Bristol Gate Capital Companions, an funding administration firm, printed its Q3 2025 investor letter for the “US Fairness Technique”. A duplicate of the letter will be downloaded right here. The technique underperformed the benchmark, the S&P 500® Complete Return Index, this quarter, however nonetheless surpassed the index in dividend progress. The underperformance was as a result of a scarcity of great publicity to the AI/TMT sector or the Worth sector, which gives benefits stemming from the Federal Reserve’s fee reduce. The portfolio returned 15% dividend progress over the trailing 12 months, pushed by the sturdy underlying fundamentals. As well as, please verify the fund’s high 5 holdings to know its finest picks in 2025.
In its third-quarter 2025 investor letter, Bristol Gate US Fairness Technique highlighted shares akin to Accenture plc (NYSE:ACN). Accenture plc (NYSE:ACN) is an expert companies firm that gives administration consulting, expertise, and outsourcing companies. The one-month return of Accenture plc (NYSE:ACN) was 3.44%, and its shares misplaced 23.25% of their worth during the last 52 weeks. On December 30, 2025, Accenture plc (NYSE:ACN) inventory closed at $270.00 per share, with a market capitalization of $167.438 billion.
Bristol Gate US Fairness Technique acknowledged the next concerning Accenture plc (NYSE:ACN) in its third quarter 2025 investor letter:
“Service, Accenture and Intuit had been the primary detractors from an absolute perspective. Accenture plc (NYSE:ACN) noticed a decline in its inventory throughout the quarter following disappointing outcomes from Gartner, a number one supplier of impartial analysis and evaluation. Gartner’s poor outcomes fueled the AI bear thesis, typically centered round the concept that GenAI will commoditize consulting and enterprise course of companies supplied by IT companies like Accenture. Nevertheless, we consider there’s a key distinction between corporations like Gartner and Accenture. Gartner solely gives analysis and advisory companies which we consider are extra susceptible to GenAI disintermediation. Accenture then again, helps corporations implement their options, re-engineer workflows and key enterprise processes and scale proof of ideas throughout international organizations. Traditionally, expertise revolutions have been optimistic drivers for Accenture’s enterprise and we don’t anticipate this time to be completely different with GenAI. Throughout fiscal 2025, Accenture tripled its income from superior AI (outlined as Generative AI, Agentic AI, and bodily AI) to $2.7 billion and almost doubled its Gen AI bookings to $5.9 billion. We anticipate additional progress forward.”
