| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 13.9% | 11.6% | 6.1% |
Bristol Gate's US Equity Strategy lagged the S&P 500 in Q2 2026 but continued to outpace the index in dividend growth, with portfolio TTM dividend growth of 15.4% versus 5.6% for the benchmark. The strategy's machine learning model identifies high dividend-growth companies across styles, with current beneficiaries including industrial, infrastructure-linked, and semiconductor-adjacent businesses. AI remained the dominant market theme, with leadership shifting toward fundamental enablers around scarce capacity and infrastructure constraints. Applied Materials, KLA Corp, and Amphenol were top contributors, while Intuit, McKesson, and Costco detracted. The manager executed disciplined capital recycling, adding five new positions (EMCOR, Costco, KLA, Howmet Aerospace, W.R. Berkley) scoring highly on the dividend-growth model, while exiting five positions (Accenture, Intuit, Thermo Fisher, Moody's, Sherwin-Williams) due to deteriorating dividend-growth trajectories or AI disruption concerns. The 22-name equal-weighted portfolio serves as a structural anti-bubble stance, capping any single position at roughly 5.5%. Jason Miller was appointed Lead Portfolio Manager in May 2026, bringing 17 years of investment experience and an engineering background that complements the firm's data science capabilities. The manager believes the portfolio's quality and compounding dividend growth offer attractive risk-adjusted characteristics in a market defined by infrastructure bottlenecks and shifting technology cycles.
Bristol Gate's US Equity Strategy employs a machine learning-driven, evidence-based approach to identify companies with persistent high dividend growth, targeting businesses that can sustain well-above-average dividend increases far into the future through a style-agnostic, cash-flow-focused framework.
The manager believes the portfolio's distinct blend of fundamental quality and compounding dividend growth offers highly attractive risk-adjusted characteristics. In a market environment increasingly defined by infrastructure bottlenecks and shifting technology cycles, the style-agnostic, cash-flow-focused approach remains well-positioned to generate durable long-term alpha. The portfolio's fundamentals are attractive with high expected dividend growth, and earnings durability, balance sheet strength, and dividend coverage ratios are all consistent with the thesis. The manager is positive about the outlook, acknowledging that the market will come their way at times and at other times it will not, but trusting in a process with a long track record.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 17 2026 | 2026 Q2 | ACN, AMAT, AMD, APH, COST, EME, HWM, INTC, INTU, KLAC, MCK, MCO, MU, SHW, TMO, WRB | AI, Capital Allocation, Data centers, dividends, infrastructure, Machine Learning, Quality, semiconductors |
EME KLAC HWM WRB |
Bristol Gate's dividend-growth strategy lagged in Q2 2026 as mega-cap tech dominated, but the machine learning model continues identifying high dividend-growth opportunities across styles. The manager added five positions in AI infrastructure, aerospace, and insurance while exiting five names facing AI disruption or moderating dividend growth. The equal-weighted 22-stock portfolio with 15.4% TTM dividend growth remains positioned for infrastructure bottlenecks and technology cycle shifts. |
| Apr 21 2026 | 2026 Q1 | GE, INTU, MCO, MSCI, MSFT, TRGP, TT, VRSK, WMT | AI, dividends, energy, growth, software, valuation, value | - | Bristol Gate sees market dissonance as AI enthusiasm shifts to selective scrutiny, creating valuation opportunities. Portfolio companies delivered strong fundamentals with 14.6% dividend growth versus S&P 500's 5.5%. Added energy infrastructure and upgraded HVAC exposure while maintaining conviction in dividend-growing companies with durable competitive advantages positioned for long-term outperformance. |
| Jan 20 2026 | 2025 Q4 | ACN, AMAT, AVGO, CARR, CTAS, GE, IBKR, LLY, MSFT, ODFL, TMO, UNH, ZTS | AI, dividends, healthcare, Quality, semiconductors, technology, value |
LLY AMAT TMO ZTS IBKR |
Bristol Gate focuses on high dividend growth companies with strong free cash flows and disciplined capital allocation. Despite underperforming due to AI-driven market concentration, their portfolio companies grew dividends 14.3% versus S&P 500's 5.6%. With improving market breadth expected from Fed accommodation, fiscal stimulus, and broader AI benefits, the firm sees current conditions as an ideal entry point for dividend growth strategies. |
| Oct 24 2025 | 2025 Q3 | ACN, APH, AVGO, CARR, GE, INTU, MMC, NVDA, ORCL, TMO, UNH | AI, defensives, dividends, fundamentals, healthcare, Quality, technology, value |
AVGO TMO GE CARR AVGO TMO GE CARR ACN INTU APH MMC UNH |
Bristol Gate's dividend-focused strategy lagged AI-driven markets in Q3 despite strong portfolio fundamentals delivering 15% dividend growth. Defensive positioning missed technology gains but manager maintains conviction in quality companies with superior growth prospects. Portfolio trades at attractive valuations with forecasted revenue and earnings growth exceeding market averages, positioning for long-term outperformance. |
| Jul 21 2025 | 2025 Q2 | AAPL, ACN, ATD.TO, AVGO, CIGI.TO, EFN.TO, ENGH.TO, GE, JWEL.TO, MCHP, MCK, META, MMC, MSFT, NVDA, TMO, TVK.TO, UNH, WCN, ZTS | AI, dividends, growth, healthcare, Quality, technology, Trade Policy, volatility |
AVGO MCK ACN AVGO GE MCK UNH TMO ACN TVK.TO |
Bristol Gate's dividend-focused strategies lagged in Q2 as AI-driven tech concentration dominated markets. Despite policy volatility from trade tariffs and healthcare regulation, the firm maintains conviction in quality dividend growers with strong fundamentals. Portfolio companies show superior earnings revision trends, supporting expectations for continued dividend growth and positioning to capitalize on market volatility while maintaining quality focus. |
