Tickers
Bristol Gate’s U.S. equity portfolio saw Microsoft (MSFT) as its largest Q3 2026 contributor, with shares up 37.8%, while KLA and Applied Materials were the biggest detractors, falling 35.3% and 29.2%. Relative performance was also hurt by not owning NVIDIA (NVDA), Apple (AAPL) and Meta (META), which rose 14.3%, 15.2% and 28.8%. The firm made one change during the quarter, buying Garmin and selling Verisk, and rebalanced outliers back to roughly equal weights.
Bristol Gate U.S. Equity Q3 2026 Review: Microsoft Top Contributor, KLA and Applied Materials Weigh
Bristol Gate’s U.S. equity portfolio review for the third quarter of 2026 identified Microsoft as the largest contributor, with its shares up 37.8% for the quarter.
Detractors
KLA and Applied Materials were the largest detractors, falling 35.3% and 29.2%, respectively.
Relative Performance
On a relative basis, three of the largest detractors were companies the portfolio did not own:
- NVIDIA, which rose 14.3%
- Apple, which rose 15.2%
- Meta, which rose 28.8%
Portfolio Changes
Bristol Gate made one change to the portfolio during the quarter, purchasing Garmin and selling Verisk. The firm also rebalanced outliers back to approximately equal weights during the same trade window.