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 underperformance, the portfolio achieved a 15% dividend growth over the past 12 months, supported by strong underlying fundamentals [1] Company Highlights - Amphenol Corporation (NYSE:APH) is highlighted as a key stock in the investor letter, with a one-month return of -3.74% and a 52-week gain of 96.11% [2] - As of December 30, 2025, Amphenol's stock closed at $136.20 per share, with a market capitalization of $166.716 billion [2] - Bristol Gate built a position in Amphenol while exiting Marsh & McLennan, citing its high-quality franchise, proprietary technology, and strong demand in the Information and Datacom segment [3] Financial Performance - Amphenol's Q3 sales increased by 53% in US dollars and 52% in local currencies, reaching $6.194 billion [4] - The company has achieved a 10% CAGR in sales and a 13% CAGR in EPS over the last decade, indicating robust growth and consistent dividend increases [3]

Core Insights - Amphenol Corporation is a leading global provider of high-tech interconnect, sensor, and antenna solutions, serving various industries such as automotive, broadband communications, and aerospace [1] - The company faces competition from TE Connectivity and Molex in the electronic components sector [1] Institutional Interest - William J. Doherty, President of the CS Division at Amphenol, sold 80,000 shares of Class A Common Stock at approximately $142.00 each, indicating a disposition of securities [2] - Despite the sale, institutional interest in Amphenol remains strong, with BLI Banque de Luxembourg Investments acquiring 32,200 shares valued at around $3.1 million [3] - Norges Bank acquired a new stake in Amphenol valued at over $2.1 billion, while T. Rowe Price Investment Management Inc. increased its holdings by 196.3%, now owning over 16.7 million shares valued at approximately $1.1 billion [4] - UBS Asset Management Americas LLC increased its stake by 639% during the same period [4] Stock Performance - Amphenol's stock is currently priced at $141.49, reflecting a 1.63% increase, with fluctuations between $140.90 and $143.48 during the day [5] - Over the past year, the stock reached a high of $144.37 and a low of $56.45 [5] - The company has a market capitalization of approximately $173.19 billion, maintaining its status as a significant player in the electronic components industry [5]

Core Insights - Amphenol is set to announce its earnings on October 22, 2025, with strong financials indicating a market capitalization of $153 billion and $19 billion in revenue for the previous year [2][3] Financial Performance - The company reported an operating profit of $4.3 billion and a net income of $3.2 billion in the last fiscal year [3] - Analysts project earnings of $0.80 per share and sales of $5.56 billion for the upcoming quarter, reflecting a significant increase from the previous year's $0.50 per share and $4.04 billion in sales [3] Historical Trading Bias - Over the past five years, Amphenol's stock has shown a positive one-day return 65% of the time following earnings releases, with a median gain of 2.3% and a peak return of 8.2% [4][9] - The percentage of positive one-day returns increases to 67% when considering the last three years [9] Trading Strategy - Event-driven traders may find the historical trend beneficial, although actual performance relative to consensus will be crucial [5] - Two primary trading strategies are identified: a proactive strategy leveraging historical probabilities before earnings announcements and a reactive strategy analyzing immediate post-earnings moves for longer-term positions [6]