Core Insights - Upslope Capital Management aims to provide attractive, equity-like returns while reducing market risk and maintaining low correlation with traditional equity strategies [1] - The Fund achieved a return of +2.0% (net) in Q4 2025, outperforming the S&P Midcap 400 ETF and HFRX Equity Hedge Index, which returned +1.6% [1] - For the full year 2025, the Fund delivered a return of +14.8%, significantly higher than the +7.2% and +10.1% returns of the respective indexes [1] - The investment landscape is increasingly dynamic, with decisions driven by aggressive, thematic, and short-term strategies [1] - Identifying investment opportunities is straightforward, but returns remain uncertain due to the current economic environment [1] Company Insights - Crown Holdings, Inc. (NYSE:CCK) is a leading global producer of aluminum beverage cans (80% of sales) and transit packaging/equipment (20%) [3] - The company has a diversified geographic presence, with 60% of sales generated outside the United States and 34% from emerging and frontier markets [3] - As of January 16, 2026, Crown Holdings, Inc. stock closed at $104.24 per share, with a one-month return of 1.02% and a 52-week gain of 21.83% [2] - Crown Holdings, Inc. has a market capitalization of approximately $12.131 billion [2]

Core Viewpoint - iShares U.S. Basic Materials ETF (IYM) offers targeted exposure to U.S. companies in chemicals, metals and mining, packaging, and forest products, allowing investors to express views on upstream industrial inputs [1] Investment Strategy - The strategy tracks a market-cap-weighted basket of basic-materials equities, focusing on liquidity and sector breadth while acknowledging concentration and cyclicality [1] - Returns are linked to commodity price trends, capital-expenditure cycles, inventory restocking, and global manufacturing activity, with profitability sensitive to energy costs and currency fluctuations [1] Market Conditions - The fund is positioned to benefit during early-to-mid economic expansions when demand for raw inputs increases, serving as a satellite for inflation beta and a thematic tilt towards infrastructure and industrial upcycles [1] - It may be suitable for allocators using sector-rotation strategies or multi-asset managers seeking real-asset sensitivity within equities [1] Challenges - The fund may face challenges during late-cycle slowdowns and disinflationary phases, with a significant risk stemming from concentrated sector exposure that can exacerbate drawdowns when commodity prices decline [1]

Company Overview - Graphic Packaging Holding Company is a leading provider of fiber-based packaging solutions, focusing on sustainable and innovative packaging for food, beverage, and consumer goods sectors [6] - The company has a market capitalization of $4.51 billion and reported revenue of $8.61 billion with a net income of $511 million for the trailing twelve months [4] Recent Developments - On January 16, Howard Capital Management Group sold its entire holding of 1,069,223 shares in Graphic Packaging, with an estimated transaction value of $20.92 million [2] - Following this transaction, Graphic Packaging comprised 1.32% of the fund's reportable 13F assets [3] Financial Performance - As of January 16, shares of Graphic Packaging were priced at $15.28, reflecting a decline of 43.51% over the past year, significantly underperforming the S&P 500 by approximately 60 percentage points [3] - In the third quarter, packaging volumes decreased by 2% year over year, with sales slipping 1% to $2.19 billion, and adjusted EBITDA fell 11% year over year due to pricing pressure and cost inflation [7] Market Position and Strategy - Graphic Packaging offers a diverse range of products including coated paperboard, folding cartons, cups, lids, and food containers, and also provides packaging machinery and support services [8] - The company serves a wide array of clients including consumer packaged goods companies, quick-service restaurants, and foodservice providers across multiple regions [8] Operational Challenges - The company is experiencing increased net leverage, which climbed to 3.9 times adjusted EBITDA from 3.0 times at the end of the previous year, attributed to heavy capital spending on long-term projects [9] - The current operational environment shows that consumer demand has stalled, leading to compressed margins and increased balance sheet risk [9]

Group 1 - Cascades Inc. will release its fourth quarter and full year 2025 financial results on February 26, 2026, before market open [1] - A conference call to discuss the results will be held at 9:00 AM ET, accessible via phone or the company's website [1] - The company provides a replay option for the conference call, available until March 26, 2026 [1] Group 2 - Founded in 1964, Cascades specializes in sustainable packaging, hygiene, and recovery solutions [2] - The company employs approximately 9,500 people across 65 operating facilities in North America [2] - Cascades is committed to innovation and sustainability, driven by participative management and continuous research and development [2]

