| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 11.3% | 8.6% | 8.6% |
Upslope delivered strong Q1 performance with +8.6% net returns versus +2.5% for the S&P Midcap 400, driven by successful positioning around geopolitical volatility. The manager expects elevated volatility to persist for years, creating ongoing opportunities for quality businesses at attractive prices. Key contributors included Hershey (+245 bps), FTI Consulting (+225 bps), and Korea Defense ETF (+160 bps), while detractors were limited. Portfolio changes focused on concentration, exiting fully valued positions like Sandvik and Holcim while adding defensive-plus businesses in Europe and Canada. New positions include Kesko, Stella-Jones, Lifco, and Jack Henry, representing well-managed companies with defensive cores and cyclical upside potential. The strategy maintains 40% net exposure with elevated gross exposure reflecting opportunities on both sides. AI risks are acknowledged but viewed as manageable across the portfolio. The manager remains positioned for continued macro-driven opportunities while maintaining disciplined risk management.
Upslope targets attractive equity-like returns with reduced market risk through a concentrated long/short strategy focused on high-quality businesses at attractive valuations, positioned to benefit from ongoing macro volatility.
Geopolitics-driven volatility expected to remain unusually high for years ahead, creating opportunities for high-quality businesses at attractive valuations. Environment should continue to surface opportunities with actionable ideas abundant on the short side.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 21 2026 | 2026 Q1 | 8697.T, CME, FCN, GOOGL, HOLN SW, INTC, JKHY, KESKOB.HE, LIFCO-B.ST, SAND.ST, SJ.TO, STE | defense, Europe, Long/Short, mid cap, Quality, value, volatility | - | Upslope delivered +8.6% in Q1 by capitalizing on geopolitical volatility through concentrated long/short positioning. The manager added defensive-plus European businesses and exited fully valued positions, expecting continued macro volatility to create opportunities. Strong performance from defense, consulting, and consumer holdings offset modest detractors, with portfolio positioned for ongoing volatility-driven opportunities. |
| Jan 13 2026 | 2025 Q4 | 6954.T, 8697.T, BAH, BIO, CCK, CME, DPLM.L, FCN, GOOGL, HOLN.SW, HSIC, HSY, INTC, MKTX, SAND.ST, SMIN.L, STE, TDY | AI, Automation, defense, healthcare, industrials, Japan, Long/Short, mid cap |
BAH CCK 6954 JP HSIC |
Upslope delivered +14.8% in 2025 through disciplined long/short investing amid AI-accelerated markets. Portfolio reflects defense spending normalization, industrial automation opportunities, and Japanese reforms. New positions in Booz Allen, Crown Holdings, Fanuc, and Henry Schein capitalize on secular tailwinds. Quality businesses trade at attractive valuations despite challenging macro backdrop and persistent market risk-taking behavior. |
| Oct 15 2025 | 2025 Q3 | 8697.T, BIO, CHG.L, CME, DPLM.L, EVR, FCN, GOOGL, HOLN.SW, HSY, IMXI, INTC, KDEF, MKTX, SAND.ST, SMIN.L, SRT.DE, STE, TDY, WST | AI, defense, healthcare, Long/Short, Quality, risk management, valuation | - | Upslope posted +8.8% in Q3 while positioning defensively for market correction. Portfolio emphasizes quality longs and strategic shorts with 31% net exposure. Key themes include defense spending from geopolitical tensions and healthcare dislocation opportunities. Manager sees asymmetrically negative market outlook but expects eventual snapback favoring durable businesses over current speculative excess. |
| Jul 15 2025 | 2025 Q2 | 8697.T, CHG.L, CME, DPLM.L, DSFIR.AS, EVR, FCN, HOLN.SW, HSY, MKTX, QQ.L, SAND.ST, SMIN.L, SPX.L, TDY | defense, Europe, Exchanges, Hedging, Industrial, Long/Short, value, volatility |
SMIN LN FCN EVR SMIN.L FCN EVR |
Upslope delivered +8.9% in Q2 through disciplined long/short strategy, outperforming during tariff volatility. Portfolio rotated into advisory stocks and maintains exposure to defense, exchanges, and industrial distributors. Manager sees extremely frothy markets vulnerable to shocks but believes the strategy is uniquely positioned for the unusual mix of speculation and macro uncertainty ahead. |
| Apr 14 2025 | 2025 Q1 | 8697.T, ATR, CHG.L, CME, CRL, DPLM.L, HOLN.SW, HSY, MKTX, QQ.L, SAND.ST, SPX.L, TDY, VFC | defense, Europe, Long/Short, mid cap, Onshoring, Trade Policy, volatility | - | Upslope's Q1 struggles reversed in April as global trade tensions aligned with the fund's overseas-focused, defensive positioning. The portfolio emphasizes European industrials, defense contractors, and volatility-benefiting exchanges while maintaining 49% net exposure. Recent policy changes validate the manager's thesis on international markets, defense spending, and onshoring trends driving long-term outperformance. |
| Jan 15 2025 | 2024 Q4 | 7011.T, 8697.T, ATR, AXON, BARN.SW, CHG.L, CME, CMPO, CRL, DPLM.L, DSFIR.AS, GRMN, HSY, KOG.OL, NVT, NWC.TO, QQ.L, TDY, VFC, WPK.TO | Cyclical, defense, Europe, healthcare, Long/Short, turnaround, value |
CRL VFC QQ.L |
Upslope posted -7.3% in Q4 amid challenging conditions for value strategies, driven by European holdings de-rating and cocoa price volatility. Manager acknowledges process errors but maintains conviction in European overweight and defense spending theme. Added healthcare and turnaround positions while reducing chocolate exposure. Views current market as unusually exciting with abundant long and short opportunities in out-of-favor sectors. |
| Oct 14 2024 | 2024 Q3 | 7011.T, 8697.T, ATR, BARN.SW, CHG.L, CME, CMPO, DPLM.L, FTT.TO, GRMN, HSY, KOG.OL, NVT, NWC.TO, TDY, WPK.TO | defense, Europe, Exchanges, Long/Short, Midcap, value, volatility |
CME CMPO 7011.T |
Upslope delivered +14.8% in Q3 by capitalizing on August volatility to add quality names like CME Group and Mitsubishi Heavy at attractive prices. Despite strong performance, the manager warns of expensive markets, geopolitical risks, and unusually cynical sentiment. The fund maintains high gross exposure with continued focus on uncorrelated midcap opportunities while seeing ample short opportunities. |
| Jul 15 2024 | 2024 Q2 | 8697.T, ATR, BALL, BARN.SW, CACI, CHG.L, DPLM.L, FTT.TO, GRMN, HSY, KOG.OL, NVT, NWC.TO, TDY, WPK.TO | defensives, Europe, Long/Short, mid cap, Quality, value |
TDY DSFIR.AS WPK.TO |
Upslope's Q2 underperformance reflects style headwinds from defensive, mid-cap, European, and value biases. The manager added 'fallen compounders' like Teledyne while shorting expensive quality names. With markets expensive and macro uncertainty high, the fund's uncorrelated positioning targets attractive risk-adjusted returns regardless of market direction. |
| May 7 2024 | 2024 Q1 | 8697.T, ATR, BALL, BARN.SW, CACI, CHG.L, DPLM.L, FTT.TO, GRMN, HSY, INTC, KOG.OL, NVT, NWC.TO, TECN.SW | Cocoa, commodities, defense, Hedging, Long/Short, mid cap, value |
