champc/iStock via Getty Images Dear Partners, Performance and Positioning Review – Q1 2026 Through Q1 2026, McIntyre Partnerships' results were approximately -19% gross and -20% net. This compares to our benchmark, the Russell 2000 Value, which increased 5%. The fund's trailing five-year returns are ~12% gross and ~9% net per annum, which compares to our benchmark's return of ~6% per annum. Since inception, the fund has returned ~14% gross and ~10% net per annum, compared to our benchmark's return of ~7% per annum. Our investment in QDEL is a significantly concentrated position, which makes market comparisons less useful at present. McIntyre Partnerships Returns ⁽¹⁾ QTD YTD 1-YEAR 3-YEAR 5-YEAR SINCE INCEPTION Gross of Fees -19.5% -19.5% 3.8% -1.0% 12.2% 13.6% Net of Fees -19.8% -19.8% 3.1% -2.7% 8.6% 9.9% Russell 2000 Value 5.0% 5.0% 28.1% 13.8% 5.8% 7.0% Russell 2000 Index 0.9% 0.9% 25.7% 13.1% 5.2% 8.4% In the winners column, CC, ICLR, and SEG contributed 100-500bps.…