Bristol Gate Capital Partners
Bristolgate U.S. Equity Strategy
Jun 2026 → Jun 2026
Our archive holds 1 letter from this strategy, behind 5 investment theses and positions in 16 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
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.
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.
We liquidated our stakes in Accenture and Intuit due to overlapping thematic headwinds.
We also exited our positions in Thermo Fisher Scientific, Moody’s, and Sherwin-Williams.
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.
Howmet Aerospace supplies engineered components to the commercial aerospace, defense and industrial markets.
We also exited our positions in Thermo Fisher Scientific, Moody’s, and Sherwin-Williams.
We liquidated our stakes in Accenture and Intuit due to overlapping thematic headwinds.
With the shares trading at an attractive valuation relative to the quality and returns of the business, we initiated the position.
We also exited our positions in Thermo Fisher Scientific, Moody’s, and Sherwin-Williams.
Its investment theses
- EMCOR GroupJun 2026EMCOR Group is a diversified construction and building-services company positioned to benefit from data-centre build-out tailwinds and disciplined capital allocation.
- CostcoJun 2026Costco has a membership-based retail model with a durable moat, recurring high-margin fees, and strong dividend-growth potential.
- KLA CorporationJun 2026KLA Corporation is a dominant semiconductor process-control provider benefiting from complexity-driven demand and strong dividend growth.
- Howmet AerospaceJun 2026Howmet Aerospace supplies engineered components with R&D-based advantages, limited competition, and strong capital-allocation execution.
- W.R. BerkleyJun 2026W.R. Berkley is a specialty P&C insurer with durable underwriting advantages, strong dividend growth, and an attractive valuation.