| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 11.2% | 2.5% | -1% |
| 2025 | 2024 |
|---|---|
| -1.0% | 11.4% |
The London Company Small Cap portfolio delivered strong relative performance in Q4 2025, gaining 2.7% gross versus 2.2% for the Russell 2000 Index, driven by effective stock selection. The quarter marked a positive finish to 2025, with the portfolio outperforming expectations despite challenging market conditions. Value factors dominated returns, favoring stocks trading at lower multiples relative to sales and book value, aligning with the portfolio's disciplined approach. Key contributors included White Mountains Insurance Group, which generated a 4x return on its Bamboo platform sale, and Revolve Group, which rallied 40% after demonstrating pricing power amid tariff concerns. The portfolio initiated a position in CCC Intelligent Solutions, a mission-critical software platform with monopoly-like characteristics in auto insurance claims processing. Looking ahead, the firm expects increased market volatility and believes the environment is becoming more conducive to fundamentals-driven investing, where earnings growth, dividends, and balance sheet strength will matter more than multiple expansion. The portfolio remains positioned in high-quality companies with strong returns on capital and conservative leverage.
The London Company maintains a disciplined approach to small cap investing, focusing on profitable, financially stable companies that consistently generate free cash flow and trade at significant discounts to intrinsic value, positioning for outperformance as markets return to fundamentals-driven leadership.
The economic and policy backdrop remains characterized by a mix of support and uncertainty. While corporate earnings trends and consumer activity have shown resilience, late-cycle dynamics are becoming evident. The environment is becoming more conducive to broader leadership and a return to fundamentals, where earnings growth, dividends, and balance-sheet strength matter more than valuation multiple expansion.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 21 2026 | 2025 Q4 | AWI, CCC, CERT, DV, GTES, HAE, NEU, RVLV, WTM | Disciplined, Outperformance, Quality, Russell 2000, small caps, stock selection, value |
HAE NEU CERT GTES CCC DV |
London Company Small Cap outperformed in Q4 with disciplined stock selection as value factors dominated. Strong contributors included White Mountains' 4x Bamboo platform return and Revolve's tariff-resilient rally. The firm initiated CCC Intelligent Solutions, seeing monopoly-like auto claims software at attractive valuation. Portfolio positioned for fundamentals-driven market environment with quality companies offering strong returns on capital. |
| Oct 28 2025 | 2025 Q3 | AWI, GHC, HAE, IPAR, NGVT, WTM | Fed, industrials, materials, Quality, rates, small caps, value |
AWI NGVT GHC |
London Company Small Cap underperformed in Q3 as their Quality-focused approach lagged during the high beta rally. Despite economic resilience from Fed easing and tax reform, stretched valuations and speculation concern the manager. They maintain conviction in Quality-at-a-Reasonable-Price discipline, expecting Quality factors to regain leadership when fundamentals reassert themselves over speculation. |
| Jul 20 2025 | 2025 Q2 | ACIW, AWI, CABO, GTES, IPAR, MATX, NEU, SGI, WTM | Quality, small cap, tariffs, Trade Policy, value, volatility |
GTES NEU AWI ACIW NEU AWI GTES ACIW WTM MATX IPAR |
London Company's Small Cap portfolio underperformed in Q2 as quality factors lagged momentum-driven rallies, but the firm maintains conviction in their disciplined approach. With elevated tariff uncertainty and deteriorating macro conditions ahead, they believe their focus on high-quality, low-volatility companies with strong fundamentals positions them well for challenging market environments despite near-term performance headwinds. |
| Apr 15 2024 | 2025 Q1 | ACIW, ATKR, CNNE, DV, MC, NGVT, RVLV, THG, UNF | Defensive, Quality, Recession, small caps, tariffs, value |
ACIW THG SGI DV MC RVLV ATKR UNF NGVT |
London Company's defensive small-cap strategy outperformed in Q1's correction through Quality factor focus and stock selection. Portfolio benefits from recurring revenue businesses, strong cash generators, and effective capital allocators like Atkore. Rising tariff uncertainty and recession risks favor defensive positioning as Quality factors historically outperform during growth deceleration periods. |
