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Highlights From Upslope Capital Management’s 2020 Q1 Investor Letter

Upslope Capital Management Fund has recently released its March 2020 Quarter Update. You can track down a complete report in the link here. The fund was founded by George K. Livadas in 2017. The firm’s goal is to offer returns similar to equity-linked investments without taking high market risk. Among other things in the report, the fund disclosed its first-quarter return of -1.9% net of fees and its return since inception of 39.4% net of fees. In Q1 2020, the S&P Midcap 400 ETF and the HFRX Equity Hedge Index returned -29.6% and -13.3%, respectively.

George K. Livadas said in a letter to investors that the fund added Crown Holdings Inc (NYSE:CCK) stock. Crown Holdings is into beverage/food can business.  Here is what Livadas said:

“We also added Crown Holdings (CCK), a global beverage/food can business that we’ve been
both long and short in the past. The vast majority of CCK’s cash flows exhibit modest, non-cyclical growth; and, investors appear to be ignoring potential upside from the typically lackluster food can segment. But, a levered balance sheet has spooked investors.”

George K. Livadas is bullish on Crown Holdings stock. The hedge funds have been buying the stock since the end of June 2019 (see the chart here).

George K. Livadas comments on EVR

Upslope Capital Management Fund re-added Evercore Inc (NYSE:EVR) stock in the first quarter. Evercore is an independent M&A advisory firm. Here is what Livadas said:

“We re-added Evercore (EVR), a world-class M&A advisory franchise – that happens to be cyclical – at a crisis-level valuation.”

Livadas is bullish about Evercore but hedge funds have been getting out of Evercore since the end of September (see the chart here).

Do you think it is the appropriate time to buy Evercore stock?

Disclosure: None. This article is originally published at Insider Monkey.

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