Investment Advisor, Upslope Capital Management

Upslope Capital Management

Investment Advisor

Investment advisor for Upslope Partners Fund, LP, a global long/short equity hedge fund.

Equity Bottom-Up

Garmin Ltd. provides navigation, communications, and information devices, most of which are enabled by Global Positioning System (GPS) technology.  The Company designs, develops, manufactures, and markets hand-held, portable, and fixed mount GPS-enabled products and other navigation, communications, and information products under its own brand name.

<ul><li>Q4 was the most challenging quarter for Upslope since early 2021 (peak of the SPAC/meme stock bubble).</li><li>Longs underperformed and shorts dragged. Month-to-date performance has been similarly challenging (approximately -4% as of this writing).</li><li>In addition to a tough market environment, I made mistakes that made things worse.</li></ul>

Q4 was the most challenging quarter for Upslope since early 2021 (peak of the SPAC/meme stock bubble).Longs underperformed and shorts dragged. Month-to-date performance has been similarly challenging (approximately -4% as of this writing).In addition to a tough market environment, I made mistakes that made things worse.

Upslope's Quarterly Investor Letter: Q4 2024

Barry Callebaut AG manufactures cocoa, chocolate, and confectionery products. The Company markets to industrial food manufacturers, chocolatiers, pastry chefs, bakers, and retailers globally.  Barry Callebaut also offers product development, processing, training, and marketing services.

<ul><li>At the end of Q1, the overwhelming consensus – even among typically cautious types – was that investors needed to own stocks through at least the November election.</li><li>After all, markets are strong in election years and financial conditions should continue to improve and/or remain easier than they should be.</li><li>While dented by the recent correction, this narrative doesn’t really seem to have changed much.</li></ul>

At the end of Q1, the overwhelming consensus – even among typically cautious types – was that investors needed to own stocks through at least the November election.After all, markets are strong in election years and financial conditions should continue to improve and/or remain easier than they should be.While dented by the recent correction, this narrative doesn’t really seem to have changed much.

Upslope's Quarterly Investor Letter: Q1 2024

Chemring Group PLC is a global group of companies that specializes in the manufacture of energetic material products and advanced expendable countermeasures. The Company operates in the pyrotechnics, explosive ordnance disposal (EOD), munitions, and countermeasures markets.  Chemring Group PLC provides solutions  in defense, security, and safety markets.

<ul><li>I continue to believe events in Ukraine, Israel, and China have broader implications than are appreciated by markets today.</li><li>For now, my takeaways are simple (from most to least confident): own defense stocks and broad reshoring winners, and don’t get caught off-guard by tail events.</li><li>Some notable additions (all long): Chemring (UK-based defense company that Upslope previously owned and re-added), North West Co (Canadian specialty retailer), nVent Electric (electrical connection/protection supplier), and Intel (leading semiconductor device manufacturer). Upslope also exited Man Group (UK-based alt. asset manager).</li></ul>

I continue to believe events in Ukraine, Israel, and China have broader implications than are appreciated by markets today.For now, my takeaways are simple (from most to least confident): own defense stocks and broad reshoring winners, and don’t get caught off-guard by tail events.Some notable additions (all long): Chemring (UK-based defense company that Upslope previously owned and re-added), North West Co (Canadian specialty retailer), nVent Electric (electrical connection/protection supplier), and Intel (leading semiconductor device manufacturer). Upslope also exited Man Group (UK-based alt. asset manager).

Upslope's Quarterly Investor Letter: 2023-Q4 Update