| Jan 7 2025 | 2024 Q4 | ACIW, AUB, AWI, EPRT, LSTR, MATX, MC, RVLV, TPX, WTM | concentrated, downside protection, Quality, small caps, value | - | The London Company Small Cap delivers superior risk-adjusted returns through concentrated investing in high-quality small-cap companies with strong balance sheets and superior returns on capital. The strategy has generated 1,615% cumulative returns since 1999 versus 631% for Russell 2000, with lower volatility through disciplined downside protection and focused portfolio construction of 35 high-conviction holdings. |
| Oct 2 2024 | 2024 Q3 | ACIW, CERT, INVX, PLUS, RVLV, VNT, WTM | Balance Sheet, Quality, rates, real estate, small caps, technology, value |
RVLV ACIW PLUS WTM VNT CERT |
London Company Small Cap gained 7.0% in Q3 but lagged the Russell 2000 as markets favored leveraged companies over quality names. Strong performers included Revolve Group and ACI Worldwide, while Certara and Vontier faced headwinds. The manager sees elevated market valuations with modest future returns expected, maintaining focus on quality companies with strong balance sheets. |
| Jul 22 2024 | 2024 Q2 | ACIW, AUB, CERT, CNNE, DOOR, DV, ENOV, EPRT, GTES, HAE, MATX, MBUU, MRTN, MUSA, NEU, PLUS, TPX | downside protection, free cash flow, Quality, Russell 2000, small caps, value |
GTES DV |
London Company's small-cap value strategy underperformed in Q2 as quality factors faced headwinds in a momentum-driven market. The portfolio focuses on financially stable companies with strong free cash flow generation trading at discounts. Despite expecting Fed rate cuts, the manager maintains caution due to high valuations and market concentration, emphasizing long-term compounding over short-term positioning. |
| May 13 2024 | 2024 Q1 | AWI, CABO, CERT, DOOR, MATX, MBUU, QLYS, TPX, VNT | AI, industrials, Quality, rates, small caps, technology, value |
VNT AWI CABO QLYS CERT |
London Company's small-cap quality strategy outperformed significantly in Q1, benefiting from strong balance sheets in a high-rate environment. Despite solid performance and declining recession risks, the manager remains cautious on expensive, concentrated markets driven by unsustainable AI momentum. Focus continues on quality operators with durable cash flows trading at reasonable valuations. |
| Jan 23 2024 | 2023 Q4 | AUB, AWI, CABO, DOOR, LIVN, MUSA, PLUS, QLYS, RVLV, TPX, WTM | Banking, industrials, Quality, small cap, technology, value |
PLUS RVLV |
London Company's Small Cap strategy delivered strong full-year performance despite Q4 underperformance, benefiting from their Quality-focused approach. The team made strategic portfolio adjustments, adding IT solutions provider ePlus and online fashion retailer Revolve Group while trimming positions that exceeded market cap constraints. They expect modest 2024 returns but remain confident in their Quality-oriented positioning. |
| Oct 31 2023 | 2023 Q3 | AWI, CABO, ENOV, LANC, NEU, NGVT, QLYS, TPX | Buybacks, dividends, Quality, small caps, technology, value |
TPX QLYS ENOV ELANCO NGVT |
London Company's Small Cap portfolio outperformed significantly in Q3 through quality-focused stock selection, declining 1.2% versus the Russell 2000's 5.1% drop. The strategy emphasizes profitable companies with high returns on capital and low leverage trading at discounts to intrinsic value. Management expects muted near-term returns but believes their quality approach provides protection in volatile markets. |
| Apr 20 2023 | 2023 Q1 | AQUA, ENOV, IAA, LIVN, MUSA, PAG, RBA, TPX, VNT, WTM, XYL | Banking, healthcare, Quality, small caps, technology, value |
AVNT TPX LIVN AER|AWI|MUSA|NEU|SAIA|WTM AER|AWI|MUSA|NEU|SAIA|WTM ENOV |
London Company's Small Cap portfolio outperformed significantly in Q1 2023 through quality stock selection and limited bank exposure. The manager focuses on profitable small-caps with strong cash flow and balance sheets, believing portfolio quality provides advantages as economic uncertainty increases and lending standards tighten following the banking crisis. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
Healthcare ITCareCloud helps smaller U.S. health practices manage data and collect payments. High switching costs lock in practices but also lock out competitors. Most RCMs have high fixed costs and too few clients, creating consolidation opportunities for CareCloud to buy cheaply and cut costs. |
EHR RCM Healthcare Consolidation Switching Costs |
CementICG owns cement plants in Kazakhstan and Tajikistan with significant energy and transport cost advantages. Newest dry process plants with heat recovery versus competitors' older wet process plants. Strategic locations 100km closer to customers than competitors. |
