Bristol Gate U.S. Equity Q3 2026 Portfolio Review

Impact · against what's priced in

The portfolio review provides no new fundamental catalysts for the listed companies, as the reported price movements for Microsoft and the semiconductor equipment names are historical reflections of Q3 performance already captured in current valuations.

AMAT+0.00

Already priced in

The price assumes

The 4.4% revenue growth and 20.1% free cash flow margin

The 29.2% drop in price during Q3 is consistent with a valuation that rejects structural AI growth in favor of baseline current performance.