The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 26, 2026
During the third quarter of 2026, the Bristol Gate Canadian Equity Strategy declined 3.3% net of fees (-3.1% gross), lagging the S&P/TSX Composite Total Return Index's gain of 1.6%. Year-to-date, the strategy returned -1.5% net of fees (-1.0% gross). Portfolio performance was hindered by acute market concentration, where three-quarters of the benchmark's return was generated by a single non-dividend-paying technology stock, Shopify, while precious-metals miners led Materials higher. Sector allocation and stock selection detracted equally, heavily penalized by zero exposure to Information Technology (+18.1%) and an overweight stance in Consumer Staples (-7.0%), partially offset by an underweight in Financials and zero weight in Utilities and Communication Services. The macroeconomic environment was characterized by severe trade frictions and broad commodity and fixed income volatility. Following the U.S. refusal to renew CUSMA, Washington instituted 50% tariffs under Section 338 across US$20 billion of Canadian exports, triggering reciprocal retaliatory tariffs, federal procurement exclusions, and product bans. Meanwhile, U.S. 10-year Treasury yields rose to 5.24% while Canadian 10-year yields reached 3.96%, pressuring interest-rate-sensitive and traditional dividend-yielding market segments despite domestic headline inflation rebounding to 3.0% and the Bank of Canada holding policy rates at 2.25%. Portfolio turnover was targeted and disciplined. The strategy initiated new long positions in OR Royalties, capitalizing on a 25% correction in gold to acquire a high-margin, capital-light royalty model, and Great-West Lifeco, driven by accelerating double-digit dividend growth and the structural expansion of its Empower U.S. wealth platform. These entries were funded by the complete exits of Pet Valu Holdings due to decelerating dividend metrics, and TerraVest Industries following governance concerns, regulatory investigations, and deteriorating credit metrics. Fundamental operating execution among ongoing holdings remained resilient, with 13 of 16 reporting companies exceeding quarterly earnings expectations.
The strategy invests in a concentrated portfolio of high-quality, dividend-paying Canadian companies capable of sustaining long-term dividend growth backed by durable cash flows and strong balance sheets.
Looking ahead, the manager believes the portfolio's blend of fundamental quality and compounding dividend growth remains well suited to navigate market uncertainty, with cash-flow-focused businesses positioned to compound over the long term.
Moderate Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
Top Conviction Themes
Key Catalysts
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