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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"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."
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.
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