Upslope Capital Management, a Denver-based alternative investment management firm, recently released its Q2 2019 Investor Letter. The firm was founded in 2017 by George K. Livadas. Before starting Upslope, Livadas worked at a Denver-based equity hedge fund manager as a Portfolio Manager and Senior Analyst. Before moving to Colorado, he worked at New York-based firm BMO Capital Markets as Vice President. He also worked as an Analyst at Citi and as an Investment Analyst at Accolade Partners. He holds a master’s degree from the University of Chicago Booth School of Business and a bachelor’s degree from Georgetown University.
Upslope manages investor’s capital through an SMA (Separately Manager Account) format. Their equity strategy focuses on mid-cap businesses. In its recent Investor Letter, Upslope reported better performance during Q2 2019.
“Dear Fellow Investors,
I’m pleased to share this update for Upslope Capital Management. If Q1 was unusually quiet for us, Q2 was abnormally busy.
Performance-wise, a lot went right. Q2 was a near-ideal environment: defensive stocks mostly outperformed, volatility returned, and we had notable wins on both the long and short sides of the portfolio. This level of absolute and relative quarterly performance will not be the norm. I remain as focused and paranoid as ever about protecting and growing our hard-earned capital.”
In their update, they also mentioned that U.S. equity indexes brought back between 2% and 4% during the quarter.
“U.S. equity indexes returned between +2% (small-cap) and 4% (large-) in Q2. The end-result hides notable intra-quarter drama. For example, the S&P Midcap 400 index dropped 8% in May and bounced back in June by…8%. Volatility is our friend. Upslope is more nimble than the average active manager and volatility creates opportunities on both sides (long/short) of the portfolio. I firmly believe volatility is here to stay, given late-cycle worries that should persist from here through the next down-turn.”
You can download a copy of Upslope Capital Management’s Q2 2019 Investor Letter here:
You can also see the list of our 2019 Q2 investor letters and download them on this page.