Bristol Gate US Equity Strategy Exited Its Stake in Marsh & McLennan (MMC)

Bristol Gate Capital Partners, an investment management company, published its Q3 2025 investor letter for the “US Equity Strategy”. A copy of the letter can be downloaded here. The strategy underperformed the benchmark, the S&P 500® Total Return Index, this quarter, but still surpassed the index in dividend growth. The underperformance was due to a lack of significant exposure to the AI/TMT sector or the Value sector, which provides advantages stemming from the Federal Reserve’s rate cut. The portfolio returned 15% dividend growth over the trailing 12 months, driven by the strong underlying fundamentals. In addition, please check the fund’s top five holdings to know its best picks in 2025.

In its third-quarter 2025 investor letter, Bristol Gate US Equity Strategy highlighted stocks such as Marsh & McLennan Companies, Inc. (NYSE:MMC). Marsh & McLennan Companies, Inc. (NYSE:MMC) is a professional services company that provides advisory services and insurance solutions. The one-month return of Marsh & McLennan Companies, Inc. (NYSE:MMC) was 2.18%, and its shares lost 11.79% of their value over the last 52 weeks. On December 30, 2025, Marsh & McLennan Companies, Inc. (NYSE:MMC) stock closed at $187.36 per share, with a market capitalization of $92.111 billion.

Bristol Gate US Equity Strategy stated the following regarding Marsh & McLennan Companies, Inc. (NYSE:MMC) in its third quarter 2025 investor letter:

“Following quarter end, we built a position in Amphenol (APH) while exiting Marsh & McLennan Companies, Inc. (NYSE:MMC). Marsh & McLennan was sold due to recent market dynamics in both its insurance brokerage and consulting businesses. Global commercial insurance rates continued to decline into the third quarter and the softening rate environment will be a near-term headwind on brokerage revenues and cash flows. In addition, we believe MMC’s consulting related businesses will slow because the uncertain macro environment is weighing on corporate discretionary spending. We expect both factors will ultimately result in slower near-term dividend growth.”

In another article, we covered Marsh & McLennan Companies, Inc. (NYSE:MMC) and shared the list of best low volatility large cap stocks to invest in. In addition, please check out our hedge fund investor letters Q3 2025 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.