross and -20% nett successful the archetypal 4th of 2026 compared to the Russell 2000 Value Index’s 5% return. A transcript of the missive tin beryllium downloaded here. Since inception, the money has returned ~14% gross and ~10% nett per annum, surpassing the benchmark’s instrumentality of ~7% per annum. The Q1 results were disappointing for the fund, chiefly owed to a important diminution successful the shares of beingness subject tools and aesculapian instrumentality stocks, successful which the money has important investments, arsenic good arsenic circumstantial issues related to QDEL, a institution successful the beingness subject tools sector. By the extremity of the month, the fund's vulnerability was recorded astatine 123% long, 27% short, and 97% net. In addition, you tin cheque the Strategy’s apical 5 holdings to find its champion picks for 2026.
In its first-quarter 2026 capitalist letter, McIntyre Partnerships highlighted stocks specified arsenic QuidelOrtho Corporation NASDAQ:QDEL). QuidelOrtho Corporation (NASDAQ:QDEL) is simply a diagnostic investigating solutions institution that provides diagnostic investigating solutions crossed Labs, Transfusion Medicine, Point of Care, and Molecular Diagnostics. On May 29, 2026, QuidelOrtho Corporation (NASDAQ:QDEL) closed astatine $13.02 per share. One-month instrumentality of QuidelOrtho Corporation (NASDAQ:QDEL) was 1.97%, and its shares mislaid 57.28% implicit the past 52 weeks. QuidelOrtho Corporation (NASDAQ:QDEL) has a marketplace capitalization of $863.64 million.
McIntyre Partnerships stated the pursuing regarding QuidelOrtho Corporation (NASDAQ:QDEL) successful its Q1 2026 capitalist letter:
"Our concern successful QuidelOrtho Corporation (NASDAQ:QDEL) is simply a importantly concentrated position, which makes marketplace comparisons little utile astatine present. In the winners column, CC, ICLR, and SEG contributed 100-500bps. In the losers column, FTRE, SHC, SWIM, and STHO mislaid 100-500bps, and QDEL mislaid implicit 500bps. To authorities the obvious, the Q1 effect was not a agleam spot for the fund. The superior operator of our diminution was a crisp pullback successful the shares of beingness subject tools and aesculapian instrumentality stocks, to which the money has important exposure, and stock-specific issues astatine QDEL, a beingness subject tools company, which I had antecedently referred to arsenic Stock A. QDEL is present the fund's largest position, and we person accumulated a afloat position.
To chopped to the chase, I judge QDEL’s existent terms is simply a once-in-five-to-ten-year opportunity. For the 3rd clip successful 10 years, I person decided to size a presumption astatine much than 20% of the fund’s capital, though we person purchased enactment options which bounds our full nonaccomplishment to nether 20%. Our 2 erstwhile importantly concentrated investments, CC successful 2019 and GTX successful 2021, besides progressive ample drawdowns astatine initiation. They are besides our 2 largest outright winners and drove a 120% gross instrumentality from 2020 to 2022, portion our benchmark accrued lone 14%.
QuidelOrtho Corporation (QDEL) Life Science and Diagnostic Tools Sector. The beingness subject tools abstraction has broadly declined amid fears that AI models volition dramatically alteration however drugs are developed. I deliberation we are a ways distant from anyone being injected with a cause made wholly from asking ChatGPT with nary further testing, and QDEL specifically has astir thing to bash with cause development, but erstwhile bluish spot stocks successful your assemblage similar ABT, TMO, and DHR are each down 15-20%, it’s hard to combat that trend…” (Click present to work the afloat text)
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