Upslope capital
Upslope Capital Long/Short Strategy
Large-cap
Jul 2026 → Sep 2026
Our archive holds 2 letters from this strategy, behind 3 investment theses and positions in 12 companies. Every quote below is copied verbatim from the letter it came from.
2 letters in a year · follow all of Upslope capital for every strategy.
Performance
as of Sep 30, 2026 · net of fees · USD
- YTD+3.6%
- 1Y+5.7%
- Inception · /yr+10.2%
Index: S&P Midcap 400
| YTD | 1Y | Since inceptionper year | |
|---|---|---|---|
| Upslope Capital Long/Short Strategy | +3.6% | +5.7% | +10.2% |
| S&P Midcap 400 | — | — | — |
Calendar years
- 2025+14.8%index +7.2%
- 2024+9.4%index +13.6%
- 2023+12.4%index +16.1%
- 2022+6.5%index −13.3%
- 2021+4.2%index +24.6%
- 2020+15.1%index +13.5%
- 2019+18.9%index +25.8%
- 2018+4.6%index −11.3%
- 2017+16.2%index +15.9%
- 2016−1.6%index +6.2%
Disclaimer
These figures are copied from the manager’s latest letter, as of Sep 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.
Read full disclosures →What it bought and sold
Additionally, the Fund exited Lifco (LIFCO.B-SE, Sweden-based specialty industrial and dental serial acquiror) and Korea Defense Industry ETF (KDEF).
Additionally, the Fund exited Lifco (LIFCO.B-SE, Sweden-based specialty industrial and dental serial acquiror) and Korea Defense Industry ETF (KDEF).
Upslope also effectively exited Alphabet (GOOGL, Google parent company) due to full valuation and Upslope’s (portfolio hedge) thesis having played out.
In Q3, Upslope began purchasing shares for <25x cyclically depressed earnings, or ~2x EV/sales (vs. more normalized valuation of ~3-4x sales).
Upslope exited MarketAxess (MKTX, leading fixed income “exchange” operator) in the quarter due to its announced acquisition by Intercontinental Exchange.
- New positionMagnum Ice Cream Co.Jul 2026
The only meaningful addition to the long portfolio was, ironically, a company Fundsmith exited during the quarter (Magnum Ice Cream Co).
Also held
- Crown Holdings
- MarketAxess
- Lifco AB
- Henry Schein
- Kesko
- STERIS
- Alphabet
- Diploma
- Teledyne Technologies
- Smiths Group
- Fanuc Corporation
Its investment theses
- Intercontinental ExchangeSep 2026Intercontinental Exchange is a leading exchange and mortgage-tech operator whose defensive core, trough mortgage tech, and attractive valuation create an asymmetric risk/reward.
- Tecan GroupSep 2026Tecan Group is a premium lab automation provider that Upslope bought at depressed valuations as the business began emerging from a cyclical downturn.
- Magnum Ice Cream CoJul 2026Magnum Ice Cream Co is a dominant global ice cream business with strong brands, a complex supply chain, margin upside, and an attractive valuation.