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Bristol Gate Capital Partners

Sep 2025 → Sep 2026 · 4 funds

Our archive holds 8 letters from Bristol Gate Capital Partners, behind 17 investment theses and positions in 47 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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8
Letters
47
Companies
34
Moves
17
Theses

4 strategies

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

What they bought and sold · 34 moves

  • New positionGarmin
    September 2026
    “Garmin, which we purchased at the end of the quarter, is a vertically integrated designer and manufacturer of GPS-enabled devices.”
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  • ExitedVerisk
    September 2026
    “We sold Verisk given better prospects for returns and dividend growth elsewhere.”
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  • ExitedPet Valu Holdings
    September 2026
    “Early in the quarter we sold Pet Valu Holdings and purchased OR Royalties.”
    Read the letter
  • New positionOR Royalties
    September 2026
    “Early in the quarter we sold Pet Valu Holdings and purchased OR Royalties.”
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  • TrimmedApplied Materials
    September 2026
    “The strategy benefited from our disciplined rebalancing process, as these names were trimmed at the end of June after having significant gains in the second quarter.”
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  • ExitedTerraVest Industries
    September 2026
    “At the end of the quarter we sold TerraVest Industries and purchased Great-West Lifeco.”
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  • New positionGreat-West Lifeco
    September 2026
    “We initiated a position in Great-West Lifeco, driven by its strong double-digit dividend growth outlook and continued upward momentum in our dividend growth prediction.”
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  • TrimmedKLA
    September 2026
    “The strategy benefited from our disciplined rebalancing process, as these names were trimmed at the end of June after having significant gains in the second quarter.”
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  • 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).”
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  • 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.”
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  • ExitedAccenture
    June 2026
    “We liquidated our stakes in Accenture and Intuit due to overlapping thematic headwinds.”
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  • 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).”
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  • ExitedTFI International
    March 2026
    “During the quarter we exited TFI International (TFI) and initiated a position in Canadian Pacific Kansas City (CP) at the end of March.”
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  • TrimmedLoblaw Companies
    March 2026
    “As a result of our rebalancing threshold tolerance, we trimmed to equal weight: Toromont Industries, TFI International, Stella Jones & Loblaw Companies.”
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  • ExitedDomino’s Pizza
    March 2026
    “The additions were funded by the sales of UnitedHealth, Domino’s Pizza, Carrier and Old Dominion Freight Line, which all faced lower dividend growth predictions.”
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  • New positionCanadian Pacific Kansas City
    March 2026
    “During the quarter we exited TFI International (TFI) and initiated a position in Canadian Pacific Kansas City (CP) at the end of March.”
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  • ExitedCarrier Global
    March 2026
    “We switched from Carrier Global (CARR) to Trane Technologies (TT).”
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  • TrimmedRoyal Bank of Canada
    March 2026
    “Royal Bank was trimmed to generate cash.”
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  • ExitedOld Dominion Freight Line
    March 2026
    “The additions were funded by the sales of UnitedHealth, Domino’s Pizza, Carrier and Old Dominion Freight Line, which all faced lower dividend growth predictions.”
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  • TrimmedStella-Jones
    March 2026
    “As a result of our rebalancing threshold tolerance, we trimmed to equal weight: Toromont Industries, TFI International, Stella Jones & Loblaw Companies.”
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Showing the 30 most recent of 34 recorded moves.

Companies held · 47

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

Theses · 17

  • OR Royalties
    September 2026

    OR Royalties offers a cash-generative, capital-light precious-metals royalty model with strong margins, low debt, and long-term dividend compounding potential.

    Read the full thesis
  • Great-West Lifeco
    September 2026

    Great-West Lifeco is a diversified insurer benefiting from a capital-light mix shift, Empower-driven growth, and the ability to sustain double-digit dividend growth.

    Read the full thesis
  • Cenovus Energy
    September 2026

    Cenovus Energy is an integrated energy producer with rising production, falling leverage, and increasing capital returns to shareholders.

    Read the full thesis
  • Stella-Jones
    September 2026

    Stella-Jones is a utility-pole and infrastructure products company facing margin pressure but still supported by demand growth and longer-term savings potential.

    Read the full thesis
  • Garmin
    September 2026

    Garmin has diversified end markets, vertical integration, strong capital returns, and room for durable free-cash-flow and dividend growth.

    Read the full thesis
  • 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.

    Read the full thesis
  • 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.

    Read the full thesis
  • Cameco
    June 2026

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

    Read the full thesis
  • 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

Letter archive · 8

2026

2025

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