| Apr 16 2025 | 2025 Q1 | AMAT, AVGO, CSX, CTVA, DOL.TO, DPZ, GE, IFC.TO, JWEL.TO, LLY, LOW, MA, MCHP, MCK, MCO, MMC, MSCI, PBH.TO, SJ.TO, TFII.TO, WAB, X.TO | AI, dividends, growth, healthcare, semiconductors, tariffs, value |
LLY WAB DPZ |
Bristol Gate outperformed during Q1's tariff-driven volatility by avoiding the declining Magnificent Seven and selecting resilient dividend growers. Despite Trump's disruptive trade policies causing severe market declines, the firm remains confident in their portfolio of market-leading companies with strong balance sheets and consistent dividend growth, viewing current volatility as an opportunity to upgrade holdings. |
| Jan 21 2025 | 2024 Q4 | AMAT, ATD.TO, AVGO, BN.TO, CARR, CIGI.TO, CNR.TO, CSX, CTAS, CTVA, DOL.TO, EFN.TO, EQB.TO, ESL.TO, IFC.TO, LLY, MCHP, MCK, OTEX.TO, PBH.TO, SJ.TO, TFII.TO, TRI.TO, UNH, V, WAB, WCN, X.TO, ZTS | AI, Concentration, dividends, semiconductors, underperformance, value | - | Bristol Gate's dividend growth strategy underperformed in 2024's AI-concentrated market but maintains conviction in their approach. Portfolio companies grew dividends 15% versus S&P 500's 6%, trading at attractive valuations. The firm uses AI to identify future dividend growers and expects market rotation to eventually favor their high-quality, cash-generating businesses over current market leaders. |
| Oct 18 2024 | 2024 Q3 | AMAT, ATD.TO, BN, CARR, CIGI, CNR, JWEL.TO, LOW, MCHP, MCK, SHW, SJ.TO | Canada, dividends, financials, industrials, materials, rates, technology | - | Bristol Gate's dividend growth strategies outperformed in Q3 as Fed rate cuts and improving market breadth benefited their concentrated portfolios of high-quality dividend growers. With 17 of 22 US holdings raising dividends by 13% average, the firm sees attractive opportunities as markets rotate away from Magnificent Seven concentration toward broader participation in their dividend growth universe. |
| Jul 16 2024 | 2024 Q2 | AMAT, AVGO, CIGI.TO, CNR.TO, CTAS, CTVA, DOL.TO, EFN.TO, GE, IIP-UN.TO, LOW, MCK, MSCI, ODFL, OTEX.TO, SHW, SJ.TO, TRI.TO, UNH, ZTS | Concentration, dividends, growth, Quality, technology, value |
GE ODFL |
Bristol Gate's dividend growth strategy faced headwinds from market concentration in Magnificent 7 tech stocks during Q2. The firm maintains conviction in its concentrated 22-stock approach, adding GE Aerospace and Old Dominion while benefiting from AI demand through Broadcom and Applied Materials. Nine holdings increased dividends by 13% average, reinforcing the fundamental strength of their dividend growth thesis. |
| Apr 18 2024 | 2024 Q1 | AMAT, AMT, AVGO, CCL.TO, CP.TO, CTVA, ENGH.TO, FSV.TO, IFC.TO, JWEL.TO, MCK, MMC, OTEX.TO, PBH.TO, SBUX, T.TO, TIH.TO, UNH, WCN, ZTS | AI, dividends, financials, healthcare, Quality, semiconductors, valuation |
AMAT AVGO CTVA ZTS UNH MCK MMC |
Bristol Gate's dividend-focused strategies underperformed benchmarks but maintained superior dividend growth in Q1. AI semiconductor demand drove strong performance in Applied Materials and Broadcom. New positions in oligopolistic McKesson and Marsh & McLennan reflect quality focus. Rate sensitivity led to American Tower exit. Portfolio emphasizes high-ROIC businesses with sustainable competitive advantages justifying premium valuations. |
| Jan 19 2024 | 2023 Q4 | AMT, ATVI, AVGO, BN.TO, CARR, CIGI.TO, CTAS, CTVA, DOL.TO, HON, IFC.TO, JWEL.TO, LOW, MSFT, PBH.TO, SHW, TMO, UNH | dividends, financials, HVAC, industrials, Quality, technology, value | CARR | Bristol Gate delivered strong 2023 performance through concentrated portfolios of dividend-growing companies. Portfolio firms increased dividends 14% versus 7% for the S&P 500. The strategy focuses on quality companies with low leverage and strong cash generation. New position in Carrier Global leverages HVAC industry growth trends. Management sees favorable setup for 2024 given lower consensus expectations for their holdings. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
AIAI remained the dominant market theme during Q2 2026, with the narrative maturing beyond early adoption into enterprise applications, coding tools, and agentic workflows. Market leadership shifted toward fundamental enablers including companies driving enterprise adoption, agentic compute, memory, accelerated computing, and physical infrastructure. The manager views this as a bottleneck market where returns accrue to companies positioned around scarce capacity, long lead-time components, and severe infrastructure constraints. |
Agentic Compute Enterprise Adoption Infrastructure Memory Bottlenecks |
Semiconductor CycleApplied Materials and KLA Corp were the largest contributors in the quarter, reporting strong results that translated to increased earnings estimates and increased confidence in the semiconductor capital equipment cycle. High-bandwidth memory emerged as a critical constraint in the AI build-out, with investors racing to identify the next structural bottleneck in compute, networking, power, cooling, or electrical equipment. |
Capital Equipment Memory Process Control Metrology | |
Data CentersEMCOR was purchased due to its exposure to the data centre build-out, where demand for complex mechanical and electrical work is strong and skilled labor is scarce. The manager views data center infrastructure as a key beneficiary of AI-driven demand, with EMCOR well-positioned for this structural tailwind. |
Construction Infrastructure Skilled Labor Build-out | |
DividendsThe strategy's core focus is identifying companies with high dividend growth, explicitly designed to capture the high-dividend-growth companies of tomorrow rather than yesterday. The portfolio's TTM dividend growth is 15.4% versus 5.6% for the S&P 500. The manager emphasizes that dividend growth is style-agnostic and that many of today's beneficiaries are industrial, infrastructure-linked, and semiconductor-adjacent businesses with robust cash flows required to support rapidly growing dividends. |