Core Viewpoint - The Shareholders' Nomination Board of Huhtamäki Oyj has submitted proposals for the composition and remuneration of the Board of Directors for the upcoming Annual General Meeting scheduled for April 29, 2026 [1]. Board Composition - The Shareholders' Nomination Board proposes that the Board of Directors will consist of nine members [2]. - Current members Ms. Mercedes Alonso, Mr. Robert K. Beckler, Ms. Essimari Kairisto, Ms. Anja Korhonen, Mr. Johann Christoph Michalski, Ms. Kerttu Tuomas, and Mr. Pekka Vauramo are proposed for re-election, while Mr. Suryakant Pandey and Ms. Johanna Söderström are proposed as new members [3]. - Mr. Pekka Vauramo is proposed to be re-elected as Chair, and Ms. Kerttu Tuomas as Vice-Chair of the Board [3]. Non-Re-elected Members - Mr. Doug Baillie and Ms. Pauline Lindwall will not be available for re-election [4]. Candidate Backgrounds - Mr. Suryakant Pandey has extensive experience in the food industry, previously serving as Managing Director at pladis Foods Limited and holding various positions at Kimberly-Clark and Mondelez [5]. - Ms. Johanna Söderström has a strong HR background, having worked at Tyson Foods and Dow Chemical, and is currently the Founder of Taika Talent Group [6]. Remuneration - The proposed remuneration for the Board of Directors remains unchanged: Chair EUR 180,000, Vice-Chair EUR 84,000, and other members EUR 69,000 each [8]. - Additional compensation includes EUR 17,500 for the Chair of the Audit Committee, EUR 10,500 for the Chair of the Human Resources and Investment Committees, and EUR 1,500 for each Board and Committee meeting attended [8]. Share Ownership - The Shareholders' Nomination Board expects all Board members to own shares in Huhtamäki Oyj [9]. Company Overview - Huhtamäki is a leading global provider of sustainable packaging solutions, with a focus on hygiene, safety, and reducing food waste [10]. - The company has a history of over 100 years, operates in 36 countries with around 18,000 professionals, and reported net sales of EUR 4.1 billion in 2024 [11].

Core Viewpoint - Huhtamaki is enhancing its climate goals by adopting more stringent short-term emission reduction targets, aligning with the Paris Agreement to limit global warming to 1.5°C [1][2] Emission Reduction Targets - By 2030, Huhtamaki aims to reduce Scope 1 and 2 GHG emissions by over 50% and Scope 3 emissions by 25% compared to 2022 levels, with these targets approved by the Science Based Targets initiative (SBTi) [1][8] - The company has committed to setting long-term emissions reduction targets with the SBTi, aiming for net-zero by 2050 [2] Climate Action Plan - The climate action plan includes various decarbonization strategies such as replacing fossil fuels, increasing the use of renewable energy, engaging with low-emission suppliers, and enhancing the renewable and recycled content in products [4] - Continuous improvement in operational efficiency is also a focus to reduce carbon emissions [4] Sustainability Strategy - In late 2025, Huhtamaki updated its sustainability ambitions to meet the evolving needs of the packaging industry, reinforcing accountability and technology-relevant targets [5] - Sustainability is central to Huhtamaki's strategy, aiming to be the preferred choice for sustainable packaging solutions [5] Broader Environmental Focus - The company is also focused on developing packaging that is recyclable, compostable, or reusable, made from responsibly sourced materials, while minimizing waste and reducing water consumption [6] - Collaboration with customers and partners is emphasized to deliver sustainable, cost-efficient, and user-friendly solutions [6] Company Overview - Huhtamaki is a leading global provider of sustainable packaging solutions, with a history of over 100 years and operations in 36 countries [9] - The company reported net sales of EUR 4.1 billion in 2024 and is listed on the Nasdaq Helsinki [9]

