Upslope Capital Management, LLC

Leading operator de global derivatives exchanges focado em rates, commodities, equities e FX. Negócio durable e atractivo que deve continuar a beneficiar de global macro volatility. Competitive threat de upstart exchanges continua a dissipate.

Switzerland-based global cement, aggregates e building materials company. Completou no T2 o spin-off da N. American unit; Upslope vendeu shares do spin e reinvestiu no "new" Holcim, agora mais focado em Europa. Tese estrutural: European operations deverão perform well à medida que war in Ukraine eventually winds down, enquanto portfolio reshape libertou shareholder value.

fim de 2024

Dominant North American chocolate and salty snack business sob headline pressures via cocoa price surge e GLP-1 worries. Fears likely overblown permitiram entry price atractivo em advance de potential share gains e harvesting de elevated investment spend.

Sweden-based provider de mining, metal-cutting e industrial equipment/tools. Dominant share em mining equipment e outsized exposure a gold miners, combinado com modest valuation e elevated gold prices, fazem por perspetiva atractiva.

Producer de specialty electronics, components e technologies primariamente focado em imaging sensors e cameras. Dinged pela transformative 2021 FLIR acquisition, expectations e valuation foram reset, balance sheet é clean, e o negócio está positively exposed a reshoring trends e rising defense spending.

UK-based industrial conglomerate com quatro segmentos: John Crane (specialty seals/flow control, 48% op profit), Flex-Tek (HVAC e industrial tubing, 24%), Smiths Detection (15%) e Smiths Interconnect (13%). Activist pressure (incluindo Elliott via FT) forçou commitment a portfolio simplification — exit Interconnect (anunciado por year-end) e Detection (próximo ano). Core retido (John Crane + Flex-Tek) é low-cost/high-importance com 70%+ recurring/aftermarket, mid-20s ROCE e mid-single digit organic growth.

2025Q2 (nova posição)

Largest exchange operator em Japan com exposure a equities, derivatives e information services. Key driver e beneficiary de ongoing efforts para reform Japanese equity market structure e corporate governance standards — bem como de ongoing global market volatility.

Top independent M&A advisor — re-iniciada no T2 após histórico de ownership múltiplo do Fund. Pro-cyclical bet articulado em barbell com FTI Consulting (contra-cíclico). Expectations modestas apesar do unique macro environment — on/off trade war, very pro-cyclical "One Big Beautiful Bill", lingering inflation e regulatory/technological (AI) uncertainty — devem ultimately provide significant opportunities para o negócio.

2025Q2 (re-iniciada)

UK-based specialty distributor focado em essential consumable products em life sciences, seals (machinery) e controls (aerospace wiring/harnesses). Unique model e conservative M&A strategy historicamente permitiram attractive free cash flow growth through the cycle.

Challenged member do fixed income/credit "exchange" duopoly. Dado o macro/geopolitical backdrop e depressed valuation, aparenta likely to stabilize market share (or better) no near-term e/ou ser acquired por large exchange no medium-term.

Leader em restructuring e dispute advisory — re-iniciada no T2 após histórico de ownership do Fund. The most counter-cyclical publicly traded company que Livadas segue. Expectations especially modestas dada turmoil em non-core segment (employee turnover/ retention). Macro environment — on/off trade war, lingering inflation, regulatory/AI uncertainty — deve ultimately providenciar significant opportunities.

2025Q2 (re-iniciada)

Niche UK-based defense contractor focado em defensive flares, specialty explosives e cyber warfare. Setup para shares inclui undemanding valuation, accelerating sector tailwinds, clean balance sheet, strategic assets e active buyback. Top contributor do trimestre via cyclical boom em defense markets.

UK test/engineering-focused defense contractor — Upslope saiu reluctantly no T2 (shares ainda parecem cheap) devido a continued uneven desempenho apesar do cyclical boom em defense markets. Execução insuficiente sobrepôs-se à tese sectorial favorável.

Specialty ingredients e nutrition co — Upslope saiu no T2 para eliminar lower conviction positions e streamline o portfolio. Sem tese sectorial específica articulada para a saída.

Provider de steam systems, pumps e electric thermal solutions para aplicações industriais e biopharma — Upslope saiu no T2 para eliminar lower conviction positions e streamline o portfolio.

Charles River Laboratories — listada como top detractor do trimestre (-160 bps gross). Carta não articula tese estendida nem rationale explícito; aparece exclusivamente no quadro de top contributors/ detractors (Exhibit 3).