McIntyre Partnerships has made a solid start to the year with a return of 34.8% gross in the first quarter of 2023. The fund returned -1.2% net in 2022, compared to a return of -14.5% for the Russell 2000 value index. Since its inception in January 2017, it has returned 16.5% net of fees compared to 4.4% for the benchmark.
At the end of the first quarter, the fund was 104% long and 12% short, with a net exposure of 92%. The top five positions accounted for roughly 81% of assets under management.
Catalyst-Driven Investments
Writing in his first quarter letter to investors, Chris McIntyre, the firm's founder, attributes the fund's positive performance to the "idiosyncratic, catalyst-driven nature of our holdings."
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