PBH-TO

PBH-TO

PBH-TO

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2026 Q1	Apr 21, 2026	Vulcan Value Partners – Small Cap	-6.8%	-6.8%	IBST.L, LFUS, MLKN, PBH.TO, RYAN, SARO, TRU	AI, Data, disruption, insurance, small cap, software, value			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
2025 Q1	Apr 16, 2025	The Bristol Gate U.S. Equity Strategy	-0.5%	-0.5%	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	Bristol 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.	DPZ WAB LLY	View
2024 Q4	Dec 31, 2024	Vulcan Value Partners – Small Cap	-7.3%	1.3%	AMZN, CCK, CG, CRM, EG, ELV, FBHS, GOOGL, HEIA.AS, LYV, MEDP, MIDD, PBH.TO, PGHN.SW, QRVO, RI.PA, RTO.L, SDIP.ST, SW.PA, UNH	Building Products, discount, Europe, Foodservice, Margin Of Safety, small caps, value	Small Cap is the most discounted portfolio in terms of price compared to intrinsic value estimates, providing the highest margin of safety. The manager believes the market is overly focused on short-term results and not properly recognizing long-term prospects of quality companies trading at discounts.		View
2024 Q4	Dec 31, 2024	Vulcan Value Partners – Large Cap	-0.1%	17.5%	AMZN, CCK, CG, CRM, ELV, FBHS, GOOGL, HEIA.PA, MEDP, MIDD, PBH.TO, PGHN.SW, QRVO, RE, RI.PA, RTO.L, SDIP.ST, SW.PA, UNH	Alternative Asset Managers, global, healthcare, large cap, Margin Of Safety, technology, value	Manager emphasizes buying companies with stable values at attractive margins of safety. Price to value ratios remained relatively flat across strategies despite double-digit returns. Focus on allocating capital to companies with larger margins of safety as U.S. markets outperformed.		View
2024 Q4	Dec 31, 2024	Vulcan Value Partners – Small Cap	-2.5%	13.6%	AMZN, CCK, CG, CRM, ELV, FBHS, GOOGL, HEIA.AS, KKR, LYV, MEDP, MIDD, PBH.TO, PGHN.SW, QRVO, RE, RI.PA, RTO.L, SW.ST, UNH	Alternative Asset Managers, Concentration, healthcare, insurance, international, value	Manager emphasizes buying companies with stable values at attractive margins of safety. Portfolio price-to-value ratios remained relatively flat despite double-digit returns as capital was reallocated from companies whose prices rose faster than values into more discounted opportunities.		View
2024 Q4	Dec 31, 2024	Vulcan Value Partners – Focus Plus	6.3%	26.1%	AMZN, CCK, CG, CRM, ELV, FBHS, GOOGL, HEIA.AS, KKR, LYV, MEDP, MIDD, PBH.TO, PGHN.SW, QRVO, RE, RI.PA, RTO.L, SDIP.ST, SW.PA, UNH	concentrated, Intrinsic Value, large cap, long-term, Margin Of Safety, value	Everest Group is a global reinsurance and insurance business known for disciplined underwriting. The company underwrites aggressively in hard markets and builds capacity during soft markets, focusing on growing intrinsic value per share over long-term rather than managing short-term earnings.		View
2024 Q4	Dec 31, 2024	Vulcan Value Partners – Focus Plus	7.4%	27.5%	AMZN, CCK, CG, CRM, ELV, FBHS, GOOGL, HEIA.AS, KKR, LYV, MIDD, PBH.TO, PGHN.SW, QRVO, RE, RI.PA, RTO.L, SDIP.ST, SW.PA, UNH	Alternative Asset Managers, Cloud, Concentration, Discipline, insurance, large cap, value	Vulcan follows a disciplined value approach, reallocating capital from companies whose prices rose faster than values into companies whose prices did not keep up with values. They maintain attractive price to value ratios despite double-digit returns and focus on companies with stable values and margins of safety.		View
2024 Q3	Oct 6, 2024	Sparrow Wealth Management	-	-	CCL-B.TO, ENGH.TO, IFC.TO, L.TO, OTEX.TO, PBH.TO, SJ.TO, TIH.TO, TRI.TO, TVK.TO	AI, Canada, dividends, energy, gold, materials, technology	The strategy focuses on high dividend growth companies and continues to outpace the index in dividend growth metrics. The manager emphasizes owning attractively priced, high quality, high dividend growers as their core investment philosophy.	L.TO PBH.TO TIH.TO OTEX.TO	View
2025 Q3	Oct 22, 2025	The Bristol Gate Canadian Equity	-	-	CCL-B.TO, ENGH.TO, IFC.TO, L.TO, OTEX.TO, PBH.TO, SJ.TO, TIH.TO, TRI.TO, TVK.TO	AI, Canada, dividends, energy, gold, materials, Quality, uranium	The strategy focuses on high dividend growth companies and continues to outpace the index in dividend growth metrics. The manager emphasizes owning attractively priced, high quality, high dividend growers as a core investment philosophy that has worked through many challenging environments.		View
2024 Q4	Jan 21, 2025	The Bristol Gate U.S. Equity Strategy	-5.2%	9.1%	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 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.		View
2025 Q4	Jan 20, 2026	The Bristol Gate Canadian Equity	3.4%	7.4%	CLS.TO, CM.TO, DOL.TO, EFN.TO, ENGH.TO, EQB.TO, FSV.TO, L.TO, OTEX.TO, PBH.TO, PET.TO, RY.TO, SHOP.TO, TFII.TO, TIH.TO, TRI.TO, TVK.TO	Banking, Canada, commodities, Copper, dividends, gold, materials, value	Bristol Gate focuses on companies with consistent high dividend growth supported by robust free cash flow and disciplined capital allocation. The firm believes dividend growth rates are powerful predictors of total return, with fastest dividend growers often outperforming the broader dividend-growth universe. Several portfolio transactions were driven by deteriorating dividend growth prospects. Gold finished up 67.41% in 2025, the strongest annual return since 1979. Gold benefitted from multiple underlying fundamental and macro drivers, pushing the metal meaningfully higher. The portfolio's underweight and lack of exposure to gold/silver miners was a primary detractor from relative performance. Copper gained over 42% in 2025 and continued its move higher after bottoming during the pandemic. Copper finished up 21.43% in Q4 alone, benefitting from multiple underlying fundamental and macro drivers. The metal's strong performance contributed to Materials sector dominance.	TFII CN CM CN PET CN RY CN OTEX CN TRI CN FSV TVK CN	View
2023 Q4	Jan 19, 2024	The Bristol Gate U.S. Equity Strategy	-	23.9%	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	Bristol 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.	CARR	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Sparrow Wealth Management	Premium Brands Holdings Corporation	Consumer Staples	Packaged Foods & Meats	Bull	Toronto Stock Exchange	consumer staples, Debt Deleveraging, Food Manufacturing, New Product Launches, production capacity, Sale Leaseback, Specialty-Foods, US Expansion	View Pitch

BSD Shareholders of PBH-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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