Bristol Gate U.S. Dividend Growth Equity

Mandate Commentary
Q4 2023

Highlights

① The Bristol Gate U.S. Dividend Growth Equity strategy comfortably outperformed the S&P 500 Index during the quarter and significantly outperformed the dividend-paying universe in 2023.

② The fourth quarter sent stocks and bonds prices higher.

③ The earnings outlook is improving, as forward-looking indicators turn positive.