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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, Upslope Capital Management. This analysis is provided for institutional research purposes only and is not investment advice.
"The manager added defensive-plus European businesses and exited fully valued positions, expecting continued macro volatility to create opportunities."
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.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
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