FNMA - McIntyre Partnerships Q3 2021 Commentary

• We are a private investment company focused on long-term investments and acquisitions in the natural resources and infrastructure sectors.
• Through Q3 2021, McIntyre Partnerships returned approx. 71% gross and 59% net. This compares to S&P 500 and Russell 2000 Value returns including dividends of 16% and 23%, respectively.
• Our investment in GTX/GTXAP is a “big bet” investment, which, given our concentration, makes market comparisons less useful at present.
• At quarter end, our exposures are 113% long, 7% short, and 106% net. Our five largest positions are GTX/GTXAP, CC, MSGE, CAAP, and Permanent Bank, and account for roughly 93% of assets.

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