Bristol Gate US Equity Strategy: NVDA’s Demand Today is Broadcom’s (AVGO) Opportunity Tomorrow

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...