Investment Advisor, Upslope Capital Management

Upslope Capital Management

Investment Advisor

Investment advisor for Upslope Partners Fund, LP, a global long/short equity hedge fund.

Equity Bottom-Up

<ul><li>MARKET CONDITIONS – ‘BUY GOOD COMPANIES. DON’T OVERPAY. DO NOTHING.’</li><li>The above is the legendary investment mantra of Fundsmith, a UK-based fund manager.</li><li>I’ve had it taped to my wall – with a handful of other North Star-like quotes – for years. </li></ul>

MARKET CONDITIONS – ‘BUY GOOD COMPANIES. DON’T OVERPAY. DO NOTHING.’The above is the legendary investment mantra of Fundsmith, a UK-based fund manager.I’ve had it taped to my wall – with a handful of other North Star-like quotes – for years. 

Upslope's Quarterly Investor Letter 2026Q2

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

Equity Capital Markets

National Stock Exchange of India / Equity Capital Markets

National Stock Exchange of India (NSE IN)

<ul>
<li>NSE operates a vertically integrated exchange‑clearing‑data platform with high operating leverage and strong cash generation, positioning it as a quasi‑monopoly market infrastructure play on Indian financial deepening.</li>
<li>Despite a moderation in growth due to regulatory changes, strong 4QFY26 results outline the company's resilience and visibility to deliver superior growth and profitability. ROE metrics are best in class.</li>
<li>This is NSE's second attempt at listing after major regulatory/governance headwinds since its 2016 attempt. Most issues have now been settled, setting the course for its public listing.</li>
</ul>


NSE operates a vertically integrated exchange‑clearing‑data platform with high operating leverage and strong cash generation, positioning it as a quasi‑monopoly market infrastructure play on Indian financial deepening.
Despite a moderation in growth due to regulatory changes, strong 4QFY26 results outline the company's resilience and visibility to deliver superior growth and profitability. ROE metrics are best in class.
This is NSE's second attempt at listing after major regulatory/governance headwinds since its 2016 attempt. Most issues have now been settled, setting the course for its public listing.


World's Largest Stock Exchange by Contracts Is Finally Ready to Go Public

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

London Stock Exchange Group / Equity Bottom-Up

<ul>
<li>LSEG’s share price has performed poorly in 2025 due to AI disruption concerns relating to its data and analytics business; we believe LSEG can fend off this risk of disruption</li>
<li>In our view, LSEG’s data and analytics segment harbours a defensive moat shielding it from potential disrupters; we believe LSEG shares are deep value relative to its DM exchange peers</li>
<li>We keep our buy on flow monster CME Group for its dominant franchise – despite FMX - in its trading and post-trading operations dedicated to interest rates and other products</li>
</ul>


LSEG’s share price has performed poorly in 2025 due to AI disruption concerns relating to its data and analytics business; we believe LSEG can fend off this risk of disruption
In our view, LSEG’s data and analytics segment harbours a defensive moat shielding it from potential disrupters; we believe LSEG shares are deep value relative to its DM exchange peers
We keep our buy on flow monster CME Group for its dominant franchise – despite FMX - in its trading and post-trading operations dedicated to interest rates and other products


Developed Market (DM) Exchanges – 2026 High Conviction Calls

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>The CME Group reported a record-breaking first quarter in 2026, demonstrating significant growth across its core business segments and geographical markets.</li><li>The company achieved an average daily volume of 36.2 million contracts, marking a 22% increase year-over-year and the highest quarterly volume in its history.</li><li>Volume growth was broad-based, with all six asset classes—rates, equities, energy, agricultural products, metals, and foreign exchange—setting new records.</li></ul>

The CME Group reported a record-breaking first quarter in 2026, demonstrating significant growth across its core business segments and geographical markets.The company achieved an average daily volume of 36.2 million contracts, marking a 22% increase year-over-year and the highest quarterly volume in its history.Volume growth was broad-based, with all six asset classes—rates, equities, energy, agricultural products, metals, and foreign exchange—setting new records.

