We exited two starter and two longer-held longs (Glatfelter, Bolsa Mexicana, TMX and FTI Consulting) and added two new ones (Garmin and Japan Exchange Group). As a result, I made some notable changes – mostly on the long side. On that front, this quarter was a natural time to reassess the portfolio due to the Fund transition. ![]() I’ll conserve my writing and your reading energy for more detailed commentary on the portfolio. ![]() Aside from these observations, I don’t have much to add on the market/macro front. what might have been expected two years ago, even if YTD has been relatively difficult. The Fund’s approach to shorts has clearly improved vs. Did anyone learn anything? Ironically, I think Upslope’s strategy has already benefited from lessons learned. While not as intense as the first act, the sequel almost feels more shocking. We’ve embarked on a replay of the early 2021 bubble. If you are an Accredited Investor and interested in learning more or joining the partnership, please contact me. The Fund utilizes the same differentiated strategy Upslope has deployed since inception. In addition to the usual updates, I am thrilled to announce the successful transition of Upslope’s business model from separate accounts to a commingled fund structure, vis-à-vis Upslope Partners Fund, LP (the “Fund”). Since inception returns, downside standard deviation, and Sortino are all annualized figures (from August 2016). Note: LPs/clients should always check individual statements for returns, which may vary due to timing, fee schedules and other factors. Echoing what I wrote in early 2021: while these stretches are frustrating, I am focused on absolute performance and unwilling to sacrifice the downside protection Upslope has historically delivered. Q2 was a volatile and challenging period, much like other aggressively risk-on markets. Upslope’s objective is to deliver attractive, equity-like returns with significantly reduced market risk and low correlation versus traditional equity strategies.
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