Energy Efficiency Transport Kazakhstan Cost Advantage Infrastructure | |
ConstructionCTR Holdings builds structural frames and handles finishing work in Singapore. Most projects are public with stable government payments guaranteeing cash flow. Company had significant net cash and signed project backlog. |
Singapore Government Cash Flow Backlog Public Projects | |
| 2025 Q3 |
QualityThe portfolio maintains a high Quality, low Volatility positioning that has been out of favor since April but historically regains leadership when fundamentals reassert themselves. Quality factors were headwinds during the high beta rally as markets rewarded speculation over stability. |
Quality Stability Fundamentals Volatility Factors |
ValueThe strategy focuses on Quality-at-a-Reasonable-Price discipline, seeking companies trading at significant discounts to intrinsic values. With valuations stretched and speculation abundant, focusing on attractively valued businesses remains the best path to compounding wealth. |
Value Intrinsic Discount Valuation Price | |
| 2025 Q2 |
QualityThe manager emphasizes their focus on high-Quality, low-Volatility orientation as a defensive strategy. They believe their reliance on high Quality factors has proven to be a strategy that can lose battles along the way but tends to win the war over time, positioning them well for an environment of elevated policy risks and fragile global growth. |
Quality Low Volatility Defensive Fundamentals Resilience |
Trade PolicyTariff uncertainty is a major theme throughout the letter, with the manager noting elevated uncertainty due to high likelihood of greater tariffs being announced. They discuss how tariff-related concerns impacted several holdings and how consumer confidence has declined due to risks of additional tariffs, while acknowledging the effect of tariffs on both inflation and the broader economy could change Fed plans. |
Tariffs Trade Policy Uncertainty China | |
Small CapsThe portfolio focuses specifically on small-cap equities with emphasis on conservative, low-beta characteristics and above-average downside protection. The manager notes that Large Caps outperformed Small Caps in the quarter and discusses their positioning within the small-cap universe, seeking profitable, financially stable companies that generate free cash flow and high returns on capital. |
Small Cap Russell 2000 Market Cap Positioning Universe | |
| 2025 Q1 |
QualityThe portfolio maintains a defensive, lower volatility posture focused on Quality factors. Quality factors have historically posted their best relative returns during periods of decelerating growth and through recessions, typically lagging in early recovery but keeping pace during mid-cycle years. |
Quality Defensive Volatility Downside Protection Stability |
ValueValue styles led Growth during the quarter as market leadership broadened following a faltering AI growth narrative. The manager believes transitions following peak market concentration tend to play out over multiple years, with cap-weighted indices facing pressure as investors reassess stretched valuations. |
Value Growth Valuations Market Concentration Leadership | |
BuybacksSeveral portfolio companies are executing effective share repurchase programs. ATKR has retired more than 45% of outstanding shares since 2017, and the manager believes shareholder yield comprising dividends, share repurchases, and debt reduction will comprise a significant percentage of total equity returns. |
Share Repurchases Shareholder Returns Capital Allocation Cash Generation | |
| 2024 Q4 |
QualityThe fund focuses on high-quality companies with sustainably high and improving returns on capital and strong balance sheets. Portfolio companies demonstrate superior financial metrics with 13.5% pre-tax ROC versus 6.2% for the Russell 2000 and lower leverage at 1.5x net debt/EBITDA versus 3.8x for the benchmark. |
Quality ROC Balance Sheet Financial Strength |
ValueThe strategy employs a quality-value approach using Balance Sheet Optimization, a novel valuation method that limits forecast risk inherent in growth projections. The portfolio trades at 15.2x EV/EBITDA, similar to the Russell 2000 at 15.4x, but with significantly higher quality metrics. |
Value Valuation Balance Sheet Intrinsic Value | |
| 2024 Q3 |
QualityThe fund focuses on balance sheet strength and quality companies, which became a temporary headwind during Q3 as lower-quality, highly leveraged companies rallied most from rate relief. The manager emphasizes profitable, financially stable companies that generate free cash flow and high returns on capital. |