Dividend Growth Cash Flow Capital Allocation Shareholder Returns | |
Defense SpendingSince Russia's invasion of Ukraine in 2022, markets have had to price in persistent conflict risk, rising defense spend, and a renewed emphasis on energy security and supply-chain resilience. This represents an ongoing macro theme that the manager acknowledges as part of the elevated geopolitical tensions backdrop. |
Geopolitical Risk Conflict Supply Chain | |
QualityThe manager emphasizes investing in high-quality businesses with durable competitive advantages, earnings durability, balance sheet strength, and dividend coverage ratios. The portfolio construction process focuses on fundamental quality and compounding dividend growth. The manager notes that Bristol Gate's data supports the view that high-quality businesses at premium multiples often outperform, citing Costco as an example where quality and premium valuation are not mutually exclusive. |
Competitive Moat Earnings Durability Balance Sheet Premium Valuation | |
| 2026 Q1 |
AIMore than 40% of the S&P 500 has material AI exposure. Since November 2025, investors moved from broad enthusiasm to selective scrutiny, with capital rotating away from crowded beneficiaries. The fundamentals remain compelling with strong growth and expanding opportunities, but investor willingness to expand valuation multiples has paused amid rising capital intensity and uncertain returns. |
Artificial Intelligence Technology Valuations Capital Intensity Infrastructure |
DividendsPortfolio delivered 14.6% dividend growth over the last twelve months versus 5.5% for the S&P 500. The manager believes high dividend growth delivers superior earnings, stronger total returns, and better yield on cost over time. Companies with strong balance sheets and ability to compound dividends are better positioned in uncertain environments. |
Dividend Growth Income Total Returns Balance Sheets Compounding | |
ValueMarket's increasingly rash judgments based on incomplete information have led to notable imbalances and valuation distortions. Software companies saw significant valuation compression despite improving fundamentals. Multiples have compressed significantly in some instances, providing opportunity for disciplined investors. |
Valuation Compression Fundamentals Opportunity Discipline | |
Energy TransitionTarga Resources is positioned to benefit from growing Permian basin production with integrated infrastructure. Approximately 90% of operating margin is fee-based, providing stable cash flows regardless of oil/gas prices. Growing production expected to support 20%+ dividend growth over the next couple of years. |
Midstream Infrastructure Permian Fee-based Cash Flows | |
| 2025 Q4 |
HousingStructurally underbuilt housing with rising need as millennials form households. Higher mortgage rates reduce existing home supply as homeowners are locked into low-rate mortgages, benefiting new homebuilders and their suppliers. BLDR is positioned to benefit from this structural shortage with normalized free-cash-flow yield of 9-14%. |
Homebuilders Building Materials Mortgage Rates Supply Shortage |
Metallurgical CoalSignificant underinvestment in metallurgical coal needed for worldwide steel consumption, particularly in Asia and India where high-grade met coal resources are limited. Warrior Met Coal is completing a capital investment cycle and should generate substantial free cash flow once Blue Creek development concludes in 2026. |
Steel Coal Mining Asia Capital Investment | |
EnergySignificant underinvestment in natural gas, oil and thermal coal which are necessary for world economies to function and grow. While renewables will play an increasing role, the change will occur over decades. PrairieSky Royalty provides exposure with 5-8% yield and potential for higher energy prices. |
Oil Natural Gas Royalties Energy Transition | |
Regional BanksFlagstar has exceptional management ahead of the game in turning their business around, trading at 67% of conservatively marked balance sheet versus similar banks at 140-160% of tangible book value. The turnaround is progressing well with first profitable quarter reported. |
Bank Turnaround Management Valuation Balance Sheet | |
AIWhile AI will have an impact on our lives, we are still very early in its lifecycle. Many businesses are transforming to benefit from investor excitement with questionable business plans but intense stock promotion. The manager is short AI wanna-be's and neo-clouds, expecting weak business fundamentals to become apparent. |
Artificial Intelligence Speculation Business Models Valuations | |
Private CreditThe space has become very popular with lots of LP money chasing returns. Some sponsors have paid extremely high prices and/or lent on unfavorable terms, with many lending into the AI/data-center space to businesses with questionable futures. The manager is short a basket of these businesses. |
Private Equity Credit Valuations Data Centers | |
| 2025 Q3 |
AIAI continues to drive market concentration with 41 companies providing 75% of S&P 500 returns since ChatGPT launch. Broadcom benefits from hyperscaler demand for custom AI accelerators with fourth major customer placing $10B+ orders. Management expects 2026 AI revenue growth to exceed fiscal 2025's 50-60% rate. |
Hyperscalers Custom Accelerators Revenue Growth |
DividendsPortfolio holdings delivered 15% dividend growth over trailing 12 months supported by strong fundamentals. Strategy focuses on high quality, attractively priced fast dividend growers. Portfolio yield has narrowed to slimmest gap versus S&P 500 since 2011, representing better yield on cost opportunity. |
Growth Quality Yield Fundamentals Income | |