BARN.SW HSY |
Upslope posted solid +5.5% Q1 returns through defensive long/short strategy. Added chocolate plays Barry Callebaut and Hershey to capitalize on cocoa crisis, expecting large players to gain share and benefit from eventual price reversion. Defense holdings positioned for geopolitical tailwinds. Portfolio remains well-hedged against macro shocks while targeting quality businesses at attractive valuations. |
| Nov 1 2024 | 2023 Q4 | 8697.T, ATR, BALL, CACI, CHG.L, DPLM.L, EMG.L, FTT.TO, GRMN, INTC, KOG.OL, NVT, NWC.TO, TECN.SW | defense, Geopolitical, Long/Short, mid cap, reshoring, technology, value |
CHG.L BWXT|CCO CN|NVTS|PACK|QDEL|SG NWC.TO INTC |
Upslope delivered record quarterly performance of 15.8% by positioning for geopolitical themes, particularly defense spending and reshoring trends. The defensive long/short strategy added key positions in Chemring defense contractor, nVent electrical infrastructure, and used Intel as a portfolio hedge. Manager views geopolitical tensions as underappreciated market drivers while maintaining focus on reduced-risk equity returns. |
| Oct 17 2023 | 2023 Q3 | 8697.T, ATR, BALL, CACI, DPLM.L, EMG.L, FTT.TO, GRMN, KOG.OL, TECN.SW | defensives, Geopolitical, Long/Short, mid cap, rates, value | BALL | Upslope protected capital in Q3 with shorts offsetting long losses as rate fears hit markets. The fund sees exceptional opportunities from crude market reactions to GLP-1 and AI themes. With defensive businesses sharply de-rated and rates potentially peaking, the long defensives/short garbage strategy is optimally positioned for when recession risks return to focus. |
| Jul 17 2023 | 2023 Q2 | 8697.T, ATR, ATS.TO, BOKF, CACI, DPLM.L, EMG.L, FCN, FTT.TO, GLT, GRMN, KOG.OL, SLGN, TECN.SW, X.TO | defense, Exchanges, Japan, Long/Short, mid cap, Quality, technology |
FCN ABX.TO GRMN 8697.T |
Upslope's defensive long/short strategy faced headwinds in Q2's risk-on environment, returning -1.2%. Manager rotated from restructuring consultant FTI Consulting into quality technology names Garmin and Japan Exchange Group, positioning for health tracking trends and Japanese market revival. Despite bubble-like conditions reminiscent of 2021, maintains focus on downside protection while selectively deploying capital. |
| Apr 17 2023 | 2023 Q1 | ATR, ATS.TO, BOKF, BOLSAA.MX, CACI, CHG.L, DPLM.L, EMG.L, FCN, FTT.TO, GLT, KOG.OL, SLGN, TECN.SW, X.TO | Defensive, international, Long/Short, SMID Cap, value, volatility |
CHG.L FTT.TO |
Upslope's cautiously pessimistic manager navigated Q1 volatility with a defensive long/short strategy, losing 1.2% while maintaining 66% net exposure. The fund exited underperforming defense name Chemring, added cyclical Finning position, and remains net short banks despite holding BOK Financial. International value exposure and volatility-benefiting positioning should provide tailwinds in uncertain macro environment. |
| Jan 25 2023 | 2022 Q4 | ATS CN, BOKF, CASY, EMG LN, GLT, TCVA | - | - | |
| Oct 18 2022 | 2022 Q3 | BALL, BOLSAA MM, BWXT, CACI | - | - | |
| Jul 19 2022 | 2022 Q2 | ATR, BALL, BFAM, BWXT, CASY, CHG.L, DPLM.L, ENV, FCN, KOG NO, PACK, SLGN, TECN SW, TTCF, X.TO | cyclicals, defense, Defensive, Long/Short, mid cap, packaging, SPACs, value | BALL | Upslope's defensive long/short strategy delivered +0.8% in Q2 versus -15.4% market decline, adding quality names like Ball Corp at attractive valuations while shorting overvalued cyclicals. Manager maintains cautious positioning with 69% net long exposure, emphasizing selectivity despite emerging bargains as recession looms and macro environment remains challenging. |
| Apr 18 2022 | 2022 Q1 | ATR, BFAM, BWXT, CASY, CHG.L, DPLM.L, ENV, FCN, KOG.OL, MKTX, SLGN, TECN SW, X.TO | defense, Geopolitical, inflation, Long/Short, regime change, SPACs, value |
KOG.OL CHG.L SLGN |
Upslope outperformed in Q1 by pivoting toward value stocks and defense companies ahead of a multi-year regime change. The manager added three defense positions capitalizing on Ukraine-driven geopolitical tensions while maintaining shorts on speculative growth. Portfolio emphasizes defensive businesses that can pass through inflation costs, positioned to thrive across various economic scenarios including sustained inflation and potential recession. |
| Jan 19 2022 | 2021 Q4 | ATR, BFAM, BWXT, CASY, CBOE, DPLM.L, ENV, FCN, MKTX, TECN SW, X.TO | Defensive, Long/Short, mid cap, SPACs, value, volatility |
CBOE MKTX CASY |
Upslope delivered positive returns in challenging 2021 for defensive strategies. Manager expects significantly higher volatility in 2022 given unsustainable equity returns, inflation, and geopolitical risks. This should favor defensive approaches after being out of favor. Portfolio maintains significant short exposure while adding defensive value longs like Casey's General Store. |
| Oct 18 2021 | 2021 Q3 | ATR, BFAM, BOWX, BWXT, CBOE, DPLM.L, DSM.AS, ENV, FCN, RBA, TECN SW, X.TO | Catalyst, defense, healthcare, Long/Short, mid cap, value |
CBOE TECN.SW BWXT |
Upslope's concentrated long/short strategy delivered modest Q3 underperformance while positioning defensively with catalyst-driven exposure. Manager Livadas maintains conviction in his differentiated approach despite macro headwinds from inflation and China tensions, adding quality names like Tecan and BWX Technologies while trimming fully-valued positions. Portfolio positioned for reduced market sensitivity through selective catalyst opportunities. |
| Jul 19 2021 | 2021 Q2 | ATR, BFAM, CBOE, DPLM.L, DSM.AS, ENV, FCN, MKTX, RBA, SUBC.OL, TW, X.TO | Capital markets, Long/Short, mid cap, Short Selling, SPACs, value |
MKTX ENV |
Upslope delivered 2.8% Q2 returns in frothy markets characterized by speculation. Manager exited five-year MarketAxess long due to Tradeweb competition and extreme valuation, initiating short position. Added Envestnet anticipating Yodlee divestiture catalyst. Views unprecedented market environment as creating excellent short-selling opportunities. Increased personal investment reflecting confidence in strategy prospects amid widespread market speculation. |
| Apr 15 2021 | 2021 Q1 | ATR, BFAM, CBOE, DPLM.L, DSM.AS, EVR, FCN, MKTX, RBA, SUBC.OL, X.TO | concentrated, Defensive, Exchanges, Long/Short, Restructuring, SPACs, value, volatility |
EVR FCN X.TO CBOE |
Upslope's defensive long/short strategy faced headwinds in Q1's vertical market but manager sees improving prospects ahead. Portfolio combines counter-cyclical plays like FTI Consulting, monopolistic exchanges including new position TMX Group, and large SPAC short basket hedged with asymmetric SPAC longs. Positioning reflects confidence that market will separate quality from speculation. |
