MDY - Upslope Capital's Q1 2024 Investor Letter

2024-04-24 06:45:00 ET

Summary

• 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.
• Q1 was a solid quarter for Upslope’s defensive strategy - while the Fund lagged long-only indexes, absolute performance was strong, owing to outperformance of longs, partly offset by shorts and hedges.
• Shares of steady, defensive businesses have sharply lagged broader markets for years now, but with serious cracks developing in recent weeks, the tide may be turning.

Dear Fellow Investor,

Upslope’s objective is to deliver attractive, equity-like returns with significantly reduced market risk and low correlation versus traditional equity strategies. Q1 was a solid quarter for Upslope’s defensive strategy. While the Fund lagged long-only indexes, absolute performance was strong, owing to outperformance of longs, partly offset by shorts and hedges. The Fund remains well-protected against serious potential macro and/or geopolitical shocks, which continue to lurk....

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