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Bristol Gate Capital Partners

Sep 2025 → Jun 2026 · 4 funds

Our archive holds 6 letters from Bristol Gate Capital Partners, behind 12 investment theses and positions in 19 companies. Every quote below is copied verbatim from the letter it came from.

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Bristol Gate Capital Partners’s own letters page
6
Letters
19
Companies
14
Moves
12
Theses

4 strategies

Bristol Gate Capital Partners publishes a letter per strategy. Each one has its own page — what it holds, what it bought, what it wrote.

What they bought and sold · 14 moves

  • ExitedThomson Reuters
    June 2026
    “Transactions During the quarter we exited Thomson Reuters (TRI) and Canadian National Railway (CNR) and initiated positions in Cenovus Energy (CVE) and Cameco (CCO).”
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  • New positionEMCOR Group
    June 2026
    “EMCOR, which we purchased in late April, is a diversified construction and building-services company with broad exposure across US end markets, from pharmaceutical manufacturing to data centres.”
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  • AddedCostco
    June 2026
    “Costco (COST) Costco operates a membership-based model with a durable competitive moat in retail, anchored by industry-leading renewal rates and a value proposition that strengthens with scale.”
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  • ExitedIntuit
    June 2026
    “We liquidated our stakes in Accenture and Intuit due to overlapping thematic headwinds.”
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  • New positionCameco
    June 2026
    “Transactions During the quarter we exited Thomson Reuters (TRI) and Canadian National Railway (CNR) and initiated positions in Cenovus Energy (CVE) and Cameco (CCO).”
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  • ExitedMoody's
    June 2026
    “We also exited our positions in Thermo Fisher Scientific, Moody’s, and Sherwin-Williams.”
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  • AddedKLA Corporation
    June 2026
    “we purchased in late April, is a diversified construction and building-services company with broad exposure across US end markets, from pharmaceutical manufacturing to data centres.”
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  • New positionCenovus Energy
    June 2026
    “Transactions During the quarter we exited Thomson Reuters (TRI) and Canadian National Railway (CNR) and initiated positions in Cenovus Energy (CVE) and Cameco (CCO).”
    Read the letter
  • AddedHowmet Aerospace
    June 2026
    “Howmet Aerospace supplies engineered components to the commercial aerospace, defense and industrial markets.”
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  • ExitedSherwin-Williams
    June 2026
    “We also exited our positions in Thermo Fisher Scientific, Moody’s, and Sherwin-Williams.”
    Read the letter
  • ExitedAccenture
    June 2026
    “We liquidated our stakes in Accenture and Intuit due to overlapping thematic headwinds.”
    Read the letter
  • New positionW.R. Berkley
    June 2026
    “With the shares trading at an attractive valuation relative to the quality and returns of the business, we initiated the position.”
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  • ExitedThermo Fisher Scientific
    June 2026
    “We also exited our positions in Thermo Fisher Scientific, Moody’s, and Sherwin-Williams.”
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  • ExitedCanadian National Railway
    June 2026
    “Transactions During the quarter we exited Thomson Reuters (TRI) and Canadian National Railway (CNR) and initiated positions in Cenovus Energy (CVE) and Cameco (CCO).”
    Read the letter

Companies held · 19

Every company Bristol Gate Capital Partners has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 12

  • EMCOR Group
    June 2026

    EMCOR Group is a diversified construction and building-services company positioned to benefit from data-centre build-out tailwinds and disciplined capital allocation.

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  • Costco
    June 2026

    Costco has a membership-based retail model with a durable moat, recurring high-margin fees, and strong dividend-growth potential.

    Read the full thesis
  • KLA Corporation
    June 2026

    KLA Corporation is a dominant semiconductor process-control provider benefiting from complexity-driven demand and strong dividend growth.

    Read the full thesis
  • Howmet Aerospace
    June 2026

    Howmet Aerospace supplies engineered components with R&D-based advantages, limited competition, and strong capital-allocation execution.

    Read the full thesis
  • W.R. Berkley
    June 2026

    W.R. Berkley is a specialty P&C insurer with durable underwriting advantages, strong dividend growth, and an attractive valuation.

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  • Cameco
    June 2026

    Cameco combines high-quality uranium assets with supply discipline, nuclear demand tailwinds, and strong dividend growth potential.

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  • Pet Valu Holdings
    March 2026

    Pet Valu Holdings is a pet retail chain with strong free cash flow, shareholder returns, and ongoing store growth despite cyclical softness.

    Read the full thesis
  • Toromont Industries
    March 2026

    Toromont Industries is a Caterpillar dealer with resilient margins, a growing high-margin data-center business, minimal debt, and consistent dividend growth.

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  • Walmart
    March 2026

    Walmart is a leading global retailer with omnichannel growth, AI-enabled efficiency gains, and structural margin expansion.

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  • Targa Resources
    March 2026

    Targa Resources is a fee-based midstream energy infrastructure company positioned to benefit from Permian production growth and strong dividend growth.

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  • Amphenol
    September 2025

    Amphenol is a high-quality, defensible franchise with strong growth potential and robust dividend growth driven by its proprietary technology and demand in the Information and Datacom segment.

    Read the full thesis
  • Loblaw Companies Limited
    September 2025

    Loblaw is Canada's largest grocery retailer, known for its diverse store formats and integrated approach in food retail, pharmacy, and digital commerce, with strong potential for consistent returns and dividend growth.

    Read the full thesis

Letter archive · 6

2026

2025

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