Bristol Gate US Equity Strategy Exited Its Stake in Marsh & McLennan (MMC)

Core Insights - Bristol Gate Capital Partners' Q3 2025 investor letter indicates that the US Equity Strategy underperformed the S&P 500® Total Return Index this quarter, primarily due to limited exposure to the AI/TMT and Value sectors, which benefited from the Federal Reserve's rate cut [1] - Despite the underperformance, the portfolio achieved a 15% dividend growth over the past 12 months, supported by strong underlying fundamentals [1] Company-Specific Insights - Marsh & McLennan Companies, Inc. (NYSE:MMC) is highlighted as a key stock in the investor letter, with a one-month return of 2.18% and a 52-week loss of 11.79%, closing at $187.36 per share with a market capitalization of $92.111 billion as of December 30, 2025 [2] - Bristol Gate has exited its position in Marsh & McLennan due to declining global commercial insurance rates and anticipated slowdowns in consulting revenues, which are expected to hinder near-term dividend growth [3] - The company is not among the 30 most popular stocks among hedge funds, although the number of hedge fund portfolios holding Marsh & McLennan increased from 60 to 66 in the last quarter [4]