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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Jul 21, 2026
Upslope Capital delivered -6.6% net returns in Q2 2026 versus +14.3% for the S&P Midcap 400, as markets experienced a speculative mania where investors broadly avoided boring, cash-flowing, non-AI stocks in favor of momentum-driven names. Despite difficult near-term performance, the manager is finding more opportunities than usual to buy good companies without overpaying, as quality businesses are being sold due to temporary setbacks rather than permanent impairments. Most of Upslope's longs are cheap, defensive, and executing well, with several seeing rising earnings estimates and falling valuations. The portfolio saw fewer changes than usual as the manager adhered to the do nothing pillar, though Jack Henry was exited due to AI-related risk management concerns. A new position was initiated in Magnum Ice Cream, a recently spun-out global ice cream leader trading at attractive valuations with margin expansion potential. The manager expects current conditions to be viewed as an echo of the 2021 mania, with eventual normalization favoring fundamentals-based investing. Portfolio positioning reflects 38% beta-adjusted net exposure with elevated gross exposure of 155% due to perceived opportunities on both long and short sides.
Upslope maintains a disciplined value-oriented long/short strategy focused on buying good companies without overpaying, despite Q2 2026 presenting significant challenges as markets experienced a momentum-driven mania favoring AI-related speculation over boring, cash-flowing businesses. The manager views current conditions as similar to 2021 and expects eventual normalization, while finding more opportunities than usual to acquire quality businesses at reasonable valuations as they are sold for reasons unrelated to long-term fundamentals.
The manager suspects that by year-end, the current period will be viewed as an echo of the 2021 mania, suggesting expectations for a normalization in market behavior away from speculative momentum toward fundamentals-based investing. The strategy remains focused on buying good companies without overpaying and doing nothing, with the current environment creating more opportunities than usual despite near-term performance challenges.
Moderate Conviction Bullish
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