Bristol Gate Canadian Equity Strategy Q3 2026 Investor Letter

Impact · against what's priced in

The investment letter contains no new catalysts for Shopify, as its Q2 performance was already baked into the current valuation. For energy and gold names, the impact is neutral to slightly positive as they contributed to index gains, though the broad macro environment remains volatile.

SHOP+0.00

Already priced in

The price assumes

The Q2 beat and Q3 guidance of low-30s growth, which merely keep the company on the deceleration path the price already assumes.