The Strategy continued to outperform the S&P 500 during the quarter despite market volatility. Download Full Report »
Investment Commentary
Investment Commentary Special Report to Investors
During turbulent markets in August, the S&P 500 lost ground for the year. In our Special Report to Investors we describe our strategy’s upside & downside resilience through the market volatility. Download Full Report
Investment Commentary June 2015
The S&P 500 is virtually unchanged through the first six months of 2015 wrestling as it has with myriad issues including tepid US economic performance and unsettled conditions abroad. Download Full Report.
Investment Commentary March 2015
Concerns regarding earnings, valuation and quixotically the timing and extent of Federal Reserve rate action all conspired to hold the S&P 500 in check for the first quarter. Overseas markets did better, especially in local currencies. Quantitative easing has gone global. Fixed income markets also outperformed reflecting the concerns about economic growth. The S&P 500 has been trading sideways now for four months, a mini correction in time and preferable to the alternative. US corporations continue to set records in their return of cash to shareholders by way of dividends and share repurchase.
Investment Commentary December 2014
The past year has been one of achievement at Bristol Gate.
The US Equity Fund performed well in 2014, again besting the S&P 500 Total Return Index. The companies we own increased their dividends in 2014 by nearly 27% over 2013 levels, above our historical average of 18%, and continued to buy back substantial amounts of stock. Balance sheet metrics remain strong. Our assets under management grew from $56mm CAD dollars in assets at year-end 2013 to $240mm CAD dollars at December 31, 2014.