Bristol Gate Capital Partners
Bristol Gate Canadian Equity
North America
Mar 2026 → Mar 2026
Our archive holds 1 letter from this strategy, behind 2 investment theses and positions in 15 companies. Every quote below is copied verbatim from the letter it came from.
1 letter in a year · follow all of Bristol Gate Capital Partners for every strategy.
What it bought and sold
During the quarter we exited TFI International (TFI) and initiated a position in Canadian Pacific Kansas City (CP) at the end of March.
As a result of our rebalancing threshold tolerance, we trimmed to equal weight: Toromont Industries, TFI International, Stella Jones & Loblaw Companies.
During the quarter we exited TFI International (TFI) and initiated a position in Canadian Pacific Kansas City (CP) at the end of March.
Royal Bank was trimmed to generate cash.
As a result of our rebalancing threshold tolerance, we trimmed to equal weight: Toromont Industries, TFI International, Stella Jones & Loblaw Companies.
However, our rebalancing process aided returns from the middle of February to end of March as the top up was well timed, near the bottom of the first quarter.
As a result of prudent de-risking, we trimmed the name mid-February.
Also held
Its investment theses
- Pet Valu HoldingsMar 2026Pet Valu Holdings is a pet retail chain with strong free cash flow, shareholder returns, and ongoing store growth despite cyclical softness.
- Toromont IndustriesMar 2026Toromont Industries is a Caterpillar dealer with resilient margins, a growing high-margin data-center business, minimal debt, and consistent dividend growth.