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Upslope capital

Dec 2024 → Sep 2026 · 3 funds

Our archive holds 9 letters from Upslope capital, behind 17 investment theses and positions in 22 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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9
Letters
22
Companies
13
Moves
17
Theses

2 strategies

Upslope capital publishes a letter per strategy. Each one has its own page with what it holds, what it bought and what it wrote.

Returns as reported in each strategy’s latest letter, extracted automatically and not verified by us; one share class, in its own currency. Not investment advice. Past performance does not predict future returns.

Also filed under Upslope capital.

What they bought and sold · 13 moves

  • ExitedLifco
    September 2026
    “Additionally, the Fund exited Lifco (LIFCO.B-SE, Sweden-based specialty industrial and dental serial acquiror) and Korea Defense Industry ETF (KDEF).”
    Read the letter
  • ExitedKorea Defense Industry ETF
    September 2026
    “Additionally, the Fund exited Lifco (LIFCO.B-SE, Sweden-based specialty industrial and dental serial acquiror) and Korea Defense Industry ETF (KDEF).”
    Read the letter
  • ExitedAlphabet
    September 2026
    “Upslope also effectively exited Alphabet (GOOGL, Google parent company) due to full valuation and Upslope’s (portfolio hedge) thesis having played out.”
    Read the letter
  • AddedTecan
    September 2026
    “In Q3, Upslope began purchasing shares for <25x cyclically depressed earnings, or ~2x EV/sales (vs. more normalized valuation of ~3-4x sales).”
    Read the letter
  • ExitedMarketAxess
    September 2026
    “Upslope exited MarketAxess (MKTX, leading fixed income “exchange” operator) in the quarter due to its announced acquisition by Intercontinental Exchange.”
    Read the letter
  • New positionMagnum Ice Cream Co.
    July 2026
    “The only meaningful addition to the long portfolio was, ironically, a company Fundsmith exited during the quarter (Magnum Ice Cream Co).”
    Read the letter
  • New positionQinetiQ Group plc
    December 2024
    “The Fund added three new disclosed longs: Charles River Labs (CRL), V.F. Corp (VFC), and QinetiQ (QQ.-LON).”
    Read the letter
  • ExitedKongsberg Gruppen ASA
    December 2024
    “The Fund finished exiting Garmin (GRMN, technology business known for smartwatches and navigation systems) and Kongsberg (KOG-OSL, Norway-based aero/defense and maritime business), as previously noted, due to full valuations.”
    Read the letter
  • ExitedNorth West Company Inc.
    December 2024
    “The Fund also exited North West (NWC-TO, Canadian specialty retailer), as the thesis appears reasonably well known today.”
    Read the letter
  • TrimmedThe Hershey Company
    December 2024
    “I’ve reduced the Fund’s position in BARN (and Hershey) significantly.”
    Read the letter
  • ExitedWinpak Ltd.
    December 2024
    “Finally, Winpak (WPK-TO, plastic packaging company) was sold simply to make room for more attractive opportunities.”
    Read the letter
  • New positionCharles River Laboratories International, Inc.
    December 2024
    “The Fund added three new disclosed longs: Charles River Labs (CRL), V.F. Corp (VFC), and QinetiQ (QQ.-LON).”
    Read the letter
  • ExitedGarmin Ltd.
    December 2024
    “The Fund finished exiting Garmin (GRMN, technology business known for smartwatches and navigation systems) and Kongsberg (KOG-OSL, Norway-based aero/defense and maritime business), as previously noted, due to full valuations.”
    Read the letter

Companies held · 22

Every company Upslope capital has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 17

  • Intercontinental Exchange
    September 2026

    Intercontinental Exchange is a leading exchange and mortgage-tech operator whose defensive core, trough mortgage tech, and attractive valuation create an asymmetric risk/reward.

    Read the full thesis
  • Tecan Group
    September 2026

    Tecan Group is a premium lab automation provider that Upslope bought at depressed valuations as the business began emerging from a cyclical downturn.

    Read the full thesis
  • Magnum Ice Cream Co
    July 2026

    Magnum Ice Cream Co is a dominant global ice cream business with strong brands, a complex supply chain, margin upside, and an attractive valuation.

    Read the full thesis
  • Stella-Jones
    March 2026

    Stella-Jones is a dominant North American specialty wood products maker with secular infrastructure tailwinds, disciplined capital allocation, and attractive valuation.

    Read the full thesis
  • Jack Henry & Associates
    March 2026

    Jack Henry & Associates is a dominant core banking and payments software provider with high recurring revenues, improving margins, and an attractive de-rated valuation.

    Read the full thesis
  • Kesko
    March 2026

    Kesko is a diversified Finnish retailer with a dominant grocery core and expansion opportunities in building products, supported by competitive advantages and mid-cycle valuation.

    Read the full thesis
  • Booz Allen Hamilton
    December 2025

    Booz Allen Hamilton is a government-focused tech consultant whose temporary headwinds and lower valuation are offset by long-term tailwinds in geopolitics, technology, and government spending.

    Read the full thesis
  • Crown Holdings, Inc.
    December 2025

    Crown Holdings, Inc. is a globally diversified can producer trading at decade-low valuation and leverage with secular growth, balance sheet optionality, and buybacks supporting an attractive setup.

    Read the full thesis
  • Fanuc Corporation
    December 2025

    Fanuc Corporation is a dominant industrial automation and robotics leader poised to benefit from physical AI and reshoring tailwinds, supported by a fortress balance sheet and reasonable valuation.

    Read the full thesis
  • Henry Schein, Inc.
    December 2025

    Henry Schein, Inc. is the leading dental distributor with KKR’s stake catalyzing efficiency and higher-margin growth, making its defensive and attractively valued shares appealing.

    Read the full thesis
  • West Pharmaceutical Services
    September 2025

    West Pharmaceutical Services is a leading producer of injectable drug delivery components, poised for continued growth due to advancements in drug development and reshoring trends, with a valuation that appears reasonable despite its historical premium.

    Read the full thesis
  • Bio-Rad Laboratories
    September 2025

    Bio-Rad Laboratories is a leading global producer of clinical diagnostics and life sciences products, with a significant stake in Sartorius, suggesting an attractive valuation amidst recent market de-ratings.

    Read the full thesis

Letter archive · 9

2026

2025

2024

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