| Jan 13 2021 | 2020 Q4 | ATR, BFAM, CBOE, CCK, DPLM.L, DSM.AS, EVR, MKTX, RBA, SUBC.OL | Bubble, concentrated, Long/Short, SPACs, value, volatility | - | Upslope delivered strong Q4 returns while building SPAC short basket targeting bubble dynamics. Manager views current market as characterized by speculative excess and get rich quick mentality despite COVID backdrop. Added to CBOE as M&A target while maintaining defensive core. Positioned for eventual regime change with survival focus on shorts given challenging environment for bears. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
DefenseManager holds Korea Defense Industry ETF which benefited from elevated geopolitical tensions and cost advantages versus US/European peers. The war in Iran created volatility but also opportunities in defense-related investments. |
Defense Spending Geopolitical Korea ETF |
VolatilityManager views geopolitics-driven volatility as likely to remain unusually high for years ahead, creating opportunities for high-quality businesses at attractive valuations. Portfolio positioning reflects high number of perceived opportunities on both long and short sides. |
Market Volatility Opportunities Positioning | |
AIManager acknowledges AI risks across portfolio companies, particularly noting concerns about Booz Allen and Jack Henry. Views AI impact as uncertain but potentially more beneficial than harmful for Jack Henry's fintech business. |
Artificial Intelligence Technology Risk Software | |
Capital MarketsHoldings in CME Group and MarketAxess positioned to benefit from global macro volatility. CME described as attractive, durable business that should continue benefiting from volatility while competitive threats dissipate. |
Exchanges Trading Derivatives | |
| 2025 Q4 |
AIAI infrastructure plays dominated 2025 returns, with 65% of Russell 2000's return coming from AI infrastructure. The manager questions whether this singular bet on five companies' data center CAPEX spending will persist, noting the market's extreme concentration around this theme. |
Infrastructure Data Centers CAPEX |
Small CapsSmall caps continued to underperform large caps in 2025's narrow market. The manager notes that owning the small cap index increasingly exposes investors to both AI CAPEX and unprofitable companies, creating concentration risk in a historically narrow market. |
Russell 2000 Underperformance Concentration | |
QualityQuality businesses trade at historically cheap multiples despite extreme valuation disparities between winners and losers reaching historic extremes. The manager sees this as creating opportunities for active management focused on quality companies. |
Valuation Multiples Disparity | |
| 2025 Q3 |
Defense SpendingElevated and rising geopolitical tensions globally and in Asia-Pacific should drive sustained defense investment for years. Korean defense industry maintains significant relative cost advantages versus US and European peers while being cheaper, faster and compatible with NATO standards. |
Defense Geopolitical Korea NATO Military |
AIThe AI investment boom has become very circular with everyone knowing this but few defending it. Many healthcare businesses could ultimately be large beneficiaries of advancements in AI, though such acceleration does not appear to be baked into valuations or estimates. |
Artificial Intelligence Healthcare Technology Bubble Valuation | |
QualityUpslope is positioned to benefit from an eventual snapback in relative performance of durable, high-quality businesses. Core defensive-leaning longs have solid underlying fundamentals and reasonable valuations, and should handily outperform when markets sober up. |
Defensive Fundamentals Durable Outperform Valuation | |
| 2025 Q2 |
Defense SpendingThe fund holds defense contractors including Chemring and Teledyne Technologies, with Chemring being a top contributor during the quarter. The manager notes accelerating sector tailwinds and describes the cyclical boom in defense markets. |
Defense Aerospace Contractors Spending Cyclical |
Capital MarketsThe fund has significant exposure to exchanges and financial intermediaries including CME Group, Japan Exchange Group, and MarketAxess. The manager expects these businesses to benefit from ongoing global macro volatility and market structure reforms. |
Exchanges Derivatives Volatility Trading Infrastructure | |
Industrial DistributionThe fund owns specialty distributors like Diploma and industrial conglomerates like Smiths Group. These businesses focus on essential consumable products and benefit from recurring aftermarket revenue streams with strong competitive positions. |
Distribution Aftermarket Industrial Consumables Recurring | |
| 2025 Q1 |
Defense SpendingThe fund maintains significant exposure to defense contractors including Teledyne, Chemring, and QinetiQ, positioned to benefit from accelerated defense spending driven by the war in Ukraine and changing geopolitical landscape. These companies are well-positioned for long-term growth in defense budgets. |
Defense Aerospace Geopolitical Ukraine Spending |
OnshoringThe manager believes the pandemic and Ukraine war created lasting change in how countries view supply chains, leading to reshoring trends. The fund added two starter positions during Q1 that should benefit from long-term reshoring, with Teledyne spanning both re-arm and re-shore themes. |
Supply Chain Reshoring Manufacturing Trade Policy | |
EuropeThe fund maintains outsized European exposure, viewing recent developments including German fiscal reform and global trade war as confirmation of the overweight Europe thesis. European holdings benefit from attractive relative valuations, underweight investor positioning, and localized production that should help weather trade wars. |
European Valuations Underweight Fiscal Reform | |
VolatilityGiven the geopolitical climate, the manager believes volatility will remain elevated for several years, benefiting volume-driven financial exchanges and businesses that thrive on macro volatility. Holdings include CME Group, Japan Exchange, and MarketAxess which should benefit from continued market turbulence. |
Exchanges Trading Geopolitical Macro | |
Trade PolicyThe manager discusses how recent global trade policy realignments have created both challenges and opportunities. The announcement of potentially aggressive tariffs influenced portfolio decisions, with the fund positioned in companies with essential products, monopoly-like offerings, and localized production to weather trade wars. |
Tariffs Trade War Policy Global | |
| 2024 Q4 |
Defense SpendingMultiple defense holdings including QinetiQ, Chemring, and Mitsubishi Heavy Industries positioned to benefit from accelerating UK, European, and Japanese defense spending. QinetiQ particularly well-positioned for AUKUS customers and evolving battlefield requirements. |
Defense AUKUS Military Government Aerospace |
OnshoringCharles River Labs expected to benefit from BIOSECURE Act forcing drug manufacturing reshoring. Teledyne and nVent Electric also positioned for reshoring trends in their respective industries. |
