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>Q2 saw markets whipsawed in an unprecedentedly deliberate fashion. Markets got slammed when aggressive tariffs were announced.</li><li>They quickly rebounded when relief extensions were granted and “deals” announced. Then they rebounded some more.</li><li>Where does that leave us? No one believes harsh tariffs will be widely implemented. This (lack of tariffs) is a good thing, and it is well reflected in markets and valuations. But markets are now extremely frothy.</li></ul>

Q2 saw markets whipsawed in an unprecedentedly deliberate fashion. Markets got slammed when aggressive tariffs were announced.They quickly rebounded when relief extensions were granted and “deals” announced. Then they rebounded some more.Where does that leave us? No one believes harsh tariffs will be widely implemented. This (lack of tariffs) is a good thing, and it is well reflected in markets and valuations. But markets are now extremely frothy.

Upslope's Quarterly Investor Letter: 2025-Q2 Update

Independent Investment Research, The IDEA!

The IDEA!

Independent Investment Research

The Idea-Driven Equities Analyses company (the IDEA!) is an employee-owned boutique providing independent investment research and financial consultancy services with a clear focus on the Benelux countries. The company was founded in the summer of 2007 by Henk Slotboom and Maarten Verbeek, both with more than 35 years of professional experience in the financial sector. The IDEA! differentiates itself by focusing on adding value through self-initiated in-depth, idea-driven investment research, as well as by bespoke research assignments for institutional investors, hedge funds and private equity. In addition, we provide market intelligence, strategic research and – together with our business partners – consultancy services to businesses. In case you are interested in receiving more information, a sample of our products or an introductory meeting, please send a message to info@theidea.nl.

<ul><li>In this edition: • AkzoNobel | sells its 75% stake in Akzo Nobel India; announces EUR 400m share buyback • dsm-firmenich | ups the side of its share buyback • IMCD | acquires Trichem in India • JDE Peet’s | in tough discussions with Dutch supermarkets on higher coffee prices</li></ul>

In this edition: • AkzoNobel | sells its 75% stake in Akzo Nobel India; announces EUR 400m share buyback • dsm-firmenich | ups the side of its share buyback • IMCD | acquires Trichem in India • JDE Peet’s | in tough discussions with Dutch supermarkets on higher coffee prices

What's New(s) in Amsterdam - 27 June (AkzoNobel | dsm-firmenich | IMCD | JDE Peet's)

<ul><li>In this edition: • dsm-firmenich | completes sale of its stake in Feed Enzymes Alliance • Arcadis | awarded digital asset management contract with the City of Calgary • Fugro | awarded major order to perform a site characterisation programme for a deepwater gas field development in Southeast Asia • Dutch CPI | consumer prices increased by 3.3% YoY in May, down from 4.1% in April • Dutch politics | coalition government may fall later today</li></ul>

In this edition: • dsm-firmenich | completes sale of its stake in Feed Enzymes Alliance • Arcadis | awarded digital asset management contract with the City of Calgary • Fugro | awarded major order to perform a site characterisation programme for a deepwater gas field development in Southeast Asia • Dutch CPI | consumer prices increased by 3.3% YoY in May, down from 4.1% in April • Dutch politics | coalition government may fall later today

What's News in Amsterdam - 3 June (dsm-firmenich | Arcadis| Fugro | Dutch CPI | Dutch politics)

<ul><li>In this edition: • Adyen | solid 1Q25 revenue development – reiterates financial objectives • ASM International | better than expected gross margin and cost control resulting in a strong beat in operational profitability • AkzoNobel | PPG beats expectations and reaffirms FY25 guidance • dsm-firmenich | 1Q25 falls slightly short of market expectations; FY25 guidance intact • DHL | 1Q25 shows clear beat of consensus; external environment remains uncertain</li></ul>

In this edition: • Adyen | solid 1Q25 revenue development – reiterates financial objectives • ASM International | better than expected gross margin and cost control resulting in a strong beat in operational profitability • AkzoNobel | PPG beats expectations and reaffirms FY25 guidance • dsm-firmenich | 1Q25 falls slightly short of market expectations; FY25 guidance intact • DHL | 1Q25 shows clear beat of consensus; external environment remains uncertain

What's New(s) in Amsterdam - 30 April (Adyen | AkzoNobel | ASM Int'l | dsm-firmenich | DHL)

<ul><li>In this edition: • ASML Holding | reiterates FY25 outlook – order intake below long-term desired level • dsm-firmenich | deadline for non-binding offers for ANH this Thursday • Van Lanschot Kempen | Bank Delen further expands its presence in the Netherlands • Vopak | partnership with OQ to accelerate development of Duqm as integrated industrial hub • PostNL | main takeaways from yesterday’s AGM • TomTom | change in accounting strongly beneficiary for profitability – no impact on FCF</li></ul>

In this edition: • ASML Holding | reiterates FY25 outlook – order intake below long-term desired level • dsm-firmenich | deadline for non-binding offers for ANH this Thursday • Van Lanschot Kempen | Bank Delen further expands its presence in the Netherlands • Vopak | partnership with OQ to accelerate development of Duqm as integrated industrial hub • PostNL | main takeaways from yesterday’s AGM • TomTom | change in accounting strongly beneficiary for profitability – no impact on FCF

Switzerland

DSM-Firmenich AG is an innovator in nutrition, health, and beauty products. The Company reinvents, manufactures, and combines vital nutrients, flavors, and fragrances. DSM-Firmenich serves customers worldwide.

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DSM-Firmenich (DSFIR NA)

Upslope's Quarterly Investor Letter: 2025-Q2 Update

Q2 saw markets whipsawed in an unprecedentedly deliberate fashion. Markets got slammed when aggressive tariffs were announced. They quickly...

Upslope Capital Management

What's New(s) in Amsterdam - 27 June (AkzoNobel | dsm-firmenich | IMCD | JDE Peet's)

In this edition: • AkzoNobel | sells its 75% stake in Akzo Nobel India; announces EUR 400m share buyback • dsm-firmenich | ups the side of its...

The IDEA!

What's News in Amsterdam - 3 June (dsm-firmenich | Arcadis| Fugro | Dutch CPI | Dutch politics)

In this edition: • dsm-firmenich | completes sale of its stake in Feed Enzymes Alliance • Arcadis | awarded digital asset management contract with...

The IDEA!

What's New(s) in Amsterdam - 30 April (Adyen | AkzoNobel | ASM Int'l | dsm-firmenich | DHL)

In this edition: • Adyen | solid 1Q25 revenue development – reiterates financial objectives • ASM International | better than expected gross...

The IDEA!

PostNL NV - What's New(s) in Amsterdam

In this edition: • ASML Holding | reiterates FY25 outlook – order intake below long-term desired level • dsm-firmenich | deadline for non-binding...

The IDEA!

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