Upslope Capital Management, an investment management company, released its second-quarter 2026 investor letter. A copy of the letter can be downloaded here. Upslope aims to provide attractive, equity-like returns while reducing market risk and keeping low correlation with traditional equity strategies. The portfolio tailed in the speculative mania environment as investors broadly avoided boring, cash-flowing, non-AI stocks. The Fund returned -6.6% (net) in Q2 compared to +14.3% return for the S&P Midcap 400 ETF (MDY) and +10.3% gain for the HFRX Equity Hedge Index. In addition, you can check the Fund's top five holdings to determine its best picks for 2026.
In its Q2 2026 investor letter, Upslope Capital Management highlighted The Magnum Ice Cream Company N.V. (NYSE:MICC). The Magnum Ice Cream Company N.V. (NYSE:MICC) is a Netherlands-based ice cream company that offers products under the Magnum, Ben & Jerry's, Cornetto, and Wall's brands. On July 21, 2026, The Magnum Ice Cream Company N.V. (NYSE:MICC) closed at $17.88 per share, reflecting a market capitalization of $10.96 billion. The Magnum Ice Cream Company N.V. (NYSE:MICC) posted a one-month return of 4.99%, and YTD its shares gained 12.81%.
Upslope Capital Management stated the following regarding The Magnum Ice Cream Company N.V. (NYSE:MICC) in its Q2 2026 investor update:
"The Magnum Ice Cream Company N.V. (NYSE:MICC): Magnum is a pure-play global ice cream company spun out of Unilever at the end of 2025. It is by far the largest ice cream company in the world (~21% share) with almost double the market share of the #2 player, Froneri (private). Beyond Magnum and Froneri, the largest players hold 2% share at most. Magnum and Froneri are rare for their exclusive focus on ice cream. Key brands owned by Magnum include Ben & Jerry's, Breyer's, Cornetto, Wall's, and of course the flagship Magnum brand. Geographically, Magnum's sales are balanced by region, with nearly 40% each in the Americas and Europe/ANZ, and 25% in Asia, Middle East, and Africa. Emerging Markets are a key growth driver, contributing ~30% of sales.
Magnum initially came on to Upslope's radar as I reviewed out-of-favor consumer staples businesses but sought those with manageable GLP-1 risks due to lower U.S. sales concentration (Magnum is ~25% U.S.). Upslope's key thesis points for Magnum include the following: Dominant, defensive business with significant competitive advantages stemming from ownership of leading global brands (4 of top 5) and complex global frozen supply chain network…" (Click here to read the full text)
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