Why Bristol Gate Canadian Equity Strategy Bought OR Royalties Inc. (OR) After Gold’s Pullback

Bristol Gate Capital Partners, an investment management company, recently released its Q3 2026 investor letter for “Canadian Equity Strategy”. A copy of the letter can be downloaded here. The strategy underperformed the S&P/TSX Composite Total Return Index, which gained 1.6% in the third quarter of 2026, as market returns were concentrated in a handful of large stocks. The strategy struggled to keep pace because technology and materials led the market, while defensive and rate-sensitive...