Reshoring Manufacturing Supply Chain BIOSECURE Domestic | |
EuropeSignificant overweight to European holdings despite Q4 underperformance driven by valuation de-rating. Manager views this as solid process with poor outcome, citing attractive valuations in out-of-favor European businesses with strong prospects. |
European Valuation Discount Undervalued Regional | |
CocoaBarry Callebaut position hurt by fresh spike in cocoa prices to new highs after recent 40% drop. Manager was whipsawed by cocoa price volatility and reduced chocolate-exposed positions significantly. |
Cocoa Commodity Chocolate Volatility Pricing | |
| 2024 Q3 |
ExchangesCME Group represents an attractive business that has been relatively out of favor versus peers due to exaggerated worries about new competition and the end of the interest rate hiking cycle. The financial exchange sector is comprised of durable, monopoly-like businesses with a history of predictable mean-reversion. CME is positioned to benefit from continued interest rate volatility and ever-expanding U.S. government debt issuance. |
Derivatives Volatility Monopoly Trading Rates |
DefenseMitsubishi Heavy Industries is the largest domestic defense contractor in Japan, a nation committed to nearly doubling defense spending as a percent of GDP in short order. The company holds leading market positions in unique end markets including Japanese defense that should continue to see very strong and accelerating demand over the medium and long-term. |
Japan Spending Contractors Geopolitical Military | |
NuclearMitsubishi Heavy Industries is a global leader in the design and production of nuclear power systems. The company holds leading market positions in nuclear power that should continue to see very strong demand over the medium and long-term as part of the broader energy transition. |
Power Energy Systems Global Leader | |
CocoaBoth Hershey Foods and Barry Callebaut are facing headline pressures due to recent surge in cocoa prices. The manager believes these are likely overblown fears that have allowed for seemingly attractive entry prices in advance of potential share gains and harvesting of recently elevated investment spend. |
Prices Chocolate Commodity Volatility Food | |
| 2024 Q2 |
Defense SpendingThe fund holds multiple defense contractors including Kongsberg Gruppen, Teledyne, and Chemring Group. These companies are positioned to benefit from accelerating sector tailwinds and rising defense spending globally. Teledyne is specifically noted as being positively exposed to rising defense spending trends. |
Defense Aerospace Government Spending Contractors |
OnshoringThe manager explicitly identifies onshoring as a key tailwind for portfolio companies. Teledyne is positioned to benefit from reshoring trends, while nVent Electric is described as a clear beneficiary of reshoring and electrification trends with runway for growth. |
Reshoring Manufacturing Supply Chain Automation Industrial | |
AutomationSeveral portfolio companies have exposure to industrial automation trends. Teledyne's end markets include industrial automation, while the manager notes automation as a tailwind. The fund seeks exposure to companies benefiting from automation-driven demand. |
Industrial Technology Efficiency Manufacturing Equipment | |
CocoaThe fund holds two chocolate-related companies facing temporary headwinds from surging cocoa prices. Barry Callebaut is described as facing temporary headwinds due to recent surge in cocoa prices, while Hershey is facing headline pressures from the same cocoa price surge. |
Commodities Food Pricing Agriculture Supply | |
| 2024 Q1 |
CocoaUnprecedented surge in cocoa prices creating crisis for chocolate industry. Manager sees this as opportunity for large players like Barry Callebaut and Hershey to gain market share from smaller competitors who may be wiped out. Expects cocoa prices to eventually revert like other commodity squeezes in history. |
Chocolate Commodity Crisis Pricing Supply |
DefenseMultiple defense holdings including Kongsberg, CACI, and Chemring positioned to benefit from geopolitical tailwinds and accelerating sector trends. Companies have strong positions in niche products like missiles, cyber defense, and defensive flares with attractive end markets. |
Geopolitical Military Cyber Missiles Government | |
| 2023 Q4 |
DefenseManager emphasizes defense stocks as a key investment theme driven by geopolitical tensions in Ukraine, Israel, and China. Specific investments include Chemring (UK defense contractor) and Kongsberg Gruppen (Norwegian defense company), with the manager stating to own defense stocks and broad reshoring winners. |
Defense Spending Geopolitical NATO Weapons Military |
OnshoringReshoring is highlighted as a major investment theme alongside defense spending. The manager views geopolitical events as having broader implications than markets appreciate and positions for reshoring winners, particularly in electrical infrastructure and manufacturing. |
Reshoring Supply Chain Manufacturing Domestic Trade | |
Electrical EquipmentnVent Electric represents a key position benefiting from electrification trends and the Inflation Reduction Act. The company provides electrical protection and connection components with dominant market positions and pricing power, positioned for the electrification megatrend. |
Electrification Infrastructure Grid Power IRA | |
SemiconductorsIntel position serves as both a technology play and portfolio hedge, uniquely positioned to benefit from continued tech stock appreciation or rising Taiwan tensions. The manager structured this as a hedge via long-dated call options given Intel's strategic semiconductor manufacturing position. |
Semiconductor Cycle Taiwan Technology Foundries Geopolitical | |
| 2023 Q3 |
GLP1Markets have become narrowly focused on GLP-1 weight-loss drugs as one of two big themes. The crudeness with which markets have responded to perceived exposure to GLP-1 drugs has created opportunities, as companies have been bluntly shoved into winner/loser buckets. Ball Corp faces highly uncertain GLP-1 weight-loss drug impact but this is being priced with certainty. |
Weight Loss Pharmaceuticals Beverages Market Impact |
AIArtificial Intelligence is identified as one of two big themes that markets have become narrowly focused on. The crudeness of market responses to AI exposure has created idea generation opportunities for the fund. |
Technology Market Focus Investment Opportunities | |
DefenseGeopolitical risk is clearly the highest in decades with genuine evil existing that must be dealt with urgently. The fund holds positions in defense-related companies including CACI International and Kongsberg Gruppen, anticipating benefits from geopolitical tailwinds and strong positions in cyber defense. |
Geopolitical Risk Defense Spending Cybersecurity Government Contracts | |
