Bristol Gate U.S. Dividend Growth Equity

Mandate commentary
Q2 2025

Highlights

① In Q2, previous narratives returned with mega-capitalization technology companies, retail “buy the dip” investors and narrow breadth leading the market higher. The S&P 500 Index and Nasdaq 100 ended the quarter at new all-time highs.

② Equities staged a sharp V-shaped recovery after tariff reversal.

③ Investors look ahead to trade-policy clarity.