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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 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 |
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| 2026 Q1 | Apr 10, 2026 | QV Investors | - | - | CJT.TO, HAL, IFC.TO, RMV.L, TIH.TO | AI, Canada, energy, Geopolitical, private credit, small cap, technology, value | IFC.TO TIH.TO RMV.L HAL CJT.TO |
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| 2025 Q4 | Feb 5, 2026 | Avenue Investment Management | - | - | CAT, TIH.TO | AI, Canada, Defense Spending, energy, infrastructure, National Capitalism, tariffs, technology | Canada announced significant defense spending increases to reach 2% NATO target in 2026 and 5% of GDP by 2035, representing a potential sea change in investment levels. This shift from past decade of neglecting NATO spending requirements creates substantial infrastructure investment opportunities. Canada is prioritizing key infrastructure investments including energy sector regulatory reform and defense-related infrastructure. The government is working with Alberta on energy infrastructure including pipelines, rail, power generation, and transmission grid to unlock natural resource production. Global shift towards National Capitalism where governments actively prioritize national economic interests over global integration, using tools like tariffs, subsidies, and industrial policy to support domestic production. This represents movement away from market-based economies toward greater state intervention. US tariffs announced in early 2025 pushed average tariff rates to levels not seen in over 100 years. Tariffs are expected to remain elevated and permanent reality for global economy, creating distorting impacts on global trade and financial markets. Technology sector capital spending has increased from $100 billion in 2020 to over $400 billion expected in 2026 due to AI data center investments. This massive capital cycle will drive returns on capital lower in technology sector as infrastructure investments depreciate over 5-8 years. Canadian energy sector positioned to benefit from regulatory reform and government cooperation with Alberta. US military action in Venezuela aimed at accessing oil sector, with administration asking US energy companies to invest $100 billion in Venezuelan infrastructure. | TIH CN |
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| 2023 Q4 | Feb 20, 2024 | Tall Oak Capital Advisors | - | - | AAPL, ABBV, AMD, AMGN, AMP, AMZN, ATD.TO, AVGO, BEI-UN.TO, BSX, CAT, CBRE, CCO.TO, CDNS, CNR.TO, COST, CSCO, DOL.TO, EA, EHC, EMN, EOG, EQIX, FERG, FTNT, GOOGL, LLY, LRCX, MA, MCD, META, MSFT, NVDA, NVO, ORCL, PANW, PG, QCOM, ROK, SCCO, SHOP.TO, T, TD.TO, TGT, TIH.TO, TMUS, TSLA, UNH, VZ, WCN, WMT, WSP.TO | Banking, cybersecurity, dividends, large cap, private credit, Quality, Supply Chain, technology | The integration of digital and physical realms is revolutionizing security needs. Cybersecurity continues to be crucial due to expanding digital connectivity, cloud adoption, and hybrid operations. Key emerging themes include cloud security mainstreaming, software supply chain security, OT and IoT security, and API security evolution. | PANW |
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| 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 |
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| 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 | |
| 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 |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 14, 2026 | Fund Letters | QV Investors | Toromont Industries Ltd. | Industrial Distribution | Trading Companies & Distributors | Neutral | New York Stock Exchange | AI data centers, CIMCO, Heavy Equipment, profit-taking, Refrigeration, Valuation Management | View Pitch |
| Apr 13, 2026 | Fund Letters | Sparrow Wealth Management | Toromont Industries Ltd. | Industrials | Trading Companies & Distributors | Bull | Toronto Stock Exchange | AI infrastructure, Caterpillar Dealer, Cooling Solutions, data centers, Equipment Rental, Industrial Equipment, Power generation, US Expansion | View Pitch |
| 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. | ||||||||