Upslope Capital Q4 Investor Letter

Upslope Capital Management, an investment management firm based in Denver, Colorado, recently published its fourth quarter 2017 investor letter. The letter discusses market conditions, portfolio positioning, and key updates to Upslope’s portfolio position.

Upslope’s core long/short strategy returned +16.1% in 2017 and -1.3% in Q4, compared to gains of 15.9% by the S&P Midcap 400 ETF (MDY) for 2017 and +6.2% in Q4. Meanwhile, the HFRX Equity Hedge Index returned +10.0% for 2017 and +2.7% in Q4.

“Q4 was another strong period for equities. While Upslope kept pace for the year, we lagged during the quarter, due to lower net long exposure and short-term underperformance in a few sizable positions. As I’ve noted in the past, being out-of-sync with broader indexes (particularly on a short-term basis) is the norm for us, given the concentrated and idiosyncratic nature of Upslope’s long/short approach,” George Livadas, the founder and portfolio manager of Upslope Capital, said in the letter.

You can download a copy of the letter here.