This trick may take a little practice before getting the timing down solid.
When tossing the devilstick from the left handstick to the right, have the
right handstick stop it at a 45 degree angle. Then take the left handstick
and catch the bottom end of the devilstick. There is not much time to catch
the bottom end before the devilstick wants to fall off the right handstick.
If you are successful in getting the left handstick on the bottom end, you
should be able to use the right handstick to bring the devilstick to a
vertical position so it is balancing on the left handstick.
In the picture I caught the devilstick on the right handstick and am now balancing it.