VFC - Upslope Capital's Q1 2025 Investor Letter

2025-04-15 10:35:00 ET

Summary

• Upslope’s portfolio continues to skew towards overseas investments, which should benefit from better valuations, a continued reversal of 15+ years of investor flows, and, an improving fiscal outlook.
• In Q1, the Fund also added MarketAxess (a leading credit and fixed income exchange), a business Upslope has owned (and at times shorted) several times over the years.
• Q1 was challenging. However, in the two weeks since Mar 31, the world has changed, owing to an intense realignment of global trade policies.

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 challenging. However, in the two weeks since Mar 31, the world has changed, owing to an intense realignment of global trade policies. This has swiftly aligned markets more with Upslope’s portfolio and approach. April-to-date performance ¹ has been strong (approx. +7%), leaving the Fund +2% YTD (vs. -12% for the S&P Midcap 400)....

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