| 2023 Q2 |
ExchangesManager sees attractive opportunities in exchange operators, exiting TMX Group to invest in Japan Exchange Group. Views exchanges as having monopolistic competitive positions with steady growth and high margins. Japan Exchange specifically positioned to benefit from Japanese equity market revival and corporate governance reforms. |
Japan Corporate Governance Market Structure Trading Volumes |
JapanStrong bullish thesis on Japanese equity market revival driven by corporate governance reform, redirected investment from China, retirement program reforms, and high-profile investor interest. Manager believes convergence of factors suggests acceleration is likely despite historical false starts. |
Corporate Governance NISA China Reallocation Market Reform | |
DefensePositioned in defense through CACI International and Kongsberg Gruppen. Expects CACI to benefit from geopolitical tailwinds, strong cyber defense position, and consolidation opportunities. Kongsberg has dominant positions in niche defense products with cyclically attractive end markets. |
Geopolitical Cyber Defense Consolidation Missiles | |
| 2023 Q1 |
DefenseManager holds positions in defense contractors including Chemring (exited), Kongsberg Gruppen, and CACI International. Expects these companies to benefit from geopolitical tailwinds and strong positioning in cyber defense. |
Defense Geopolitical Cyber Contractors |
Regional BanksManager maintains long position in BOK Financial despite regional banking crisis, viewing it as well-positioned due to conservative culture and energy expertise. Overall net short bank stocks given sector headwinds. |
Banks Regional Credit Crisis | |
AutomationHolds ATS Corp, a factory automation solutions provider serving defensive end markets. Expects growth from acquisition strategy and potentially accelerating reshoring tailwinds. |
Automation Factory Reshoring | |
CommoditiesAdded new position in Finning, world's largest Caterpillar equipment dealer with exposure to commodities, mining, energy and infrastructure. Views as complementary to otherwise defensive portfolio despite cyclical concerns. |
Commodities Mining Cyclical Equipment | |
| 2022 Q2 |
SPACsManager continues to shift away from SPAC+ shorts but maintains exposure to SPACs with significant downside potential. Notes there are still plenty of SPACs with approximately 100% downside in many cases, though on fewer dollars which means more risk. |
SPACs Shorts Downside |
PackagingStrong focus on packaging companies including Ball Corp as a new long position and existing holdings in AptarGroup and Silgan. Manager views packaging as defensive with limited macro sensitivity and good pricing power through consolidated industry structures. |
Packaging Defensive Consolidation | |
DefensePortfolio includes multiple defense-related positions including BWX Technologies, Chemring, and Kongsberg Gruppen. Manager sees rising geopolitical tensions and elevated conflict-driven demand as tailwinds for defense contractors. |
Defense Geopolitical Contractors | |
InflationManager discusses inflationary pressures as temporary headwinds that should ultimately be recouped, particularly for packaging companies. Notes some cyclicals have been indirect beneficiaries of the inflationary environment which seems likely to wane. |
Inflation Headwinds Cyclicals | |
| 2022 Q1 |
Defense SpendingManager significantly expanded defense exposure with three positions (BWX Technologies, Kongsberg, Chemring) based on rising geopolitical tensions and the Ukraine conflict. Expects defense spending to accelerate globally for both short and long-term, with companies positioned in attractive end markets like missile defense, cyber warfare, and conflict-driven products. |
Defense Geopolitical Ukraine Military Weapons |
ValuePortfolio shifted dramatically toward value stocks, with tactical value holdings now exceeding core quality holdings for the first time. Manager believes the regime change toward value will last years, supported by higher baseline inflation and historical 3-5 year rotation cycles between growth and value. |
Value Rotation Cyclical Regime Change Inflation | |
SPACsMany SPACs and speculative growth stocks continue declining toward zero. Manager maintains short exposure to speculative nonsense while holding a large position in pre-transaction SPAC (TCVA) trading below NAV, contributing to elevated gross exposure. |
SPACs Speculation Shorts NAV Bubble | |
InflationPersistent step-up in inflation represents a regime change from 40+ year trends. Manager positions portfolio companies that can quickly pass through cost increases, often contractually, and views higher baseline inflation as supporting the value rotation for years ahead. |
Inflation Cost Pricing Regime Contractual | |
| 2021 Q4 |
VolatilityManager expects 2022 to be significantly more volatile than 2021, noting that an average year sees 14% drawdowns while 2021 only saw 5%. Rising geopolitical risks and highest inflation in decades add to volatility expectations. |
Market Risk Drawdowns Uncertainty Geopolitics Inflation |
ValueValue has performed well though limited to narrow set of stocks. Manager positions portfolio as defensive value-oriented approach, citing Casey's as attractive defensive growing value stock perfect for current environment. |
Value Investing Defensive Undervalued Attractive | |
SPACsPortfolio holds large position in pre-transaction SPAC (TCV Acquisition Corp.) trading below NAV, contributing to elevated gross exposure. Manager references long-term effects from SPAC boom as potential catalyst for consulting business. |
Special Purpose Pre-transaction NAV | |
| 2021 Q3 |
DefenseBWX Technologies is the sole supplier for U.S. Navy nuclear reactors and components, positioned to benefit from rising tensions with China and the strategic importance of nuclear-powered submarines. The recent Aukus security pact illustrates the urgent need for maintaining a modern nuclear sub fleet. |
Nuclear Navy Submarines Geopolitical |
SPACsPortfolio includes exposure to pre-transaction SPACs trading near NAV, with BowX Acquisition representing a position in the soon-to-be WeWork transaction. Manager sold BowX to stay disciplined with the core investment thesis, viewing it as an asymmetric trade rather than passionate conviction in WeWork. |
SPAC WeWork Asymmetric | |
Capital MarketsCboe Global Markets is a diversified exchange operator with dominant positions in index and volatility derivatives. Despite a false takeover report, the manager believes a transaction is more likely than not in coming months, with fundamentals remaining solid and valuation reasonable on a standalone basis. |
Exchanges Volatility Derivatives M&A | |
| 2021 Q2 |
