2 weeks ago
10
Soumya Eswaran
Mon, August 10, 2026 astatine 10:58 AM CDT 3 min read
US-based concern institution McIntyre Partnerships delivered level show successful H1 2026, returning 0% gross and -1% nett compared to the Russell 2000 Value Index's 23% return. A transcript of the missive tin beryllium downloaded here. The 2nd 4th results were a implicit reversal of Q1 results, with the portfolio appreciating 23.0% (gross) and 23.3% (net), outperforming the index's 17.3%. The wide marketplace surge contributed to this performance, alongside respective affirmative developments related to the firm's holdings. Since inception, the money has returned ~16% gross and ~12% nett per annum, surpassing the benchmark's instrumentality of ~9% per annum. The portfolio is highly concentrated, with QDEL arsenic the largest holding, creating volatility. Despite mixed results, the steadfast remains assured successful the portfolio, peculiarly with QDEL viewed arsenic a cardinal concern opportunity. Potential for further maturation is expected from respective ample investments with promising catalysts. In addition, you tin cheque the Strategy's apical 5 holdings to find its champion picks for 2026.
In its Q2 2026 capitalist letter, McIntyre Partnerships highlighted Star Holdings (NASDAQ:STHO). Star Holdings (NASDAQ:STHO) is simply a existent property institution that engages successful non-ground lease-related businesses. On August 7, 2026, Star Holdings (NASDAQ:STHO) closed astatine $9.64 per share. The one-month instrumentality of Star Holdings (NASDAQ:STHO) was 5.47%, and its shares gained 32.97% implicit the past 52 weeks. Star Holdings (NASDAQ:STHO) has a marketplace capitalization of $116.54 million.
McIntyre Partnerships stated the following regarding Star Holdings (NASDAQ:STHO) successful its Q2 2026 capitalist letter:
"2026 has been a decent twelvemonth for Star Holdings (NASDAQ:STHO), with shares rallying ~14% YTD. However, it has been a substantially amended cardinal year, with SAFE rallying ~20%. For perspective, based solely connected SAFE's stock terms appreciation, STHO would person appreciated astir 36%. Further, STHO has made important advancement successful unwinding its bequest holdings. I estimation STHO's existent NAV is ~$24.50, a 160% premium, and that the institution volition beryllium capable to instrumentality important superior successful 2027, if not sooner.
Regarding SAFE, Q2 marked STHO's champion cardinal show since we began purchasing STHO, with origination volumes returning to a four-year precocious and the institution implementing its archetypal stock buyback, retiring ~2% of shares outstanding. Most importantly, SAFE sold a portfolio astatine a ~4.1% headdress rate, which compares favorably to SAFE's existent implied headdress complaint of ~5.3%. Applying a 4.1% headdress rate, SAFE would beryllium valued astatine $37/sh. versus its $16 trading price. While the remaining properties could warrant a little multiple, if SAFE were to adjacent its valuation gap, our STHO concern would payment substantially."
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