Core Thesis - Sonoco Products Company is positioned as a strong investment opportunity due to its strategic pivot towards metal packaging, enhancing its earnings quality and risk profile [2][3][5] Company Overview - Sonoco is a diversified global packaging company serving consumer, industrial, and healthcare markets, with a significant shift towards metal packaging through acquisitions [2] - The company’s share was trading at $47.64 as of January 13th, with trailing and forward P/E ratios of 25.75 and 7.94 respectively [1] Strategic Shift - The acquisitions of Ball Metalpack and Eviosys have transformed Sonoco into one of the largest producers of metal food cans, focusing on a stable and mature industry characterized by high barriers to entry and predictable demand [2] - The metal can business benefits from long-term customer relationships with major food producers, emphasizing reliability and scale over marginal pricing [3] Financial Resilience - A significant portion of Sonoco's revenue is governed by multi-year contracts with price escalation mechanisms tied to raw material costs, providing built-in inflation protection [3] - This structure allows the company to pass through fluctuations in steel and aluminum prices, resulting in more stable cash flows and reduced exposure to commodity volatility [3] Capital Allocation and Shareholder Returns - Sonoco has a long history of continuous dividend payments for nearly a century, reflecting a commitment to shareholder returns and conservative financial management [4] - The company’s resilient free cash flow generation and owner-oriented culture further reinforce its investment case [4] Investment Profile - With a stronger focus on metal packaging, enhanced inflation pass-through capabilities, and a commitment to returning capital, Sonoco is increasingly viewed as a defensive compounder rather than a cyclical business [5] - The recent acquisitions align with Sonoco's long-term identity and strengthen its position as a durable, income-generating industrial franchise [5]

Core Insights - Crown Holdings, Inc. announced the winners of its 2025 Chairman's Sustainability Awards, recognizing manufacturing facilities for their contributions to Sustainable Manufacturing, Safety/Employee Engagement, and Innovation in Sustainability [1][2] Sustainable Manufacturing - The Ponta Grossa aluminum beverage can manufacturing plant in Brazil won the Sustainable Manufacturing Award for implementing energy-efficient methods, including a heat exchange system that reuses residual heat [3] - Signode India Limited was a finalist for the Sustainable Manufacturing Award for projects such as automated oven temperature controls and a plastic recycling program [7][9] Safety/Employee Engagement - The Izmit aluminum beverage can manufacturing plant in Turkey received the Safety/Employee Engagement Award for modernizing its air system, improving air quality and work conditions for employees [4] - The Bowling Green, KY aluminum beverage can manufacturing plant was a finalist for achieving a 20% reduction in total recordable incident rate (TRIR) through safety-focused initiatives [6] Innovation in Sustainability - The Innovation in Sustainability Award was given to Signode Belgium for launching plastic stretch film with 30% post-consumer recycled content and to SMP Singapore for transitioning to an LED ink curing system, reducing carbon emissions [5] - The Agoncillo, Spain beverage cans and ends plant was recognized as a finalist for its Smart Air Efficiency project, which optimized air usage and reduced CO2 emissions [8] Notable Finalists - Other finalists included Crown Vietnam for its safety poster program and employee engagement initiatives, and Crown TCP (Thailand) for using AI cameras to enhance operational efficiency [9]

Core Viewpoint - Amcor plc has successfully completed a 1-for-5 reverse stock split, which was approved by shareholders at the annual general meeting held on November 6, 2025 [1] Company Summary - Amcor plc is recognized as a global leader in developing and producing responsible packaging solutions [1]

Core Viewpoint - Smurfit Westrock Plc is expected to report a profit increase in its upcoming fiscal Q4 earnings announcement, despite recent challenges in the packaging industry [1][2][5]. Financial Performance - Analysts anticipate a profit of $0.45 per share for fiscal Q4 2025, representing a 32.4% increase from $0.34 per share in the same quarter last year [2]. - For the entire fiscal year 2025, the expected profit is projected at $2.20 per share, up 5.8% from $2.08 per share in fiscal 2024 [3]. - EPS is forecasted to grow 34.1% year over year to $2.95 in fiscal 2026 [3]. Market Performance - Smurfit Westrock's stock has gained 2.4% over the past 52 weeks, underperforming compared to the S&P 500 Index's 18.3% rise and the Consumer Discretionary Select Sector SPDR Fund's 24.5% return [4]. - The company has faced a challenging demand environment for packaging and containerboard products, leading to weaker consumer packaging shipments and pressure on volumes and margins [5]. Analyst Sentiment - Wall Street analysts maintain a "Strong Buy" rating for Smurfit Westrock, with 14 out of 17 analysts recommending "Strong Buy," two suggesting "Moderate Buy," and one advising "Hold" [6]. - The mean price target for the stock is set at $51.93, indicating a potential upside of 21.5% from current levels [6].