Upslope Capital Management, LLC

Leading operator of global derivatives exchanges focado em rates, commodities, equities e FX. Attractive durable business que deve continuar a beneficiar de global macro volatility. Competitive threat from upstart exchange continues to dissipate.

Dominant North American chocolate and salty snack business facing headline pressures por recent surge em cocoa prices e GLP-1 worries. Likely overblown fears permitiram entry price atractivo em advance de potential share gains e harvesting de recently elevated investment spend.

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 is clean, e a company is positively exposed to reshoring trends e rising defense spending.

Leader em infection prevention, sterilization e procedural solutions para healthcare providers, hospitals, pharmaceutical e bioprocess customers. Apesar de modelo defensivo (~75% sales de service e consumables), STE historicamente entregou high single-digit organic growth e foi active em M&A. Valuation reasonable a 22x 2026 EPS (em linha com medium-term history) e balance sheet a 1x net leverage — opportunity for capital deployment. Tailwinds de aging global population e continued healthcare innovation.

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

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.

Switzerland-based global cement, aggregates e building materials company. Anticipated executed spin-off de U.S. operations deverá continuar a unlock shareholder value; European operations deverão perform well à medida que war in Ukraine eventually winds down.

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

Leading producer de packaging e components para injectable drug delivery devices (seals, elastomer stoppers, syringe components). Larger e mais dominant competitor da Aptar's Pharma. Em adição a tailwinds de growing GLP-1 usage (small minority of sales), WST deverá beneficiar de continued advancements em drug development e push para reshore drug manufacturing. Valuation re-rated para ~23x 2026 EBITDA — reasonable dada solid consistent growth e deep regulatory-driven competitive advantages.

Concentrated ETF com exposure a Korea's leading defense e shipbuilding contractors. Top 3 holdings: Hanwha Aerospace (17%), Hyundai Rotem (13%), HJ Shipbuilding (9%). Tese: elevated/rising geopolitical tensions Asia-Pacific drive sustained defense investment for years; Korean industry com significant cost advantages vs US/Eur peers, cheaper/faster, NATO-compatible; potencial de capture global share à medida que NATO allies funding burden shifts; Korean governance reforms pro-shareholder em curso; valuations reasonable absolute e relative.

Historicamente sleepy UK-based industrial conglomerate focado em specialty industrial niches e security/detection. Recent activist pressure levou management a commit a transforming the business shedding non-core units e focando nos strongest legacy segments.

Global producer de clinical diagnostic e life sciences products, market leader em maioria dos products. ~70% sales recurring/ consumable. Importantly, BIO owns >35% de Germany-listed Sartorius (SRT-DE) — global leader em bioprocessing. Tax-affected, SRT stake representa quase 50% do EV de BIO, implicando valuation well-below market para core operating business — 9x 2026 EBITDA accounting for SRT stake. Both BIO e SRT viram sharp de-ratings em COVID-era hangovers; entry particularmente atractivo dada prospect de troughing fundamentals.

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

Boutique consulting e advisory firm com deep experience em restructuring, dispute/conflict advisory e other practices. Challenges em non-core segment depressed expectations para shares apesar de environment que deve ultimately drive strong e rising demand.

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.

LEAPS (long-term call options) implemented earlier in 2025 para proteger short book de acceleration do AI bubble. Alphabet perceived como likely beneficiary de AI bubble e relatively out of favor at entry. Hedge altamente eficaz no T3 (+290 bps gross) e offset most of Fund's losses from shorts. Hoje effectively reduced para Starter size — Livadas explícito: "I am not about to become a big tech-focused investor."

I won't hesitate to be creative in mitigating portfolio risks, I am not about to become a big tech-focused investor.

"Não hesitarei em ser criativo a mitigar portfolio risks, mas não estou prestes a tornar-me um big tech-focused investor."

LEAPS (long-term call options) implemented earlier in 2025 para proteger short book de acceleration do AI bubble. Intel perceived como likely beneficiary de AI bubble e relatively out of favor at entry. Hedge altamente eficaz no T3 (+265 bps gross). Hoje effectively reduced para Starter size — Livadas não pretende tornar-se big tech-focused investor.

Remittance payment provider. Upslope tracking IMXI for several quarters com small Starter position. Late July, Livadas observou company clearly late announcing Q2 resultados date — signal de sale or fraud. Dada IMXI history (share price collapse, strategic discussion pressure), suspeitou take-out. Purchased call options betting em take-out near-term limiting downside. Em 10 Agosto, Western Union anunciou aquisição a 60% premium. Most da position sold shortly thereafter — residual mantida no portfolio snapshot.

Leading independent M&A advisor. Saída do Fund no trimestre devida a full valuation e better opportunities for capital. Since inception da Upslope long/short strategy em 2016, Evercore (held multiple times) foi the largest individual contributor ao desempenho.