SPACsManager maintains both long and short SPAC positions as a distinct investment category. Exited GRSV (beverage can business) and added TCVA, a pre-transaction SPAC sponsored by Technology Crossover Ventures trading near NAV with limited downside. Views SPAC shorts as particularly attractive given market frothiness and bad actors in the space. |
SPACs TCVA GRSV NAV Technology |
Capital MarketsDetailed analysis of MarketAxess losing market share to competitor Tradeweb in electronic bond trading. Manager exited long position and initiated short due to competitive pressures, pricing concerns, and extreme valuation at 60x earnings. Views this as a compelling short thesis given fundamental deterioration. |
MarketAxess Tradeweb Electronic Trading Bond Trading Market Share | |
Risk AppetiteManager describes markets as frothy and in the 'Tyson Zone' with widespread speculation in crypto, heavily-shorted stocks, and social media-driven trading. Notes Dave Portnoy's attitude of being 'in on' potential Ponzi schemes as emblematic of current market sentiment. Believes this creates excellent opportunities for short-selling. |
Speculation Frothy Social Media Crypto Short Selling | |
| 2021 Q1 |
SPACsManager maintains large short basket of SPACs while opportunistically adding two SPAC longs near NAV for asymmetric risk-reward. Believes SPACs represent one of the most attractive short opportunities for quarters and years ahead despite recent declines. |
SPACs Short Selling NAV Speculation Momentum |
ExchangesPortfolio includes three exchange positions (CBOE, MKTX, TMX) with distinct drivers. Manager favors exchange model for network effects, high margins, and volatility exposure. TMX added as inflation hedge with monopoly-like position in Canadian markets. |
Exchanges Network Effects Volatility Monopoly Inflation | |
VolatilityManager expects market conditions to separate genuine businesses from speculation as momentum breaks. Portfolio positioned to benefit from increased volatility through exchange holdings and defensive positioning. |
Volatility Market Conditions Momentum Defensive | |
Credit StressAdded FTI Consulting as counter-cyclical play anticipating future restructuring demand from bloated balance sheets, rising rates, and SPAC aftermath. Views current environment as cyclical trough for distress cycle. |
Restructuring Distress Counter-cyclical Balance Sheets | |
| 2020 Q4 |
SPACsManager views SPAC market as resembling 90s tech bubble with extreme valuations and aggressive projections. Built basket of 11 SPAC shorts plus 2 EV stocks, sized at ~50 bps each. Expects SPAC wobble in first half 2021 due to lock-up expirations and actual financial results versus forecasts. |
Electric Vehicles Bubble Valuations Shorts |
Capital MarketsAdded significantly to CBOE position despite near-term challenges. Views company as attractive M&A target due to unique VIX monopoly, cyclical trough in volatility trading, and management issues creating opportunity for strategic buyer like CME. |
Exchanges Volatility M&A | |
Risk AppetiteDescribes market mood as get rich quick with unlimited demand for speculative investments. Notes professional investors accepting bubble territory in parts of market despite COVID backdrop. Primary goal on short side is survival given challenging environment for shorts. |
Speculation Bubble Market Sentiment |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jan 13, 2026 | Fund Letters | George K. Livadas | BAH | Booz Allen Hamilton Holding Corporation | Industrials | Research & Consulting Services | Bull | New York Stock Exchange | AI, Consulting, cybersecurity, Defense, valuation | Login |
| Jan 13, 2026 | Fund Letters | George K. Livadas | CCK | Crown Holdings, Inc. | Materials | Aluminum | Bull | New York Stock Exchange | buybacks, defensive, EBITDA, leverage, Packaging | Login |
| Jan 13, 2026 | Fund Letters | George K. Livadas | 6954 JP | FANUC Corporation | Industrials | Industrial Machinery | Bull | New York Stock Exchange | Automation, CNC, Cyclicality, Reshoring, robotics | Login |
| Jan 13, 2026 | Fund Letters | George K. Livadas | HSIC | Henry Schein, Inc. | Health Care | Health Care Supplies | Bull | NASDAQ | Dentistry, Distribution, efficiency, Margins, Privateequity | Login |
| Jul 15, 2025 | Fund Letters | George K. Livadas | SMIN LN | Smiths Group plc | Industrials | Industrial Conglomerates | Bull | New York Stock Exchange | activist, buybacks, conglomerate, divestiture, Industrial, recurring revenue, restructuring | Login |
| Jul 15, 2025 | Fund Letters | George K. Livadas | FCN | FTI Consulting, Inc. | Industrials | Research & Consulting Services | Bull | New York Stock Exchange | Consulting, Counter-cyclical, Distressed, Macro Volatility, restructuring, turnaround | Login |
| Jul 15, 2025 | Fund Letters | George K. Livadas | EVR | Evercore Inc. | Financials | Investment Banking & Brokerage | Bull | New York Stock Exchange | investment banking, M&A Advisory, Macro Tailwinds, Pro-cyclical, recovery | Login |
| Jul 15, 2025 | Fund Letters | Upslope Capital Management | SMIN.L | Smiths Group | Industrials | Industrial Conglomerates | Bull | London Stock Exchange | Activist Investment, aftermarket services, capital returns, HVAC, industrial conglomerate, Portfolio Restructuring, Seals, Security Equipment, turnaround, UK | Login |
| Jul 15, 2025 | Fund Letters | Upslope Capital Management | FCN | FTI Consulting | Industrials | Research & Consulting Services | Bull | NASDAQ | advisory services, contrarian, Counter-cyclical, defensive, Dispute Resolution, economic uncertainty, Employee Retention, restructuring | Login |
| Jul 15, 2025 | Fund Letters | Upslope Capital Management | EVR | Evercore | Financials | Investment Banking & Brokerage | Bull | NYSE | Boutique, Independent, investment banking, M&A Advisory, operating leverage, Pent-up Demand, Pro-cyclical, Transaction Activity | Login |
| Jan 15, 2025 | Fund Letters | Upslope Capital Management | CRL | Charles River Laboratories | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | AI, Biotech, contract research, Cyclical Recovery, drug development, healthcare, life sciences, Pharmaceutical Services, Reshoring, Value | Login |
| Jan 15, 2025 | Fund Letters | Upslope Capital Management | VFC | V.F. Corporation | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | NYSE | activist, Apparel, Brand management, Consumer brands, margin expansion, The North Face, timberland, turnaround, Value, Vans | Login |
| Jan 15, 2025 | Fund Letters | Upslope Capital Management | QQ.L | QinetiQ Group | Industrials | Aerospace & Defense | Bull | London Stock Exchange | Aerospace, AUKUS, Defense Services, Engineering services, European defense, government contracts, Testing, UK Defense, Value | Login |
| Oct 14, 2024 | Fund Letters | Upslope Capital Management | CME | CME Group Inc. | Diversified Financial Services | Financial Exchanges & Data | Bull | NASDAQ | Commodities, Derivatives Exchange, EBITDA margins, Equity, financial services, Interest rates, Mean Reversion, network effects, trading volume, Value, Volatility | Login |
