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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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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.
"Upslope suffered in Q2 2026's momentum-driven mania as investors abandoned quality, cash-flowing businesses for AI speculation. The manager views this as similar to 2021 and is finding unusual opportunities to buy good companies cheaply."
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.
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