Bristol Gate Capital Partners
Bristolgate Canadian Equity Strategy
North America
Sep 2025 → Sep 2026
Our archive holds 3 letters from this strategy, behind 6 investment theses and positions in 20 companies. Every quote below is copied verbatim from the letter it came from.
3 letters in 2 years · follow all of Bristol Gate Capital Partners for every strategy.
What it bought and sold
Early in the quarter we sold Pet Valu Holdings and purchased OR Royalties.
Early in the quarter we sold Pet Valu Holdings and purchased OR Royalties.
At the end of the quarter we sold TerraVest Industries and purchased Great-West Lifeco.
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.
Transactions During the quarter we exited Thomson Reuters (TRI) and Canadian National Railway (CNR) and initiated positions in Cenovus Energy (CVE) and Cameco (CCO).
Transactions During the quarter we exited Thomson Reuters (TRI) and Canadian National Railway (CNR) and initiated positions in Cenovus Energy (CVE) and Cameco (CCO).
Transactions During the quarter we exited Thomson Reuters (TRI) and Canadian National Railway (CNR) and initiated positions in Cenovus Energy (CVE) and Cameco (CCO).
Transactions During the quarter we exited Thomson Reuters (TRI) and Canadian National Railway (CNR) and initiated positions in Cenovus Energy (CVE) and Cameco (CCO).
Also held
Its investment theses
- OR RoyaltiesSep 2026OR Royalties offers a cash-generative, capital-light precious-metals royalty model with strong margins, low debt, and long-term dividend compounding potential.
- Great-West LifecoSep 2026Great-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.
- Cenovus EnergySep 2026Cenovus Energy is an integrated energy producer with rising production, falling leverage, and increasing capital returns to shareholders.
- Stella-JonesSep 2026Stella-Jones is a utility-pole and infrastructure products company facing margin pressure but still supported by demand growth and longer-term savings potential.
- CamecoJun 2026Cameco combines high-quality uranium assets with supply discipline, nuclear demand tailwinds, and strong dividend growth potential.
- Loblaw Companies LimitedSep 2025Loblaw 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.