| Oct 14, 2024 | Fund Letters | Upslope Capital Management | CMPO | CompoSecure Inc. | Commercial Services & Supplies | Commercial Printing | Bull | NASDAQ | Customer concentration, David Cote, Executive Chairman, Free Cash Flow, M&A, market share, Metal Credit Cards, operational efficiency, SPAC, transformation | Login |
| Oct 14, 2024 | Fund Letters | Upslope Capital Management | 7011.T | Mitsubishi Heavy Industries Ltd. | Capital Goods | Industrial Conglomerates | Bull | Tokyo Stock Exchange | Defense Contractor, Energy systems, Gas turbines, industrial conglomerate, Japan Defense Spending, Japanese Industrial, market crash, Nuclear Power, Opportunistic, secular growth | Login |
| Jul 15, 2024 | Fund Letters | Upslope Capital Management | TDY | Teledyne Technologies Inc. | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace & Defense, Defense spending, FLIR Integration, Free Cash Flow, Imaging Sensors, Industrial automation, Reshoring, Specialty Electronics, turnaround | Login |
| Jul 15, 2024 | Fund Letters | Upslope Capital Management | DSFIR.AS | DSM-Firmenich AG | Materials | Specialty Chemicals | Bull | Euronext Amsterdam | consumer staples, Europe, Firmenich Integration, Fragrance, portfolio transformation, specialty chemicals, Specialty Ingredients, Switzerland, Taste Ingredients | Login |
| Jul 15, 2024 | Fund Letters | Upslope Capital Management | WPK.TO | Winpak Ltd. | Materials | Paper & Forest Products | Bull | Toronto Stock Exchange | Canada, capital allocation, defensive, Food Packaging, net cash, Packaging, Plastic Films, Share Buyback, Value | Login |
| Apr 22, 2024 | Fund Letters | Upslope Capital Management | BARN.SW | Barry Callebaut AG | Consumer Staples | Food Products | Bull | SIX Swiss Exchange | Chocolate, Cocoa, commodity, consumer staples, Crisis, manufacturing, market share, Switzerland, vertically integrated | Login |
| Apr 22, 2024 | Fund Letters | Upslope Capital Management | HSY | The Hershey Company | Consumer Staples | Food Products | Bull | NYSE | Chocolate, Cocoa, Confectionery, consumer staples, Hedging, inflation, market share, scale, Trade-down | Login |
| Jul 17, 2023 | Fund Letters | Upslope Capital Management | FCN | FTI Consulting | Commercial & Professional Services | Professional Services | Bear | NYSE | Bear, Consulting, contrarian, Multiple compression, professional services, restructuring, valuation | Login |
| Jul 17, 2023 | Fund Letters | Upslope Capital Management | ABX.TO | TMX Group | Diversified Financials | Financial Exchanges & Data | Neutral | TSX | Canada, Exchange, financial services, inflation, Portfolio rotation, Volatility | Login |
| Jul 17, 2023 | Fund Letters | Upslope Capital Management | GRMN | Garmin | Technology Hardware & Equipment | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | Consumer Discretionary, Fitness Trackers, GLP-1, Gps, Health Tracking, Navigation, Niche markets, Owner operator, Smartwatches, Taiwan Manufacturing, Weight loss | Login |
| Jul 17, 2023 | Fund Letters | Upslope Capital Management | 8697.T | Japan Exchange Group | Diversified Financials | Financial Exchanges & Data | Bull | TSE | China Reallocation, Corporate Governance, Domestic Equities, Exchange, Interest Rate Futures, Japan, JGB, Market Structure Reform, NISA, Tokyo Stock Exchange | Login |
| Apr 17, 2023 | Fund Letters | Upslope Capital Management | CHG.L | Chemring Group | Industrials | Aerospace & Defense | Neutral | London Stock Exchange | Aerospace, Cyber warfare, Defense, Energetics, Flares, Management Change, Niche contractor, turnaround | Login |
| Apr 17, 2023 | Fund Letters | Upslope Capital Management | FTT.TO | Finning International | Industrials | Trading Companies & Distributors | Bull | Toronto Stock Exchange | Canada, Caterpillar, Commodities, Cyclical, energy, Equipment dealer, infrastructure, Mining, Service income, South America, Value | Login |
| Jul 19, 2022 | Fund Letters | Upslope Capital Management | BALL | Ball Corp. | Packaging & Containers | Metal & Glass Containers | Bull | New York Stock Exchange | Aerospace, Aluminum, Beverage Cans, Consolidated Industry, defensive, ESG, Free Cash Flow, Packaging, Pricing power, ROIC | Login |
| Apr 18, 2022 | Fund Letters | Upslope Capital Management | KOG.OL | Kongsberg Gruppen | Aerospace & Defense | Aerospace & Defense | Bull | New York Stock Exchange | Aerospace, Cyclical Recovery, Defense, Government-owned, Maritime, Missiles, Norway, Offshore energy | Login |
| Apr 18, 2022 | Fund Letters | Upslope Capital Management | CHG.L | Chemring Group | Aerospace & Defense | Aerospace & Defense | Bull | New York Stock Exchange | Conflict-driven, Countermeasures, Cyber warfare, Defense, Explosives, M&A Target, turnaround, UK | Login |
| Apr 18, 2022 | Fund Letters | Upslope Capital Management | SLGN | Silgan Holdings | Packaging & Containers | Metal & Glass Containers | Bull | NASDAQ | capital allocation, defensive, Dispensing Systems, Food Cans, M&A Platform, Packaging, Private Equity Target, Value | Login |
| Jan 19, 2022 | Fund Letters | Upslope Capital Management | CBOE | Cboe Global Markets | Financial Data & Stock Exchanges | Financial Exchanges & Data | Neutral | NASDAQ | acquisition target, Catalyst-Driven, Derivatives, Exchange Operator, Options trading, VIX, Volatility Products | Login |
| Jan 19, 2022 | Fund Letters | Upslope Capital Management | MKTX | MarketAxess | Capital Markets | Financial Exchanges & Data | Bull | NASDAQ | Competitive pressure, corporate bonds, Electronic Trading, Emerging markets, Eurobonds, fixed income, high yield, Takeout Target | Login |
| Jan 19, 2022 | Fund Letters | Upslope Capital Management | CASY | Casey's General Store | Specialty Retail | Food Retail | Bull | NASDAQ | convenience stores, defensive, Fuel margins, M&A Target, Midwest, Pizza Chain, Scale Advantages, Small Towns, Value | Login |
| Oct 18, 2021 | Fund Letters | Upslope Capital Management | CBOE | Cboe Global Markets | Financial Data & Stock Exchanges | Financial Exchanges & Data | Bull | NASDAQ | Derivatives, Equity, Exchange Operator, financial services, Index Products, M&A Target, VIX, Volatility | Login |
| Oct 18, 2021 | Fund Letters | Upslope Capital Management | TECN.SW | Tecan Group | Medical Instruments & Supplies | Life Sciences Tools & Services | Bull | Swiss Exchange | COVID Beneficiary, Equity, Healthcare Technology, Lab Automation, life sciences, Liquid Handling, M&A, Medical devices, Switzerland | Login |
| Oct 18, 2021 | Fund Letters | Upslope Capital Management | BWXT | BWX Technologies | Aerospace & Defense | Aerospace & Defense | Bull | New York Stock Exchange | CapEx cycle, Defense, Equity, geopolitical, medical isotopes, Monopoly, Navy, Nuclear, Space, Submarines | Login |
| Jul 19, 2021 | Fund Letters | Upslope Capital Management | MKTX | MarketAxess Holdings Inc. | Capital Markets | Financial Exchanges & Data | Bear | NASDAQ | Bear, Competitive pressure, Electronic Trading Platform, financial technology, fixed income, Market Share Loss, valuation | Login |
