Upslope Capital Management, LLC

Dominant North American chocolate and salty snack business. Headline pressures por surge recente em cocoa prices e GLP-1 worries — likely overblown — permitiram entry price atractivo antes de potenciais share gains e harvesting de elevated investment spend.

Producer de specialty electronics, components and technologies — primarily focused em imaging sensors e cameras. Dinged pela aquisição transformacional de FLIR em 2021, expectations e valuation reset, balance sheet limpo, e company positively exposed a reshoring trends e rising defense spending.

Líder em infection prevention, sterilization e procedural solutions para healthcare providers, hospitais, clientes farmacêuticos e bioprocess, e fabricantes de medical devices. Strong organic growth histórico apesar da maioria das vendas vir de service e consumables recurring.

Largest exchange operator in Japan com exposição a equities, derivatives e information services. Driver e beneficiário das ongoing reformas da Japanese equity market structure e corporate governance standards — assim como da ongoing global market volatility.

Distribuidor especializado UK-based focado em produtos consumíveis essenciais em life sciences, seals (machinery) e controls (aerospace wiring/harnesses). Modelo único e estratégia conservadora de M&A historicamente permitiram crescimento attractive de free cash flow ao longo do ciclo.

Provider sueco de mining, metal-cutting e other industrial equipment and tools. Dominant share em mining equipment e outsized exposure a gold miners, combined com modest valuation e elevated gold prices, fazem para uma perspectiva estrutural attractive.

Líder global em industrial automation com ~50% market share em CNCs e leading factory robotics. Geografia diversificada (~23% China, 20% US, 18% Europa, 14% Japão). Few companies appear better positioned to benefit from potential move of AI into the physical world. Rising trade barriers boost global reshoring como tailwind. Valuation razoável a ~20x forward EBITDA, fortress balance sheet (no debt, cash ~2.5x EBITDA), undemanding consensus growth.

"few companies appear better positioned to benefit from the potential move of AI into the “physical” world"

"few companies appear better positioned to benefit from the potential move of AI into the “physical” world"

Starter desde April 2025; full-sized e disclosed este trimestre

ETF concentrado com exposição aos leading defense e shipbuilding contractors da Coreia do Sul. Beneficiário de elevated/rising geopolitical tensions, significant cost advantages vs US/European peers, heightened policy uncertainty e government-backed pro-shareholder/pro-market reforms.

Leading global producer de aluminum beverage cans (80% sales) e transit packaging (20%). Highly diversified geograficamente: 60% sales fora dos EUA, 34% emerging/frontier. Defensives tem estado out of favor mas Crown continua a executar bem com steady growth e positive resultados revisions. Shares cheap a 13x resultados e 8x EBITDA (latter near 10-year lows). Leverage decade-low (2,5x net), share count -15% em 5 anos. Setup attractive para macro uncertainty + aggressive valuations.

"this – a cheap, economically defensive stock with healthy secular trends, balance sheet optionality, and an active buyback – seems like a particularly attractive setup for a market environment marked by high macro uncertainty and aggressive valuations."

"isto — uma acção barata, economicamente defensiva, com healthy secular trends, balance sheet optionality e active buyback — parece um setup particularmente attractive para um market environment marcado por high macro uncertainty e aggressive valuations."

Consulting firm focada em defense (~50% revenue), intelligence (~15%) e civil agencies (~35%). Trabalho mostly em technology solutions: digital transformation, cyber defense, AI deployment. Após a eleição da administração Trump 2024, BAH de-rated rapidamente de quase 30x EPS para 14x — largely due to DOGE cost-cutting fears. View Upslope: headwinds serão temporários; valuation actual mais que compensa investors. Tese estrutural baseada em rising geopolitical risks, evolving technology threats, expanding government.

"betting on the government – especially the defense and national security arms – to shrink over the long-run is a very poor bet to make"

"apostar contra o government — especially as defense and national security arms — to shrink over the long-run é uma very poor bet to make"

Conglomerado industrial UK-based historicamente sleepy focado em specialty industrial niches e, anteriormente, security/detection. Pressão activista recente levou management a comprometer-se com a transformação do negócio via shedding de unidades non-core e focus nos strongest legacy segments.

Leading distribuidor de produtos dentários nos EUA e várias geografias, plus general healthcare. Core Dental: market share lead em todos main countries (52% sales US, 28% EMEA, 20% Canada/RoW), normalmente 25-40% share. Em Janeiro 2025 KKR anunciou strategic stake (agora 15%, up de 12%) e tem worked com board para enhance shareholder value. 15x 2026 EPS (vs 12-25x histórico), highly defensive, KKR optionality (improve ou take private).

Global producer de clinical diagnostic e life sciences products, serving hospitais, labs, academic, government e biopharma. Owns 35%+ de Sartorius (SRT-DE), global leader em bioprocessing tools, equipment e consumables. Componente do healthcare basket reforçado com WST-out e HSIC-in este trimestre.

Membro challenged do duopólio fixed income/credit exchange. Dado o backdrop macro/geopolítico e valuation deprimido, empresa aparenta likely a estabilizar market share (ou melhor) no near-term e/ou ser adquirida por large exchange no medium-term.

Consulting boutique e advisory firm com deep experience em restructuring, dispute/conflict advisory e outras práticas. Challenges em segmento non-core deprimiram expectations apesar do environment que ultimately deve gerar strong e rising demand.

Posição starter long hedged — gross elevation acima do typical 150% ceiling do Fund deve-se a hedged positions em Alphabet e Intel. Posição non-disclosed em detalhe; estrutura paired sinalizada explicitamente.

Posição starter long hedged — referida explicitamente em conjunto com Alphabet como justificação para gross exposure 174% acima do typical 150% ceiling. Sem articulação detalhada de tese individual no trimestre.

Operador líder global de derivados exchanges. Classificada como Starter long no portfolio snapshot deste trimestre. Sem articulação detalhada de tese individual nesta carta.

Empresa global de cement, aggregates e building materials, sediada na Suíça. Classificada como Starter long no portfolio snapshot deste trimestre. Sem articulação detalhada de tese individual nesta carta.

UK-based niche defense contractor focused em specialty explosives e cyber warfare. Saída do Fund por full valuation e view de que o conflito na Ucrânia is increasingly likely to begin winding down. First time desde early 2022 que Upslope is not long any European defense stocks.

Producer de packaging e components para injectable drug delivery devices. Saída do Fund devida a better perceived risk/reward em existing e new components do Fund's healthcare basket — STERIS, Bio-Rad e recently added Henry Schein.