Data CentersAmphenol's Information and Datacom segment seeing strong demand from global datacenter buildout. Company positioned to benefit from ongoing datacenter infrastructure expansion with consensus forecasts potentially underestimated for this segment. |
Infrastructure Buildout Demand Growth Expansion | |
| 2025 Q2 |
AIAI enthusiasm continues to drive tech stock performance with demand for AI networking, custom accelerators, and efficient computing solutions. Hyperscalers are seeking efficient computing solutions to lower datacenter investment costs. The AI trade remains unsatisfied among investors despite strong performance. |
Networking Accelerators Datacenters Computing Hyperscalers |
DividendsBristol Gate focuses on companies with positive dividend growth and rising dividend payouts. The strategy anticipates continually increasing dividend payouts in H2 2025, providing reliable and growing income streams. Portfolio companies demonstrate robust financial health supporting dividend growth expectations. |
Growth Income Payouts Quality Reliability | |
Trade PolicyUS trade tariffs were announced and later suspended, creating market uncertainty and volatility. Tariff announcements on pharmaceutical drugs and potential reversal risks impact various sectors. Trade policy remains a key uncertainty factor affecting market dynamics and company operations. |
Tariffs Uncertainty Volatility Policy Suspension | |
| 2025 Q1 |
DividendsBristol Gate focuses on companies with positive dividend growth potential, with eight holdings announcing dividend increases in Q1 averaging approximately 15%. The strategy prioritizes companies capable of sustained high dividend growth over traditional defensive sectors offering higher yields but lower growth potential. |
Dividend Growth Income Yield Payout Distribution |
Trade PolicyTrump's Liberation Day tariffs represent the most expansive tariff implementation since 1930, causing severe market reaction with the S&P 500 dropping 10.5% over two trading sessions. The administration's inconsistent tariff policies have significantly increased market uncertainty and negatively impacted business confidence. |
Tariffs Trade War Protectionism Import Duties Retaliation | |
AISouring investor sentiment around the AI theme impacted holdings like Broadcom and Applied Materials during the quarter. Despite near-term headwinds, Bristol Gate believes these companies remain extremely well positioned to take advantage of durable long-term AI trends. |
Artificial Intelligence Machine Learning Semiconductors Data Centers Computing | |
GLP1Eli Lilly was added to the portfolio after a pullback, with Bristol Gate anticipating sustained revenue and earnings growth driven by leading diabetes and obesity treatments. Increasing insurance coverage due to therapeutic validation in related comorbidities supports the GLP-1 drug opportunity. |
Diabetes Obesity Weight Loss Pharmaceuticals Healthcare | |
| 2024 Q4 |
DividendsBristol Gate focuses on companies with sustainable and fast-growing dividend streams, believing dividend growth rates are good predictors of returns over time. Their portfolio companies grew dividends by approximately 15% over the last twelve months compared to 6% for the S&P 500 Index. |
Dividend Growth Cash Flow Shareholder Returns Aristocrats |
AIArtificial intelligence is identified as the underlying theme driving today's market concentration. Bristol Gate uses AI in their investment process to find the fastest dividend growers of tomorrow, and discusses AI opportunities in companies like Broadcom. |
Machine Learning Custom Chips Hyperscalers ASICs | |
SemiconductorsThe firm discusses semiconductor cycle challenges affecting companies like Microchip Technology and Applied Materials, while highlighting opportunities in AI-related semiconductor demand through holdings like Broadcom. |
Destocking Wafer Fab Custom Chips Memory | |
| 2024 Q3 |
DividendsBristol Gate focuses on high dividend growth companies, with 17 of 22 US portfolio companies announcing dividend increases averaging 13% in 2024. The firm's machine learning model identifies high dividend growers as their core investment universe. Portfolio companies demonstrate sustainable dividend growth backed by earnings and free cash flow growth. |
Dividend Growth Income Cash Flow Yield Payout |
RatesThe Federal Reserve implemented a significant 50 basis point rate cut in September 2024, marking the first easing since COVID-19. Lower interest rates benefited rate-sensitive sectors and improved investor sentiment toward housing-related stocks like Lowe's. The Bank of Canada also continued cutting rates, benefiting Canadian interest-rate sensitive sectors. |
Fed Central Bank Monetary Policy Easing Cuts | |
| 2024 Q2 |
DividendsBristol Gate focuses exclusively on high dividend growth companies, building concentrated portfolios of 22 stocks based on predicting dividend growth. Nine portfolio companies announced dividend increases this year averaging over 13%, demonstrating the strategy's effectiveness in identifying companies with strong dividend growth potential. |
Dividend Growth Income Yield Payout Distribution |
AIBroadcom and Applied Materials continue to benefit from significant investments in Artificial Intelligence and resulting strong demand for chips. The firm views AI as a key driver for semiconductor companies in their portfolio, though they maintain focus on dividend-paying AI beneficiaries rather than pure-play growth stocks. |
Artificial Intelligence Semiconductors Chips Technology Innovation | |
SemiconductorsThe portfolio includes exposure to semiconductor companies like Broadcom and Applied Materials that benefit from AI demand. However, the strategy avoids companies like Nvidia that don't meet their high dividend growth criteria, focusing instead on dividend-paying chip companies with strong cash flow generation. |
Chips Technology Hardware Manufacturing Equipment | |
| 2024 Q1 |
