Upslope Capital Management, an investment management company, released its first quarter 2023 investor letter, a copy of the same can be downloaded here. At the end of the first quarter, the fund’s net return decreased to -1.2% on a total return basis compared to an increase of 3.8% for the S&P Midcap 400 ETF benchmark. At quarter-end, gross and beta-adjusted net exposures were 146% and 39%, respectively. Positioning reflects a heightened number of perceived opportunities, both long and short. Spare some time to check the fund’s top 5 holdings to have a clue about their top bets for 2023.
In its Q1 2023 investor letter, Upslope Capital Management mentioned BOK Financial Corporation (NASDAQ:BOKF) and explained its insights for the company. Founded in 2002, BOK Financial Corporation (NASDAQ:BOKF) is a Tulsa, Oklahoma-based financial services company with a $5.4 billion market capitalization. BOK Financial Corporation (NASDAQ:BOKF) delivered a -20.75% return since the beginning of the year, while its 12-month returns are down by -6.87%. The stock closed at $82.25 per share on April 20, 2023.
Here is what Upslope Capital Management has to say about BOK Financial Corporation (NASDAQ:BOKF) in its Q1 2023 investor letter:
“Given recent events and Upslope’s long BOK Financial position noted last quarter, I wanted to briefly discuss our involvement with bank stocks. While the outlook for regional banks appears cloudy at best, BOKF appears well-positioned to weather the crisis due to a conservative culture, niche geo/sector focus and strong balance sheet. Understandably, shares were not immune; however, BOKF outperformed the sector and losses were blunted a bit by several bank shorts. On the short side, exposure has been diverse, and themes include hard-to-reverse funding/confidence spirals, questionable credit, and extraordinarily crowded “safe-havens” (the latter has not worked to date). I am not sure how the regional bank “crisis” will resolve; however, our long BOKF position is modest, and overall Upslope is net short bank stocks today.”
Pixabay/Public Domain
Our calculations show that BOK Financial Corporation (NASDAQ:BOKF) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. BOK Financial Corporation (NASDAQ:BOKF) was in 22 hedge fund portfolios at the end of the third quarter of 2022, compared to 18 funds in the previous quarter. BOK Financial Corporation (NASDAQ:BOKF) delivered a -15.71% return in the past 3 months. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q1 2023 page.
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Disclosure: None. This article is originally published at Insider Monkey.
