X-TO

X-TO

X-TO

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2022 Q2	Jul 19, 2022	Upslope Capital Management	0.8%	0.5%	ATR, BALL, BFAM, BWXT, CASY, CHG.L, DPLM.L, ENV, FCN, KOG NO, PACK, SLGN, TECN SW, TTCF, X.TO	cyclicals, defense, Defensive, Long/Short, mid cap, packaging, SPACs, value		BALL	View
2021 Q2	Jul 19, 2021	Upslope Capital Management	2.8%	0.9%	ATR, BFAM, CBOE, DPLM.L, DSM.AS, ENV, FCN, MKTX, RBA, SUBC.OL, TW, X.TO	Capital markets, Long/Short, mid cap, Short Selling, SPACs, value		ENV MKTX	View
2026 Q2	Jul 17, 2026	The Bristol Gate Canadian Equity	5.7%	1.8%	CCL-B.TO, CCO.TO, CNR.TO, CP.TO, CVE.TO, EFN.TO, JWEL.TO, PET.TO, SJ.TO, TIH.TO, TRI.TO, X.TO	banks, Canada, dividends, energy, financials, materials, Quality, value		CNR.TO TRI.TO CCO.TO CVE.TO EFN.TO PET.TO X.TO TIH.TO JWEL.TO CCL.TO	View
2025 Q1	Apr 9, 2025	Mawer International Equity Fund	9.9%	9.9%	AAPL, AJG, ALA.TO, AON, ASM, BA.L, BN.TO, BNS.TO, DB1.DE, GIB.A.TO, HO.PA, ICE, IFC.TO, LDO.MI, MMC, NVDA, RHM.DE, RY.TO, TD.TO, TSLA, TSM, X.TO	AI, defense, Europe, Geopolitical, gold, tariffs, Trade Policy	Defense-related holdings delivered stellar returns with Rheinmetall more than doubling during the quarter, while Thales, BAE, and Leonardo also experienced strong performance. A rapidly evolving geopolitical landscape and rising defense spending in Europe have significantly increased demand expectations. All four companies benefit from the critical importance of their products and decades of consolidation and underinvestment in areas where they hold key competitive advantages.		View
2022 Q1	Apr 18, 2022	Upslope Capital Management	-0.3%	-	ATR, BFAM, BWXT, CASY, CHG.L, DPLM.L, ENV, FCN, KOG.OL, MKTX, SLGN, TECN SW, X.TO	defense, Geopolitical, inflation, Long/Short, regime change, SPACs, value		SLGN CHG.L KOG.OL	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
2021 Q1	Apr 15, 2021	Upslope Capital Management	-1.9%	-1.9%	ATR, BFAM, CBOE, DPLM.L, DSM.AS, EVR, FCN, MKTX, RBA, SUBC.OL, X.TO	concentrated, Defensive, Exchanges, Long/Short, Restructuring, SPACs, value, volatility		CBOE X.TO FCN EVR	View
2021 Q3	Oct 18, 2021	Upslope Capital Management	-0.2%	0.8%	ATR, BFAM, BOWX, BWXT, CBOE, DPLM.L, DSM.AS, ENV, FCN, RBA, TECN SW, X.TO	Catalyst, defense, healthcare, Long/Short, mid cap, value		BWXT TECN.SW CBOE	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
2021 Q4	Jan 19, 2022	Upslope Capital Management	3.4%	4.2%	ATR, BFAM, BWXT, CASY, CBOE, DPLM.L, ENV, FCN, MKTX, TECN SW, X.TO	Defensive, Long/Short, mid cap, SPACs, value, volatility		CASY MKTX CBOE	View
2023 Q2	Jul 17, 2023	Upslope Capital Management	14.8%	18.1%	8697.T, ATR, ATS.TO, BOKF, CACI, DPLM.L, EMG.L, FCN, FTT.TO, GLT, GRMN, KOG.OL, SLGN, TECN.SW, X.TO	defense, Exchanges, Japan, Long/Short, mid cap, Quality, technology	Manager sees attractive opportunities in exchange operators, exiting TMX Group to invest in Japan Exchange Group. Views exchanges as having monopolistic competitive positions with steady growth and high margins. Japan Exchange specifically positioned to benefit from Japanese equity market revival and corporate governance reforms.	8697.T GRMN ABX.TO FCN	View
2023 Q1	Apr 17, 2023	Upslope Capital Management	14.8%	18.1%	ATR, ATS.TO, BOKF, BOLSAA.MX, CACI, CHG.L, DPLM.L, EMG.L, FCN, FTT.TO, GLT, KOG.OL, SLGN, TECN.SW, X.TO	Defensive, international, Long/Short, SMID Cap, value, volatility	Manager holds positions in defense contractors including Chemring (exited), Kongsberg Gruppen, and CACI International. Expects these companies to benefit from geopolitical tailwinds and strong positioning in cyber defense.	FTT.TO CHG.L	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jul 21, 2026	Fund Letters	The Bristol Gate Canadian Equity	TMX Group	Financial Data & Stock Exchanges	Financial Exchanges & Data	Bull	Toronto Stock Exchange	Data Services, Exchange Consolidation, Financial Exchanges, financials, M&A growth, Market Infrastructure, Record Earnings, Valuation Digestion	View Pitch
Jun 15, 2026	Fund Letters	Upslope Capital Management	TMX Group	Financial Data & Stock Exchanges	Financial Exchanges & Data	Bull	Toronto Stock Exchange	Canada, Commodities, Data Analytics, Energy Trading, Exchange, inflation hedge, Monopoly	View Pitch

BSD Shareholders of X-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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