CP-TO

CP-TO

CP-TO

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 7, 2025	The Baird Chautauqua International Growth Fund	7.7%	13.1%	2423.HK, ADYEN.AS, COLOB.CO, CP.TO, CSU.TO, FFH.TO, HDB, LULU, MU, NVDA, NVO, OLED, REGN, RYA.L, SAF.PA, SE, TCS.NS, TEAM, WCN	China, growth, international, tariffs, technology, Travel, Valuations	President Trump imposed baseline 10% tariffs and reciprocal tariffs up to 50% on trading partners, creating market volatility. The U.S. and China de-escalated tensions with tariff reductions, but uncertainty remains about future trade deals and their economic impact.		View
2025 Q2	Aug 7, 2025	The Baird Chautauqua Global Growth Fund	9.1%	9.8%	0388.HK, ADYEN.AS, BEKE, COLO-B.CO, CP.TO, CSU.TO, FFH.TO, HDB, ILMN, LULU, MU, NVDA, NVO, OLED, REGN, RYA.L, SAF.PA, SE, TCS.NS, TEAM, WCN	AI, China, growth, semiconductors, tariffs, technology, Trade Policy, Travel	President Trump imposed baseline 10% tariffs and reciprocal tariffs up to 50% on trading partners, creating market volatility. The U.S. and China de-escalated tensions with tariff reductions, but uncertainty remains about future trade deals and their economic impact.	NVDA 2423 HK FFH CN SAF FP	View
2026 Q1	Apr 21, 2026	The Bristol Gate Canadian Equity	-3.7%	-3.7%	CM.TO, CP.TO, EFN.TO, PET.TO, TFII.TO, TIH.TO, TRI.TO, TVK.TO	Canada, commodities, dividends, energy, industrials, materials, Quality			View
2024 Q1	Apr 18, 2024	The Bristol Gate U.S. Equity Strategy	6.5%	6.5%	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	Bristol 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.	MMC MCK UNH ZTS CTVA AVGO AMAT	View
2024 Q4	Feb 11, 2025	Pershing Square Holdings	-	10.2%	BN, CMG, CP.TO, FMCC, FNMA, GOOG, HHH, HLT, NKE, QSR, UBER, UMG.AS	activism, Alternative Assets, Concentration, consumer, Hospitality, Music, technology, Transportation	Alphabet's underappreciated leadership in AI drove impressive business results in 2024. Early results from integration of AI Overviews in Search have been highly encouraging with users searching more frequently. Step-function improvements in cost per AI query down 90% over 18 months enabled rollout to over 1 billion users in more than 100 countries.		View
2025 Q3	Oct 13, 2025	The Baird Chautauqua International Growth Fund	5.2%	19.0%	2269.HK, 7269.T, ADYEN.AS, BABA, CP.TO, CSU.TO, FFH.TO, GMAB, GOOGL, LULU, MA, MU, NVO, OLED, PRX.AS, SAF.PA, TCS.NS, TEAM	Biotechnology, China, Fed policy, growth, international, tariffs, technology, Valuations	The resolution of Liberation Day tariffs through framework agreements with major trading partners reduced uncertainty, though establishing higher baseline tariffs. The U.S. reached deals with EU, Japan, and South Korea at 15% baseline tariffs, while negotiations with India failed resulting in 50% tariffs.		View
2025 Q3	Oct 13, 2025	The Baird Chautauqua Global Growth Fund	6.8%	17.2%	2269.HK, 7269.T, ADYEN.AS, BABA, CP.TO, CSU.TO, FFH.TO, GMAB, GOOGL, LULU, MA, MU, NVO, OLED, PRX.AS, SAF.PA, TCS.NS, TEAM	AI, China, Cloud, growth, international, technology, Trade Policy, Valuations	The quarter saw significant resolution of trade disputes with the U.S. formalizing agreements with EU, Japan, and South Korea establishing higher baseline tariffs but removing punitive reciprocal rates. While these agreements provided market relief, tariff impacts are beginning to filter into economic data with businesses citing higher input costs.	BABA	View
2023 Q2	Jun 30, 2023	ClearBridge Investments International Growth ADR Strategy	5.7%	0.0%	0005.HK, 0388.HK, 0700.HK, 4568.T, 7733.T, 8035.T, ACN, ALC, AMS.MC, ASML, CP.TO, DTE.DE, ITX.MC, KER.PA, LSEG.L, NICE, REL.L, TEP.PA, TRI.TO, XRO.AX	AI, growth, healthcare, international, Japan, semiconductors, technology, value	The team is excited about generative AI potential both from current portfolio positioning and innovative companies being researched. They believe AI will be adopted widely across sectors with productivity improvements. Portfolio holding Accenture positioned to guide companies with AI implementation.		View
2023 Q4	Mar 22, 2024	Pershing Square Holdings	0.0%	6.3%	CMG, CP.TO, FMCC, FNMA, GOOG, HHH, HLT, LOW, QSR, UMG.AS	Concentration, Engagement, Long Term, Quality, value	Alphabet faced concerns about AI capabilities and competitive positioning, particularly around its Gemini chatbot rollout which displayed biased responses. However, Google has industry-leading AI infrastructure, training data access, and technical expertise that position it well for AI commercialization despite early missteps.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	YCG Investment	Canadian Pacific Kansas City Limited	Industrials	Rail Transportation	Bull	TSX	Canadian Railway, Industrials, Mexico, network effects, Nimby, North America, oligopoly, Pricing power, Rail Transportation, Toll Collector	View Pitch

BSD Shareholders of CP-TO

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

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