Investor Letters
Bristol Gate Capital Partners
- Canadian Equity Strategy Report to Investors Canadian Equity Strategy replaced Pet Valu and TerraVest with OR Royalties and Great-West Lifeco, seeking dividend growth, stronger credit quality and capital-light earnings. The portfolio lagged as index leadership concentrated in technology and gold-related shares, while the strategy’s holdings generally delivered earnings ahead of expectations. 3rd Quarter 2026 CVE $51BELEEF $5.4BGWO $60B
- US Equity Strategy Report to Investors Bristol Gate’s US Equity Strategy added Garmin for its vertically integrated GPS franchises and cash-rich balance sheet, while selling Verisk for better prospective dividend growth elsewhere. It trimmed KLA and Applied Materials after earlier gains, argues their share declines reflected valuation compression rather than weaker earnings, and remains focused on cash-flow-funded dividend growth amid concentrated index leadership. 3rd Quarter 2026 AMAT $296BCTAS $88BGRMN $55B
- Canadian Equity Strategy Report to Investors Bristol Gate attributed the strategy’s relative shortfall to stock selection in TMX Group and Pet Valu, while underweights in Materials and Energy helped as commodity leadership reversed. The firm added Cenovus Energy and Cameco for their cash-flow, balance-sheet and dividend-growth prospects, and sold Thomson Reuters and Canadian National Railway to redeploy capital. 2nd Quarter 2026 CCO $32BCVE $51BJWEL $1.3B
- US Equity Strategy Report to Investors The US Equity Strategy added EMCOR, Costco, KLA, Howmet Aerospace and W.R. Berkley, targeting durable dividend growth and beneficiaries of infrastructure constraints. It exited Accenture, Intuit, Thermo Fisher Scientific, Moody’s and Sherwin-Williams after projected dividend-growth profiles weakened, while Jason Miller assumed lead portfolio-manager duties. 2nd Quarter 2026 ACN $154BAMD $660BCOST $469B