DividendsBristol Gate focuses on companies with positive dividend growth, using dividend growth as a key valuation driver. The firm's conceptual return framework emphasizes dividend growth alongside returns on invested capital. Both strategies continued to outpace their benchmarks in dividend growth despite underperforming on total returns. |
Dividend Growth Payout Ratio Income Yield Distribution |
AIApplied Materials benefits from AI-driven semiconductor demand, with generative AI expected to significantly increase wafer demand by 2030. Broadcom disclosed a third major customer for custom AI chips, expecting AI to account for $10 billion in fiscal 2024 revenue. Customer AI clusters have grown from 4,000 nodes in 2022 to 30,000 in 2024. |
Generative AI Semiconductors Custom Chips Data Centers Machine Learning | |
SemiconductorsApplied Materials continues benefiting from ongoing investments by semiconductor manufacturers, driven by AI demand and supply chain localization. The company is positioned to grow revenue in high single digits conservatively or mid-teens optimistically through 2030, supported by more complex chip designs and increased manufacturing steps. |
Wafer Demand Manufacturing Equipment Chip Design Foundries Process Technology | |
QualityBristol Gate emphasizes high-quality businesses with sustainable competitive advantages, recurring revenue models, and superior returns on capital. The firm's Financial holdings demonstrate four to nine times higher profitability than the broader sector, justifying premium valuations through differentiated business models. |
ROIC Competitive Advantages Recurring Revenue Profit Margins Business Models | |
| 2023 Q4 |
DividendsBristol Gate focuses exclusively on high and sustainable dividend growth, with portfolio companies delivering dividend increases of ~14% in 2023, well above the S&P 500 Index constituent average of ~7%. The firm is yield agnostic and prioritizes companies with low payout ratios and low leverage that can reinvest cash flow to drive future dividend growth. |
Dividend Growth Payout Ratios Cash Flow Sustainable Income |
QualityThe firm emphasizes high-quality companies with strong fundamentals, low leverage, and the ability to reinvest cash flow back into their businesses. They focus on companies that can grow dividends at above-average rates backed by solid underlying fundamentals, avoiding those with excessive payout ratios or unsustainable dividend payments. |
Fundamentals Low Leverage Cash Generation Sustainable Growth Financial Strength | |
HVACBristol Gate initiated a position in Carrier Global Corporation, a leading global provider of HVAC and refrigeration solutions. The HVAC industry is attractive, historically growing at two times the rate of industrial production, fueled by sustainability megatrends and a growing global middle class, with significant revenues from repair and replacement activities providing stability. |
Heating Ventilation Air Conditioning Refrigeration Industrial Growth |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jul 17, 2026 | Fund Letters | The Bristol Gate U.S. Equity Strategy | EME | EMCOR Group | Engineering & Construction | Construction & Engineering | Bull | New York Stock Exchange | AI infrastructure, Building Services, capital allocation, Construction & Engineering, data centers, Dividend Growth, infrastructure, Mechanical & Electrical | Login |
| Jul 17, 2026 | Fund Letters | The Bristol Gate U.S. Equity Strategy | KLAC | KLA Corporation | Semiconductor Equipment & Materials | Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, Dividend Growth, Leading-Edge Manufacturing, Metrology, Non-Discretionary, process control, semiconductor equipment, technology | Login |
| Jul 17, 2026 | Fund Letters | The Bristol Gate U.S. Equity Strategy | HWM | Howmet Aerospace Inc. | Aerospace & Defense | Aerospace & Defense | Bull | New York Stock Exchange | Aerospace & Defense, capital allocation, Defense spending, Engineered Components, Industrials, manufacturing, Materials Science, Supply chain resilience | Login |
| Jul 17, 2026 | Fund Letters | The Bristol Gate U.S. Equity Strategy | WRB | W.R. Berkley Corporation | Insurance - Property & Casualty | Property & Casualty Insurance | Bull | New York Stock Exchange | capital allocation, defensive, dividend aristocrat, Excess Surplus Lines, Family-Run, financials, Property & Casualty Insurance, specialty insurance, underwriting | Login |
| Jan 20, 2026 | Fund Letters | Achilleas Taxildaris | LLY | Eli Lilly and Company | Health Care | Pharmaceuticals | Bull | New York Stock Exchange | Diabetes, Glp1, Incretins, Obesity, pipeline | Login |
| Jan 20, 2026 | Fund Letters | Achilleas Taxildaris | AMAT | Applied Materials, Inc. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | AI, CapEx, Equipment, HBM, semiconductors | Login |
| Jan 20, 2026 | Fund Letters | Achilleas Taxildaris | TMO | Thermo Fisher Scientific Inc. | Health Care | Life Sciences Tools & Services | Bull | New York Stock Exchange | CapEx, CDMO, lifesciences, pharma, recovery | Login |
| Jan 20, 2026 | Fund Letters | Achilleas Taxildaris | ZTS | Zoetis, Inc. | Health Care | Pharmaceuticals | Bear | New York Stock Exchange | Animalhealth, Competition, dividends, exit, Margins | Login |
| Jan 20, 2026 | Fund Letters | Achilleas Taxildaris | IBKR | Interactive Brokers Group, Inc. | Financials | Investment Banking & Brokerage Services | Bull | NASDAQ | Automation, Brokerage, dividends, Margins, scale | Login |
| Oct 24, 2025 | Fund Letters | Achilleas Taxildaris | AVGO | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI, backlog, data centers, growth, hyperscalers, Margins, Networking, semiconductors | Login |
| Oct 24, 2025 | Fund Letters | Achilleas Taxildaris | TMO | Thermo Fisher Scientific | Health Care | Life Sciences Tools & Services | Bull | NYSE | diagnostics, FCF, innovation, life sciences, Margins, Pricing, recurring revenue | Login |