CME Group: Tokenization, Stablecoins & 24/7 Markets—Is a New Trading Era Beginning?

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Thematic (Sector/Industry)

<ul>
<li>CME’s GPU futures could make compute-price risk hedgeable, but standardised contracts will still leave material basis risk across clusters, customers and service bundles.</li>
<li>Relative H100/B200 pricing may help separate broad oversupply from technological substitution, making the economic decay of older GPU capacity easier to observe.</li>
<li>The net read is bearish for GPU-capacity owners: hedging may improve financing, but more visible obsolescence and increasing capacity pressure rental economics.</li>
</ul>


CME’s GPU futures could make compute-price risk hedgeable, but standardised contracts will still leave material basis risk across clusters, customers and service bundles.
Relative H100/B200 pricing may help separate broad oversupply from technological substitution, making the economic decay of older GPU capacity easier to observe.
The net read is bearish for GPU-capacity owners: hedging may improve financing, but more visible obsolescence and increasing capacity pressure rental economics.


Compute Futures and the Market Price of GPU Obsolescence

United States

CME Group Inc. operates a derivatives exchange that trades futures contracts and options on futures, interest rates, stock indexes, foreign exchange and commodities.  The Exchange brings together buyers and sellers of derivatives products on its trading floors, electronic trading platform, and through privately negotiated transactions that it clears.

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CME Group (CME US)

Upslope's Quarterly Investor Letter 2026Q2

MARKET CONDITIONS – ‘BUY GOOD COMPANIES. DON’T OVERPAY. DO NOTHING.’ The above is the legendary investment mantra of Fundsmith, a UK-based fund...

Upslope Capital Management

World's Largest Stock Exchange by Contracts Is Finally Ready to Go Public

IPO timeline is firming up as bankers seek valuation of up to $55 billion As per news reports, NSE has completed most of its global roadshow across...

Himanshu Dugar

Developed Market (DM) Exchanges – 2026 High Conviction Calls

LSEG's share price hit due to AI disruption fears, but its data and analytics segment has a defensive moat. CME Group remains a buy for its...

Victor Galliano

CME Group: Tokenization, Stablecoins & 24/7 Markets—Is a New Trading Era Beginning?

The CME Group reported a record-breaking first quarter in 2026, demonstrating significant growth across its core business segments and...

Baptista Research

Compute Futures and the Market Price of GPU Obsolescence

GPU futures could do more than just hedge compute prices: they may expose basis risk, price hardware obsolescence and reshape how AI infrastructure...

Mint Finance

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Upslope's Quarterly Investor Letter 2026Q2

MARKET CONDITIONS – ‘BUY GOOD COMPANIES. DON’T OVERPAY. DO NOTHING.’ The above is the legendary investment mantra of Fundsmith, a UK-based fund...

Upslope Capital Management

World's Largest Stock Exchange by Contracts Is Finally Ready to Go Public

IPO timeline is firming up as bankers seek valuation of up to $55 billion As per news reports, NSE has completed most of its global roadshow across...

Himanshu Dugar

Developed Market (DM) Exchanges – 2026 High Conviction Calls

​LSEG's share price hit due to AI disruption fears, but its data and analytics segment has a defensive moat. CME Group remains a buy for its...

Victor Galliano

CME Group: Tokenization, Stablecoins & 24/7 Markets—Is a New Trading Era Beginning?

The CME Group reported a record-breaking first quarter in 2026, demonstrating significant growth across its core business segments and...

Baptista Research

Compute Futures and the Market Price of GPU Obsolescence

GPU futures could do more than just hedge compute prices: they may expose basis risk, price hardware obsolescence and reshape how AI infrastructure...

Mint Finance

LSEG's share price hit due to AI disruption fears, but its data and analytics segment has a defensive moat. CME Group remains a buy for its...