| Jul 19, 2021 | Fund Letters | Upslope Capital Management | ENV | Envestnet Inc. | Other | Application Software | Bull | New York Stock Exchange | Asset Divestiture, Bull, financial technology, insider activity, SaaS, technology platform, turnaround, wealth management | Login |
| Apr 15, 2021 | Fund Letters | Upslope Capital Management | EVR | Evercore | Capital Markets | Investment Banking & Brokerage | Neutral | New York Stock Exchange | Boutique, Cyclical, financial services, investment banking, M&A Advisory | Login |
| Apr 15, 2021 | Fund Letters | Upslope Capital Management | FCN | FTI Consulting | Consulting Services | Research & Consulting Services | Bull | New York Stock Exchange | advisory services, Bankruptcy, Consulting, Counter-cyclical, defensive, Distress, restructuring | Login |
| Apr 15, 2021 | Fund Letters | Upslope Capital Management | X.TO | TMX Group | Financial Data & Stock Exchanges | Financial Exchanges & Data | Bull | Toronto Stock Exchange | Canada, Commodities, Data Analytics, Energy Trading, Exchange, inflation hedge, Monopoly | Login |
| Apr 15, 2021 | Fund Letters | Upslope Capital Management | CBOE | Cboe Global Markets | Financial Data & Stock Exchanges | Financial Exchanges & Data | Bull | NASDAQ | Change of Control, Derivatives, Exchange, M&A Target, VIX, Volatility | Login |
| Oct 17, 2023 | Fund Letters | Upslope Capital Management | BALL | Ball Corp | Materials | Metal & Glass Containers | Bull | NYSE | Aluminum cans, Asset Divestiture, Beverage Packaging, consumer staples, defensive, deleveraging, materials, Share Buybacks, turnaround | Login |
| Jan 11, 2024 | Fund Letters | Upslope Capital Management | CHG.L | Chemring Group plc | Industrials | Aerospace & Defense | Bull | London Stock Exchange | Aerospace & Defense, Countermeasures, Defense, Explosives, NATO, Share Buyback, UK, Value | Login |
| Jan 11, 2024 | Fund Letters | Upslope Capital Management | BWXT|CCO CN|NVTS|PACK|QDEL|SG | nVent Electric PLC | Industrials | Electrical Equipment | Bull | NYSE | electrical equipment, Electrification, Free Cash Flow, infrastructure, Ira, M&A, market share, Reshoring | Login |
| Jan 11, 2024 | Fund Letters | Upslope Capital Management | NWC.TO | North West Company Inc | Consumer Staples | Food & Staples Retailing | Bull | Toronto Stock Exchange | Canada, defensive, essential goods, Geographic Monopoly, government investment, Indigenous Communities, Specialty retail, Value | Login |
| Jan 11, 2024 | Fund Letters | Upslope Capital Management | INTC | Intel Corporation | Information Technology | Semiconductors | Bull | NASDAQ | geopolitical risk, Hedge, Options, semiconductors, Tail Risk, Taiwan, technology, US Manufacturing | Login |
| TICKER | COMMENTARY |
|---|---|
| CME | Leading operator of global derivatives exchanges; focused on rates, commodities, equities and FX. Attractive, durable business that should continue to benefit from global macro volatility. Competitive threat from upstart exchange continues to dissipate. |
| FCN | Long: FTI Consulting (+225 bps). Boutique consulting and advisory firm, with deep experience in restructuring, dispute/conflict advisory, and other practices. Challenges in a non-core segment have depressed expectations for shares despite an environment that should ultimately lead to strong and rising demand. |
| KDEF | Long: Korea Defense ETF (+160 bps). Concentrated ETF with exposure to South Korea's leading defense and shipbuilding contractors. Beneficiary of elevated/rising geopolitical tensions significant cost advantages vs. US/Eur peers, heightened policy uncertainty, and government-backed pro-shareholder/-market reforms. |
| LIFCO-B.ST | Long: Lifco (-95 bps). Storied serial acquirer that has de-rated in the face of various European macro headwinds. Valuation has become reasonable considering the company's track record of solid organic growth, supplemented by consistent and disciplined acquisition growth funded via strong free cash flow. |
| STE | Long: Steris (-90 bps). Leader in infection prevention, sterilization, and procedural solutions for healthcare providers, hospitals, pharmaceutical & bioprocess customers, and medical-device makers. Strong historic organic growth, despite majority of sales from recurring services and consumables. |
| SAND.ST | The Fund exited Sandvik (SAND-SE, Sweden-based provider of mining, metal-cutting, and other industrial equipment and tools) due to full valuations and theses generally having played out. |
| HOLN.SW | The Fund also exited Holcim (HOLN-CH, Switzerland-based, global cement, aggregates and building materials company) due to full valuations and theses generally having played out. |
| 8697.T | The Fund also exited Japan Exchange Group (8697-JP, largest financial exchange operator in Japan). While each situation was unique, the broader theme was one of concentrating the portfolio on other existing ideas and battles. |
| JKHY | Based in Missouri, Jack Henry is a leading provider of core processing and payments technology to banks across the U.S. The company is particularly strong and dominant in serving regional banks and credit unions. Highly defensive, recurring revenue-based (90%) model – products are vital to the operations of JKHY's customers and extremely challenging to swap out. Sharply de-rated (40x to 20x EPS, 8x to 4x sales) largely due to recent AI worries among software businesses following a period of over-valuation. |
| KESKOB.HE | Kesko is the #2 grocer in Finland with nearly 35% market share (contributes 65% of company op profit). It also operates a building products business (26% of op profit) and a smaller Volkswagen-focused auto dealer network. The building products unit is geographically diverse (mostly across the Nordics) and has been acquisitive through the current down-cycle in housing. |
| SJ.TO | Stella-Jones is a leading N. American manufacturer of specialty wood products for infrastructure. Products are primarily for utility poles (~50% of sales), rail ties (25%), and residential/other (25%). While headquartered in Montreal, 70% of sales are from the US with the remainder from Canada. |
| GOOGL | As of this writing, gross and beta-adjusted net exposures were 159% and 40%, respectively. Gross is elevated above the Fund's typical 150% ceiling due to hedged positions in Alphabet and Intel. |
| INTC | As of this writing, gross and beta-adjusted net exposures were 159% and 40%, respectively. Gross is elevated above the Fund's typical 150% ceiling due to hedged positions in Alphabet and Intel. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
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| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
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| No industry data available | |||