| Oct 24, 2025 | Fund Letters | Achilleas Taxildaris | GE | GE Aerospace | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, backlog, cashflow, Defense, Engines, growth, services | Login |
| Oct 24, 2025 | Fund Letters | Achilleas Taxildaris | CARR | Carrier Global Corporation | Industrials | Building Products | Bear | NYSE | Building, Cyclicality, Demand, Housing, HVAC, Interest rates, Margins, recovery | Login |
| Oct 24, 2025 | Fund Letters | Achilleas Taxildaris | AVGO | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI, backlog, data centers, growth, hyperscalers, Margins, Networking, semiconductors | Login |
| Oct 24, 2025 | Fund Letters | Achilleas Taxildaris | TMO | Thermo Fisher Scientific | Health Care | Life Sciences Tools & Services | Bull | NYSE | diagnostics, FCF, innovation, life sciences, Margins, Pricing, recurring revenue | Login |
| Oct 24, 2025 | Fund Letters | Achilleas Taxildaris | GE | GE Aerospace | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, backlog, cashflow, Defense, Engines, growth, services | Login |
| Oct 24, 2025 | Fund Letters | Achilleas Taxildaris | CARR | Carrier Global Corporation | Industrials | Building Products | Bear | NYSE | Building, Cyclicality, Demand, Housing, HVAC, Interest rates, Margins, recovery | Login |
| Oct 24, 2025 | Fund Letters | Achilleas Taxildaris | ACN | Accenture plc | Information Technology | IT Services | Bull | NYSE | AI, Consulting, Digital, dividends, enterprise, FCF, growth, technology, transformation | Login |
| Oct 24, 2025 | Fund Letters | Achilleas Taxildaris | INTU | Intuit Inc. | Information Technology | Application Software | Bull | NASDAQ | Accounting, growth, guidance, Margins, SaaS, Software, TAX, valuation | Login |
| Oct 24, 2025 | Fund Letters | Achilleas Taxildaris | APH | Amphenol Corporation | Information Technology | Electronic Components | Bull | NYSE | Connectivity, data centers, Dividend Growth, innovation, Margins, Sensors, technology | Login |
| Oct 24, 2025 | Fund Letters | Achilleas Taxildaris | MMC | Marsh & McLennan Companies Inc. | Financials | Insurance Brokers | Bear | NYSE | Brokerage, Consulting, Cycle, dividends, exit, Insurance, Pricing | Login |
| Oct 24, 2025 | Fund Letters | Achilleas Taxildaris | UNH | UnitedHealth Group | Health Care | Managed Health Care | Bull | NASDAQ | dividends, efficiency, growth, healthcare, Insurance, Optum, scale, value-based care | Login |
| Jul 21, 2025 | Fund Letters | Achilleas Taxildaris | AVGO | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI, datacenters, hyperscalers, Margins, Networking, semiconductors, Software | Login |
| Jul 21, 2025 | Fund Letters | Achilleas Taxildaris | MCK | McKesson Corporation | Health Care | Health Care Distributors | Bull | New York Stock Exchange | Acquisitions, cashflow, Distribution, efficiency, Glp1, healthcare | Login |
| Jul 21, 2025 | Fund Letters | Achilleas Taxildaris | ACN | Accenture plc | Information Technology | IT Consulting & Services | Bull | New York Stock Exchange | — | Login |
| Jul 21, 2025 | Fund Letters | The Bristol Gate U.S. Equity Strategy | AVGO | Broadcom Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, custom chips, datacenter, hyperscalers, infrastructure software, Networking, semiconductors, Vmware | Login |
| Jul 21, 2025 | Fund Letters | The Bristol Gate U.S. Equity Strategy | GE | GE Aerospace | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, Aviation Services, cash flow, Commercial Aviation, Engine Orders, manufacturing, operational excellence | Login |
| Jul 21, 2025 | Fund Letters | The Bristol Gate U.S. Equity Strategy | MCK | McKesson Corporation | Health Care | Health Care Distributors | Bull | NYSE | Cost control, GLP-1, Healthcare Distribution, operational efficiency, Portfolio Management, Specialty pharmaceuticals | Login |
| Jul 21, 2025 | Fund Letters | The Bristol Gate U.S. Equity Strategy | UNH | UnitedHealth Group Incorporated | Health Care | Health Care Plans | Bull | NYSE | Contract Renewals, health insurance, Healthcare services, Margin recovery, Medical costs, OptumHealth, Pricing power | Login |
| Jul 21, 2025 | Fund Letters | The Bristol Gate U.S. Equity Strategy | TMO | Thermo Fisher Scientific Inc. | Health Care | Life Sciences Tools & Services | Neutral | NYSE | Biotech, Drug-Pricing, government funding, Healthcare Policy, life sciences, Policy Uncertainty, R&D spending, Regulatory risk | Login |
| Jul 21, 2025 | Fund Letters | The Bristol Gate U.S. Equity Strategy | ACN | Accenture plc | Information Technology | IT Services | Bull | NYSE | Client Relationships, Consulting, Digital transformation, Dividend Growth, global scale, IT services, market share gains, technology | Login |
| Jul 21, 2025 | Fund Letters | The Bristol Gate U.S. Equity Strategy | TVK.TO | TerraVest Industries Inc. | Industrials | Industrial Machinery | Bull | TSX | Acquisitions, agriculture, capital allocation, Diversified End Markets, Double-digit Dividend Growth, energy, Industrial Consolidator, manufacturing, Mining | Login |
| Apr 16, 2025 | Fund Letters | The Bristol Gate U.S. Equity Strategy | LLY | Eli Lilly and Co. | Health Care | Pharmaceuticals | Bull | NYSE | Bull, Diabetes, Dividend Growth, GLP-1, healthcare, Obesity, pharmaceuticals | Login |
| Apr 16, 2025 | Fund Letters | The Bristol Gate U.S. Equity Strategy | WAB | Westinghouse Air Brake Technologies Corp. | Industrials | Industrial Machinery | Bull | NYSE | Bull, Dividend Growth, Industrial, infrastructure, Rail Technology, recurring revenue | Login |
| Apr 16, 2025 | Fund Letters | The Bristol Gate U.S. Equity Strategy | DPZ | Domino's Pizza Inc. | Consumer Discretionary | Hotels, Restaurants & Leisure | Bull | NYSE | asset-light, Bull, Consumer Discretionary, Franchised Restaurant, international expansion, technology | Login |
| Jul 16, 2024 | Fund Letters | The Bristol Gate U.S. Equity Strategy | GE | GE Aerospace | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, capital allocation, Defense, Dividend Growth, Free Cash Flow, oligopoly, services | Login |
