Shopping with CAD

2021-06-03T10:44:08-04:00

In the month of March, Canadian investors funneled $11.8 billion into U.S. Equities. These strong flows followed $12.3 billion of U.S. equity purchases in February[1]. Canadian investors have long-appreciated the U.S. equity market for a multitude of reasons; the depth and breadth of the [...]

Shopping with CAD2021-06-03T10:44:08-04:00

High Quality – On Sale

2021-05-05T15:54:01-04:00

At times the market presents opportunities where dividend growth and high quality companies appear cheaper than their lower quality peers. Our Q1 letter discussed what worked during the quarter but on the back of the economy reopening in the U.S. there has been a [...]

High Quality – On Sale2021-05-05T15:54:01-04:00

Capital Gains Tax Hikes and the Equity Markets

2021-04-29T08:49:32-04:00

Last week news broke that U.S. President Joe Biden is expected to propose a raise of the federal capital gains tax from its current base rate of 20%. Combined with the Obamacare levy, Americans earning over $1 Million per year will pay as high [...]

Capital Gains Tax Hikes and the Equity Markets2021-04-29T08:49:32-04:00

Rising Interest Rates and Inflation – What Does This Mean for the Equity Markets?

2021-03-25T13:15:56-04:00

Despite a global pandemic the likes of which we have not seen since 1918, the S&P 500 returned +18.4% in 2020 (in USD). Underneath the surface, the distribution of returns paints a much more detailed picture. 77% of the return in the index was [...]

Rising Interest Rates and Inflation – What Does This Mean for the Equity Markets?2021-03-25T13:15:56-04:00

What Has Worked in 2021 (so far…)

2021-03-19T14:43:55-04:00

The S&P500’s return in 2020 was very different from what we have seen work thus far in 2021. In 2020,  77% of the total return was driven by the top 10 holdings.  The mega-cap technology companies that were market leaders last year have been [...]

What Has Worked in 2021 (so far…)2021-03-19T14:43:55-04:00

The Spending Dilemma – Endowments and Foundations

2020-10-26T15:15:41-04:00

The ultimate goals and purposes of specific foundations and endowments may vary slightly; however, these investments typically aim to provide stable and reliable payouts to support charitable missions and operations, while maintaining the independence from the institution and growing the endowed capital. Understanding the [...]

The Spending Dilemma – Endowments and Foundations2020-10-26T15:15:41-04:00

Looking Beyond the Bargain Bin

2020-10-19T08:43:01-04:00

The first three quarters of this year will not be easily forgotten. The S&P 500 experienced the fastest selloff in history, declining 30% in only 22 trading days[1], spanning February to March, 2020. Subsequently, we have also witnessed one of the fastest recoveries in [...]

Looking Beyond the Bargain Bin2020-10-19T08:43:01-04:00

Fitting Dividend Growth into the Asset Pie

2020-10-01T18:01:29-04:00

When most of us think of dividend strategies, we think of how much income we will receive today with a focus on the current yield. The types of companies that can deliver high yields are often mature companies with consistent, predictable cash flows. These [...]

Fitting Dividend Growth into the Asset Pie2020-10-01T18:01:29-04:00

Which Companies Value their Shareholders? Buybacks vs. Dividends

2020-09-28T16:36:28-04:00

Throughout the past 20 years buybacks have become an increasingly popular way for senior management to use excess free cash flow generated from business activities. By reducing shares outstanding, buybacks increase the percentage ownership of ongoing shareholders. Unfortunately, buybacks do not treat all shareholders [...]

Which Companies Value their Shareholders? Buybacks vs. Dividends2020-09-28T16:36:28-04:00

Diamonds in the Rough

2020-09-28T09:24:54-04:00

Much has been made of the unprecedented market rally over the past five months. Names like Apple, Google, Amazon, and Tesla have grabbed headlines by rewarding their investors with incredible returns since the March 23 lows; however, this spectacular performance among few high flying [...]

Diamonds in the Rough2020-09-28T09:24:54-04:00

Stagnant Wage Growth in Canada

2020-08-21T09:20:23-04:00

Real wage growth in Canada has been stagnant over the past 30 years. After inflation, Canadians have been struggling to increase their income year-over-year, making it increasingly difficult to get ahead. Additionally, interest rates have been steadily declining throughout this same period, making it [...]

Stagnant Wage Growth in Canada2020-08-21T09:20:23-04:00

Uncovering the US Equity Market – Part 1

2020-11-10T10:07:13-05:00

Bristol Gate’s US Strategy invests in companies listed on the S&P 500; however, the composition of our portfolio starkly differs from most passive and active growth US equity strategies. The main reason – the high concentration of FAANG+ stocks in the S&P500. The S&P [...]

Uncovering the US Equity Market – Part 12020-11-10T10:07:13-05:00
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