Upslope Capital Management, an investment management firm, released its fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. Considering Upslope’s regular defensive approach, Q4 was unusual. The fund returned +15.8% (net) in Q4 compared to +11.5% and +3.6% for the S&P Midcap 400 ETF (MDY) and HFRX Equity Hedge Index, respectively. For the full year, the fund’s return was +12.4% (net) compared to +16.1% and +6.9%, respectively for the indexes. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Upslope Capital Management featured stocks such as Intel Corporation (NASDAQ:INTC) in the fourth quarter 2023 investor letter. Headquartered in Santa Clara, California, Intel Corporation (NASDAQ:INTC) designs, develops, and manufactures computer products and technologies. On January 12, 2024, Intel Corporation (NASDAQ:INTC) stock closed at $47.12 per share. One-month return of Intel Corporation (NASDAQ:INTC) was 3.13%, and its shares gained 56.49% of their value over the last 52 weeks. Intel Corporation (NASDAQ:INTC) has a market capitalization of $198.658 billion.
Upslope Capital Management stated the following regarding Intel Corporation (NASDAQ:INTC) in its fourth quarter 2023 investor letter:
“Intel Corporation (NASDAQ:INTC) – New Long: This is not a traditional long for Upslope in any sense. Intel is outside of the box in terms of typical sector and market cap focus, and the position is really a portfolio hedge (and structured as such). The thesis is very simple: Intel is uniquely positioned to benefit in two important scenarios, both of which require “protection” for Upslope’s portfolio: a continued melt-up in technology stocks and/or rising tensions over Taiwan. Combined with expectations and sentiment around Intel that were incredibly low, this nudged me to add exposure via long-dated INTC call options. While still material in terms of delta-adjusted exposure, the position has been reduced repeatedly and is much more modest today.”
Photo by Christian Wiediger on Unsplash
Intel Corporation (NASDAQ:INTC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 70 hedge fund portfolios held Intel Corporation (NASDAQ:INTC) at the end of third quarter which was 71 in the previous quarter.
We discussed Intel Corporation (NASDAQ:INTC) in another article and shared the list of quantum computing stocks billionaires are piling into. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