| Jul 16, 2024 | Fund Letters | The Bristol Gate U.S. Equity Strategy | ODFL | Old Dominion Freight Line Inc | Industrials | Ground Transportation | Bull | NASDAQ | Dividend Growth, high-ROIC, Logistics, Ltl, market consolidation, operating efficiency, Transportation | Login |
| Apr 18, 2024 | Fund Letters | The Bristol Gate U.S. Equity Strategy | AMAT | Applied Materials Inc | Information Technology | Semiconductor Equipment | Bull | NASDAQ | Artificial Intelligence, growth, manufacturing, semiconductor equipment, technology | Login |
| Apr 18, 2024 | Fund Letters | The Bristol Gate U.S. Equity Strategy | AVGO | Broadcom Inc | Information Technology | Semiconductors | Bull | NASDAQ | Artificial Intelligence, custom chips, growth, hyperscale, Networking, semiconductors | Login |
| Apr 18, 2024 | Fund Letters | The Bristol Gate U.S. Equity Strategy | CTVA | Corteva Inc | Materials | Agricultural Chemicals | Bull | NYSE | agricultural chemicals, Crop protection, Europe, Gene Editing, Seeds, turnaround | Login |
| Apr 18, 2024 | Fund Letters | The Bristol Gate U.S. Equity Strategy | ZTS | Zoetis Inc | Health Care | Pharmaceuticals | Bull | NYSE | Animal Health, dermatology, innovation, Parasiticides, pharmaceuticals, Veterinary | Login |
| Apr 18, 2024 | Fund Letters | The Bristol Gate U.S. Equity Strategy | UNH | UnitedHealth Group Inc | Health Care | Health Care Services | Bull | NYSE | antitrust, data breach, defensive, health insurance, Integrated Healthcare, Medical costs | Login |
| Apr 18, 2024 | Fund Letters | The Bristol Gate U.S. Equity Strategy | MCK | McKesson Corp | Health Care | Health Care Distributors | Bull | NYSE | Aging Population, Biosimilars, defensive, GLP-1, Healthcare services, oligopoly, Pharmaceutical Distribution | Login |
| Apr 18, 2024 | Fund Letters | The Bristol Gate U.S. Equity Strategy | MMC | Marsh & McLennan Companies Inc | Financials | Insurance Brokers | Bull | NYSE | defensive, Global Multinationals, Hard Market, Insurance Brokers, oligopoly, professional services | Login |
| Jan 19, 2024 | Fund Letters | The Bristol Gate U.S. Equity Strategy | CARR | Carrier Global Corporation | Industrials | Building Products | Bull | NYSE | asset sales, Building Products, Dividend Growth, heat pumps, HVAC, Industrials, Pure-Play, Share Buybacks, Sustainability, valuation discount | Login |
| TICKER | COMMENTARY |
|---|---|
| AMAT | Applied Materials and KLA Corp were the largest contributors in the quarter followed by Amphenol. Applied and KLA reported strong results, translating to increased earnings estimates and increased confidence in the semiconductor capital equipment cycle. |
| KLAC | Applied Materials and KLA Corp were the largest contributors in the quarter followed by Amphenol. Applied and KLA reported strong results, translating to increased earnings estimates and increased confidence in the semiconductor capital equipment cycle. KLA is a dominant provider of process-control and metrology equipment to the semiconductor industry, with a high market share that becomes more entrenched at each node transition. Metrology is the precision measurement and evaluation of nanoscale features; as chip-making and architecture grow more complex, the economic cost of yield loss rises sharply, which makes KLA's tools effectively non-discretionary for leading-edge manufacturers. Those tailwinds, combined with prudent management, support strong dividend growth. |
| APH | Applied Materials and KLA Corp were the largest contributors in the quarter followed by Amphenol. Amphenol's share price rebounded after debate around its position in future data centre architectures eased. |
| INTU | Intuit was the largest detractor with the share price down significantly after its quarterly report disappointed investors. This compounded fears that parts of its business could be disrupted by AI. We liquidated our stakes in Accenture and Intuit due to overlapping thematic headwinds. Both companies face intensifying market scrutiny regarding the potential for generative AI to disrupt their core business models. Accenture's labour-intensive consulting framework and Intuit's legacy software franchise. Because these structural debates will take considerable time to resolve, the near-term visibility on earnings durability has diminished. More critically, our forward-looking model signaled a material deterioration in their projected dividend-growth trajectories. |
| MCK | After a strong first quarter, McKesson's share price weakened after its report that surfaced concerns regarding growth from GLP-1s. Costco was also weak during the quarter based on membership growth concerns. It's not surprising that share prices for Costco and McKesson lagged during a quarter when the market was up more than 15%, with returns strongly driven by AI, semiconductors and other higher-beta parts of the market. |
| COST | After a strong first quarter, McKesson's share price weakened after its report that surfaced concerns regarding growth from GLP-1s. Costco was also weak during the quarter based on membership growth concerns. It's not surprising that share prices for Costco and McKesson lagged during a quarter when the market was up more than 15%, with returns strongly driven by AI, semiconductors and other higher-beta parts of the market. Costco operates a membership-based model with a durable competitive moat in retail, anchored by industry-leading renewal rates and a value proposition that strengthens with scale. The recurring membership-fee stream is high-margin, predictable, and compounds alongside member growth and periodic fee increases. Backed by an experienced and capable management team, we believe this combination will translate into continued high dividend growth. Costco is the classic case where you can fall into the trap of subjective justification. The cult-like following among investors, customers, and employees makes it easy to build a narrative. There were famously colorful exchanges between Buffett and Munger about it, with Buffett reportedly trying to limit Munger's excitement for Costco, so I am cautious of my own enthusiasm. But this is where Bristol Gate's data matters. One of the findings from past employment was that companies trading at high multiples can still outperform, that quality and premium valuation are not mutually exclusive. At Bristol Gate we have the tools to test that rigorously, and our data supports the view that high-quality businesses at premium multiples often outperform. That is part of what moved me from skeptic to buyer on Costco. |
