Ulysses Management LLC — 13F Portfolio

Ulysses Management LLC is a New York-based investment management firm specializing in global infrastructure and essential services equity strategies. Founded by Joshua Duitz, the firm has established a distinctive niche within the alternative investment landscape through its dedicated focus on infrastructure-related investments across developed and emerging markets. Filing with the SEC under CIK #0001510912, Ulysses Management maintains transparency through quarterly 13F disclosures documenting its U.S. equity positions. Headquartered in New York City, the firm operates within the global financial capital while maintaining a specialized investment mandate that distinguishes it from generalist hedge fund competitors. The infrastructure focus represents a thematic orientation aligned with long-term secular trends including aging developed market infrastructure requiring replacement, emerging market infrastructure buildout supporting economic development, and the energy transition driving substantial capital investment in renewable generation and grid modernization. Ulysses Management serves institutional investors and high-net-worth individuals seeking differentiated exposure to infrastructure themes through actively managed equity strategies. The firm's specialized expertise enables deep fundamental analysis within its targeted sectors, developing proprietary insights unavailable to generalist managers covering infrastructure as one component of broader mandates. The platform's 13F History tools enable analysis of the firm's disclosed holdings across multiple market cycles, revealing how its infrastructure focus translates into specific security selection decisions.

Ulysses Management LLC employs a thematic infrastructure investment strategy targeting companies providing essential services and infrastructure assets across global markets. The firm's 13F Portfolio Composition reflects concentrated exposure to utilities, industrials, transportation infrastructure, energy infrastructure, and essential services companies benefiting from durable demand characteristics and long-term capital investment cycles. The investment philosophy centers on identifying infrastructure-related companies trading at attractive valuations relative to their long-term earnings power, asset replacement value, and growth potential from secular infrastructure investment trends. This approach combines value-oriented fundamental analysis with thematic exposure to infrastructure tailwinds, seeking companies benefiting from both multiple expansion and earnings growth as infrastructure investment cycles mature. Key investment themes within the portfolio typically include: - Utilities and Regulated Assets: Electric, gas, and water utilities benefiting from rate base growth and renewable energy capital investment programs - Transportation Infrastructure: Airports, toll roads, railroads, and logistics companies with essential service characteristics and pricing power - Energy Infrastructure: Midstream energy companies, renewable energy developers, and transmission assets supporting energy transition - Industrial Infrastructure: Engineering and construction companies, equipment manufacturers, and service providers supporting infrastructure buildout Portfolio construction emphasizes concentration in highest-conviction positions across the infrastructure universe. The Top 10 Holdings Concentration metric observable through 13F filings reveals meaningful position sizing reflecting deep fundamental conviction. This concentrated approach accepts higher volatility in exchange for potential outperformance from differentiated sector expertise. Turnover patterns across sequential 13F disclosures suggest patient holding periods consistent with infrastructure investment timelines. Infrastructure themes often require multi-year investment horizons to fully materialize, rewarding patient capital that can maintain positions through interim volatility. The platform's backtesting service enables examination of how this infrastructure-focused approach has generated compounding behavior across varying market environments. INFRASTRUCTURE INVESTMENT RATIONALE Infrastructure assets offer attractive investment characteristics including essential service demand profiles, regulated or contracted revenue streams, inflation-linked pricing mechanisms, and long asset lives supporting durable earnings. These characteristics provide defensive qualities during economic downturns while participating in growth from secular investment trends. The current investment environment presents multiple infrastructure catalysts: aging developed market infrastructure requiring replacement and modernization, emerging market urbanization driving infrastructure buildout, energy transition necessitating substantial grid investment, and reshoring trends supporting industrial infrastructure development. Ulysses Management's specialized focus positions the firm to capitalize on these converging tailwinds.

Ulysses Management LLC represents a specialized infrastructure-focused investment manager applying thematic expertise and value-oriented fundamental analysis to global essential services and infrastructure equities. The firm's 13F disclosures reveal concentrated positioning in utilities, industrials, and infrastructure companies benefiting from secular investment trends. Sharpe Ratio calculations derived from historical replication provide insight into risk-adjusted outcomes, evaluating whether infrastructure specialization delivers attractive returns relative to the interest rate sensitivity and sector concentration characteristics of the strategy. The Annualized Return (CAGR) metric enables assessment of long-term capital trajectory versus infrastructure benchmarks and broader equity indices. Key distinguishing characteristics include the dedicated infrastructure focus differentiating from generalist alternatives, the thematic orientation aligned with durable secular tailwinds, and the value-conscious approach to infrastructure security selection. These attributes collectively define a coherent investment approach targeting a distinct market segment. The Alpha Generation vs S&P 500 metric enables evaluation of active management value-add, though infrastructure comparison versus sector-specific benchmarks provides more appropriate attribution. Infrastructure strategies offer potential diversification benefits due to differentiated factor exposures, providing value beyond raw return comparison. Simulated Growth Chart functionality enables visualization of how disclosed holdings would have compounded using normalized notional capital. This historical replication provides transparency into the infrastructure focus outcomes across varying market regimes, including both favorable and unfavorable environments for the asset class. One diagnostic consideration for prospective allocators: Given infrastructure equities' demonstrated sensitivity to interest rate regimes, how has Ulysses Management navigated transitions between accommodative and restrictive monetary policy environments—and does the portfolio's sub-sector allocation adapt to shifting rate expectations, or does the firm maintain consistent positioning through rate cycles, accepting interim volatility in pursuit of long-term infrastructure theme realization?

The risk characteristics of Ulysses Management's disclosed holdings reflect a moderate-to-defensive profile consistent with infrastructure equity characteristics. Infrastructure companies typically exhibit lower beta than broad market indices due to regulated revenue streams, essential service demand, and defensive business models. The Volatility Profile of the disclosed portfolio generally reflects these defensive characteristics, though concentration and specific sub-sector exposures introduce variability. Infrastructure equities historically demonstrate favorable Max Drawdown Depth characteristics during economic recessions due to essential service demand resilience. Regulated utilities and contracted infrastructure assets maintain earnings stability when cyclical industries experience severe deterioration, providing portfolio ballast during market stress. This defensive characteristic makes infrastructure allocations attractive for risk-conscious investors seeking equity exposure with moderated downside. However, infrastructure equities exhibit meaningful interest rate sensitivity due to their duration characteristics. Higher interest rates increase discount rates applied to long-duration cash flows, compressing valuations even when underlying fundamentals remain stable. Additionally, regulated utilities face competitive threats from rising rates that make utility dividends relatively less attractive versus bond yields. The 2022-2023 rising rate environment exemplified these dynamics, with infrastructure equities underperforming during aggressive monetary tightening. Downside Capture Ratio analysis through the platform's portfolio simulator reveals how the infrastructure focus has historically performed during market corrections. Infrastructure allocations theoretically provide downside protection during demand-driven recessions while potentially underperforming during rate-driven corrections. The Sector Allocation History observable through sequential filings demonstrates sub-sector positioning within infrastructure, revealing whether the firm emphasizes defensive regulated utilities, higher-growth renewable infrastructure, or cyclical industrial infrastructure across different market environments. Concentrated position sizing introduces stock-specific risk, where individual holdings experiencing regulatory adversity, project execution failures, or competitive disruption can meaningfully impact portfolio returns. Infrastructure regulatory and political risk represents a persistent consideration, as government policy significantly impacts utility returns, infrastructure project approvals, and energy transition timelines.