TCGGY - Upslope Capital's Q2 2024 Investor Letter

2024-07-19 06:35:00 ET

Summary

• Q2 started strong but ended on a difficult note. Despite headwinds from Upslope’s regular style biases (overweight defensives, midcaps, Europe, and value), the environment remains promising.
• It was a busy quarter, as the Fund exited several longs (Ball, CACI, Tecan) and added an equal number (DSM-Firmenich, Teledyne, Winpak).
• Portfolio updates include new long positions in Teledyne, DSM Firmenich, and Winpak, with a focus on value and potential opportunities.
• With extended valuations, high/rising geopolitical temperatures, and a macro environment at a major turning point, the year ahead should be “interesting” for markets one way or another.

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. Q2 started strong but ended on a difficult note. Despite headwinds from Upslope's regular style biases (overweight defensives, midcaps, Europe, and value), the environment remains promising. Markets are expensive and macro/geopolitical uncertainty is very high. These have typically been favorable factors for Upslope's approach....

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