| MU | On a relative basis, three of the largest detractors that we did not own were Micron Technology (MU), Advanced Micro Devices (AMD) and Intel (INTC). Since last year, Micron's share price has risen dramatically based on increased demand for memory combined with limited supply. |
| AMD | On a relative basis, three of the largest detractors that we did not own were Micron Technology (MU), Advanced Micro Devices (AMD) and Intel (INTC). Share prices for AMD and INTC increased over 185% and 215%, respectively in Q2 2026, as both companies spoke to rising demand for CPUs to support agentic workloads. This marked a slight change in the recent pattern of narrowly driven returns, with market leadership broadening from the original AI winners into memory, compute, and companies tied to the next potential bottlenecks. |
| INTC | On a relative basis, three of the largest detractors that we did not own were Micron Technology (MU), Advanced Micro Devices (AMD) and Intel (INTC). Share prices for AMD and INTC increased over 185% and 215%, respectively in Q2 2026, as both companies spoke to rising demand for CPUs to support agentic workloads. This marked a slight change in the recent pattern of narrowly driven returns, with market leadership broadening from the original AI winners into memory, compute, and companies tied to the next potential bottlenecks. |
| EME | EMCOR, which we purchased in late April, is a diversified construction and building-services company with broad exposure across US end markets, from pharmaceutical manufacturing to data centres. It is well positioned for the data centre build-out, where demand for complex mechanical and electrical work is strong and skilled labor is scarce. Management has been disciplined with capital allocation, investing in the business and returning capital to shareholders while maintaining a strong balance sheet. |
| HWM | Howmet Aerospace supplies engineered components to the commercial aerospace, defense and industrial markets. Its advantage stems from decades of accumulated R&D in materials science and manufacturing, and it faces limited competition as a US manufacturer for the aerospace industry. Management has demonstrated excellent capital allocation through investments in high-growth projects that leverage the company's strengths. |
| WRB | W.R. Berkley is a property-and-casualty insurer with a long record of dividend growth and disciplined value creation, precisely the profile our process is designed to find. The company runs a decentralized model of more than 50 business units, each tailored to its market, with a focus on specialty and excess-and-surplus lines that demands deep underwriting expertise and generates high, durable returns on capital. Berkley has raised its dividend for 25 consecutive years, a five-year compound annual growth rate of roughly 11.6%, and regularly returns excess capital through special dividends when its balance sheet allows. That combination of free-cash-flow generation and shareholder-friendly capital allocation is exactly what our model favors. Berkley is family-run, with a conservative underwriting culture and balance sheet. Its earnings are relatively insulated from the economic cycle, and we believe the position adds ballast to the portfolio: a more defensive, lower-volatility holding that can help steady returns at a time when AI is widening the range of outcomes across many sectors. With the shares trading at an attractive valuation relative to the quality and returns of the business, we initiated the position. |
| ACN | We liquidated our stakes in Accenture and Intuit due to overlapping thematic headwinds. Both companies face intensifying market scrutiny regarding the potential for generative AI to disrupt their core business models. Accenture's labour-intensive consulting framework and Intuit's legacy software franchise. Because these structural debates will take considerable time to resolve, the near-term visibility on earnings durability has diminished. More critically, our forward-looking model signaled a material deterioration in their projected dividend-growth trajectories. Consequently, we redeployed this capital into higher-conviction opportunities with what we believe are superior risk-adjusted return profiles. |
| TMO | We also exited our positions in Thermo Fisher Scientific, Moody's, and Sherwin-Williams. These remain strong businesses with durable competitive advantages, but our forward-looking analysis indicated a moderation in their near- to medium-term dividend-growth profiles below our required threshold. |
| MCO | We also exited our positions in Thermo Fisher Scientific, Moody's, and Sherwin-Williams. These remain strong businesses with durable competitive advantages, but our forward-looking analysis indicated a moderation in their near- to medium-term dividend-growth profiles below our required threshold. |
| SHW | We also exited our positions in Thermo Fisher Scientific, Moody's, and Sherwin-Williams. These remain strong businesses with durable competitive advantages, but our forward-looking analysis indicated a moderation in their near- to medium-term dividend-growth profiles below our required threshold. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||
