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>Q4 was the most challenging quarter for Upslope since early 2021 (peak of the SPAC/meme stock bubble).</li><li>Longs underperformed and shorts dragged. Month-to-date performance has been similarly challenging (approximately -4% as of this writing).</li><li>In addition to a tough market environment, I made mistakes that made things worse.</li></ul>

Q4 was the most challenging quarter for Upslope since early 2021 (peak of the SPAC/meme stock bubble).Longs underperformed and shorts dragged. Month-to-date performance has been similarly challenging (approximately -4% as of this writing).In addition to a tough market environment, I made mistakes that made things worse.

Upslope's Quarterly Investor Letter: Q4 2024

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>Garmin Limited reported a strong third-quarter performance for 2024, marking a period of substantial growth and financial success.</li><li>The company's consolidated revenue increased by 24% to $1.59 billion, achieving a new third quarter record with record revenue across all five business segments.</li><li>Importantly, gross margin expanded by 300 basis points reaching 60%, while operating income surged 62% year-over-year.</li></ul>

Garmin Limited reported a strong third-quarter performance for 2024, marking a period of substantial growth and financial success.The company's consolidated revenue increased by 24% to $1.59 billion, achieving a new third quarter record with record revenue across all five business segments.Importantly, gross margin expanded by 300 basis points reaching 60%, while operating income surged 62% year-over-year.

Garmin Ltd.: Will The Acquisition of LED Lighting Leader Lumishore & Strategic Product Expansion Be A Game Changer? - Major Drivers

<ul><li>Garmin Limited, an established name in the technology and gadget sector, recently disclosed financial results for the second quarter of 2024, recording a commendable double-digit growth in consolidated revenue and operating income compared to the previous year.</li><li>The company reported an impressive 14% increase in consolidated revenue, bringing in $1.51 billion, a new record for the second quarter.</li><li>This growth was underpinned by the robust performance of three business segments which experienced double-digit growth.</li></ul>

Garmin Limited, an established name in the technology and gadget sector, recently disclosed financial results for the second quarter of 2024, recording a commendable double-digit growth in consolidated revenue and operating income compared to the previous year.The company reported an impressive 14% increase in consolidated revenue, bringing in $1.51 billion, a new record for the second quarter.This growth was underpinned by the robust performance of three business segments which experienced double-digit growth.

Garmin Ltd.: Is The Focus on High Margin and High Growth Segments Paying Off? - Major Drivers

<ul><li>Garmin Limited reported strong results for its first quarter of 2024, with the conclusion of year 2023 creating a positive upward momentum during this quarter.</li><li>The consolidated revenue increased by 20% to $1.38bn, marking a new first quarter record.</li><li>Notably, four segments witnessed double-digit growth with gross and operating margins expanding year-over-year to 58.1% and 21.6% respectively.</li></ul>

Garmin Limited reported strong results for its first quarter of 2024, with the conclusion of year 2023 creating a positive upward momentum during this quarter.The consolidated revenue increased by 20% to $1.38bn, marking a new first quarter record.Notably, four segments witnessed double-digit growth with gross and operating margins expanding year-over-year to 58.1% and 21.6% respectively.

Garmin Ltd.: Engagement in Strategic Acquisitions and Investments In the Business! - Major Drivers

<ul><li>At the end of Q1, the overwhelming consensus – even among typically cautious types – was that investors needed to own stocks through at least the November election.</li><li>After all, markets are strong in election years and financial conditions should continue to improve and/or remain easier than they should be.</li><li>While dented by the recent correction, this narrative doesn’t really seem to have changed much.</li></ul>

At the end of Q1, the overwhelming consensus – even among typically cautious types – was that investors needed to own stocks through at least the November election.After all, markets are strong in election years and financial conditions should continue to improve and/or remain easier than they should be.While dented by the recent correction, this narrative doesn’t really seem to have changed much.

Upslope's Quarterly Investor Letter: Q1 2024

Switzerland

Garmin Ltd. provides navigation, communications, and information devices, most of which are enabled by Global Positioning System (GPS) technology.  The Company designs, develops, manufactures, and markets hand-held, portable, and fixed mount GPS-enabled products and other navigation, communications, and information products under its own brand name.

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Garmin Ltd (GRMN US)

Upslope's Quarterly Investor Letter: Q4 2024

Q4 was the most challenging quarter for Upslope since early 2021 (peak of the SPAC/meme stock bubble). Longs underperformed and shorts dragged.

Upslope Capital Management

Garmin Ltd.: Will The Acquisition of LED Lighting Leader Lumishore & Strategic Product Expansion Be A Game Changer? - Major Drivers

Garmin Limited reported a strong third-quarter performance for 2024, marking a period of substantial growth and financial success. The company's...

Baptista Research

Garmin Ltd.: Is The Focus on High Margin and High Growth Segments Paying Off? - Major Drivers

Garmin Limited, an established name in the technology and gadget sector, recently disclosed financial results for the second quarter of 2024,...

Baptista Research

Garmin Ltd.: Engagement in Strategic Acquisitions and Investments In the Business! - Major Drivers

Garmin Limited reported strong results for its first quarter of 2024, with the conclusion of year 2023 creating a positive upward momentum during...

Baptista Research

Upslope's Quarterly Investor Letter: Q1 2024

At the end of Q1, the overwhelming consensus – even among typically cautious types – was that investors needed to own stocks through at least the...

Upslope Capital Management

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