Summary

• Q1 was a period of strong relative and absolute performance for Upslope – albeit with elevated up- and down-side volatility.
• Upslope added three positions that I will awkwardly refer to as “defensive-plus” businesses.
• Geopolitics-driven volatility seems likely to remain unusually high for the years ahead.
• This environment should continue to surface opportunities for those seeking high-quality businesses at attractive valuations.

Dear Fellow Investor,

Upslope's objective is to deliver attractive, equity-like returns with significantly reduced market risk and low correlation versus traditional equity strategies. Q1 was a period of strong relative and absolute performance for Upslope - albeit with elevated up- and

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