Bristol Gate Capital Partners

Bristol Gate US Equity Strategy

• The investment process offers exposure to stocks with remarkable dividend growth
Bristol Gate’s proprietary approach examines capital allocation
• We find companies that are growing operating cash flow; not just this year – but ongoing
• We focus on companies with strong balance sheets – indicating resilience and capital discipline
Disciplined processes regarding selling, rebalancing and cash

Outperform the S&P 500 Total Return Index with lower downside risk
• Holdings are equally-weighted and rebalanced quarterly
• Sector exposure is constructed independently of index weightings
• Cash will be held if suitable candidates are not available

A company growing its dividend is demonstrating management’s confidence in the
business
• A good first step in stock selection
But sustainable, high-quality dividend growth is rare
• So a deep dive is needed to assess the fundamentals