McIntyre Partnerships Q4 2025 Partners Letter

Fund posts 6% net return in 2025, underperforming benchmark

Published on Feb. 28, 2026

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McIntyre Partnerships' results were approximately 8% gross and 6% net through year-end 2025, compared to the Russell 2000 Value's increase of ~13%. The fund's trailing five-year returns are ~24% gross and ~19% net per annum, outperforming the benchmark's return of ~15% per annum. The letter discusses the fund's top positions, including Sotera Health, Star Holdings, and Veradigm, as well as plans to reopen the fund to outside investors in H2 2026.

Why it matters

The letter provides insight into the performance and positioning of McIntyre Partnerships, a prominent investment fund, during a challenging year for the markets. It highlights the fund's long-term outperformance, its investment strategy, and its plans for the future, which are relevant to investors and the broader finance community.

The details

McIntyre Partnerships' results were approximately 8% gross and 6% net through year-end 2025, compared to the Russell 2000 Value's increase of ~13%. The fund's top positions include Sotera Health (SHC), Star Holdings (STHO), and Veradigm (MDRX). SHC remains a core holding due to its predictable, growing, and recession-proof business, with an anticipated tax rate reduction and positive legal developments. STHO is a liquidating security with significant progress toward asset sales and capital returns expected in 2026. MDRX is a healthcare software business trading at a significant discount that the fund believes is poised for a rebound when it relists in 2026.

  • In 2025, STHO repurchased ~9% of shares outstanding.
  • STHO expects to announce either a spin or sale of their SAFE shares in 2026, along with a repayment or restructuring of their existing credit facility.
  • MDRX expects to become current and relist in 2026.

The players

McIntyre Partnerships

A Delaware limited partnership and investment fund managed by McIntyre Capital Management, LP.

Sotera Health (SHC)

An American company that provides sterilization services and lab testing, and is a core holding of McIntyre Partnerships.

Star Holdings (STHO)

A liquidating security that holds 13.3MM SAFE shares and real estate assets, in which McIntyre Partnerships has been invested since 2023.

Veradigm (MDRX)

A healthcare software business that McIntyre Partnerships believes is undervalued and poised for a rebound when it relists in 2026.

Jay Sugarman

The CEO of Star Holdings, who owns ~4% of the company's shares outstanding.

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What they’re saying

“While these years are not my favorites, I consider them an inevitable part of our strategy. We are not short-term traders, and our investments often require multiple years to be proven out. I believe our ~10% per annum of gross outperformance since inception speaks to this.”

— Chris McIntyre, Founder, McIntyre Partnerships

“If STHO continues to make progress and returns capital to shareholders, I believe our ultimate realization for STHO should be $20-$30/sh. versus a current price of $8.”

— Chris McIntyre, Founder, McIntyre Partnerships

What’s next

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The takeaway

This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.