TMXXF - Upslope Capital's Q1 2021 Investor Letter

• Upslope Capital Management is a Colorado registered investment adviser. Upslope's core investment approach is a concentrated, long/short equity strategy, focused on mid-cap businesses. Upslope also manages a long-only version of the strategy.
• Q1 was challenging, much like other periods where markets went vertical. Fortunately, the cadence throughout provided a source for optimism: after sharp losses in January (-5%), the portfolio stabilized in February (flat), and had solid performance in March (+3%).
• At quarter-end, gross and net exposures were 120% and 62%, respectively. Beta-adjusted exposure was much lower (47% net) due to the defensive nature of the portfolio and two SPAC long positions with effectively capped downside.
• As the market begins to separate out genuine, durable businesses from hot air, I believe prospects for Upslope’s strategy will continue to improve on both a relative and absolute basis.

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