Letters by company

Spirax-Sarco Engineering PLC

2 letters discussing SPX. Everything written about it on this site is on its ticker page.

Upslope Capital Management 2025-Q1 Update Upslope exited AptarGroup, Charles River, VF Corp and Barry Callebaut after thesis breaks, management concerns or better opportunities emerged. The portfolio added European industrials, defense suppliers and volatility-sensitive exchanges, arguing that trade disruption, lower relative valuations and reshoring will favor overseas equities and defensives. Q1 2025 CME $106BCMGMF $1.4BCRL $15B
Upslope Capital Management 2025-Q2 Update Upslope rotated out of QinetiQ, DSM-Firmenich and Spirax, added Smiths Group, and re-established a barbell in Evercore and FTI Consulting. It argues Smiths can unlock value through divestitures, while cyclical uncertainty should create demand for both M&A and restructuring advice. 2025-Q2 SMGKF $9.8BEVR $9.7BFCN $4.1B