Balance Sheet Cash Flow Profitability Leverage Returns |
Small CapsThe portfolio invests in small-cap equities with focus on above-average downside protection. Q3 saw rotation to small cap and value styles away from large cap growth, though the portfolio didn't fully benefit from this rotation due to its quality focus. |
Russell 2000 Market Cap Rotation Value Downside Protection | |
RatesThe Federal Reserve delivered a larger-than-expected rate cut during Q3, benefiting rate-sensitive areas and highly leveraged companies most. The manager notes rates remain in restrictive territory and policy changes can take up to two years to impact economic data. |
Fed Rate Cut Monetary Policy Restrictive Economic Impact | |
| 2024 Q2 |
Small CapsThe portfolio focuses on small-cap equities with emphasis on quality, low volatility, and downside protection. The Russell 2000 Small Cap Index declined 3.3% during the quarter while the portfolio fell 5.8%. The manager notes that small caps faced headwinds as investors favored large cap, growth and momentum factors. |
Russell 2000 Quality Volatility Downside Protection Market Cap |
ValueThe manager emphasizes owning great businesses at reasonable prices and allowing them to compound as a winning long-term strategy. Value factors continued to face headwinds during the quarter as markets favored growth and momentum. The strategy seeks companies trading at significant discounts to intrinsic values. |
Intrinsic Value Discount Compounding Long-term Reasonable Prices | |
QualityThe portfolio focuses on profitable, financially stable companies that consistently generate free cash flow and high returns on unleveraged operating capital. The manager notes their focus on high Quality factors faced headwinds in a market favoring momentum and growth during the quarter. |
Free Cash Flow Returns on Capital Financial Stability Profitable Conservative | |
| 2024 Q1 |
QualityThe portfolio's Quality orientation continued to stand out in the small cap space where earnings weakness was more pervasive. Strong balance sheets of portfolio companies, many with net cash, remained a significant advantage in the high rate environment. The manager seeks profitable, financially stable companies that consistently generate free cash flow and high returns on unleveraged operating capital. |
Balance Sheets Cash Flow Earnings Returns |
Small CapsThe London Company Small Cap portfolio focuses on conservative, low-beta small-cap equities with above-average downside protection. The strategy targets companies within the market capitalization range of major domestic small-cap indices, seeking those trading at significant discounts to intrinsic values. |
Market Cap Downside Protection Valuation Intrinsic Value | |
AIThe Artificial Intelligence hype that powered 2023's market rally extended its momentum into 2024. However, the manager expresses caution about the extreme valuations and unsustainability of this AI momentum trade, noting recent surge in insider selling activity especially in tech companies. |
Technology Momentum Valuations Insider Selling | |
| 2023 Q4 |
QualityThe portfolio maintains a positive tilt toward Quality factors, focusing on companies with sustainably high returns on capital and balance sheet strength. This Quality-orientation provided relative advantage for the full year despite being a headwind in Q4. |
Quality Returns Balance Sheet Fundamentals Stability |
Small CapsThe strategy invests in conservative, low-beta, small-cap equities with focus on above-average downside protection. Small and Mid-Cap stocks posted the strongest gains in Q4 as market strength broadened beyond mega-cap names. |
Small Cap Russell 2000 Market Cap Downside Protection | |
| 2023 Q3 |
QualityThe portfolio emphasizes companies with sustainably high returns on capital and lower leverage ratios. The Quality tilt aided relative performance as numerous unprofitable companies in the Russell 2000 significantly underperformed. The companies generate sustainably high returns on capital with low leverage ratios at reasonable valuations. |
Returns on Capital Low Leverage Profitability Balance Sheet |
ValueThe manager seeks companies trading at significant discounts to intrinsic value. Multiple holdings are described as trading at attractive discounts including Armstrong World Industries and Cable One. The strategy focuses on finding undervalued opportunities with compelling risk-adjusted returns. |
Intrinsic Value Discount Valuation Undervalued | |
BuybacksShare repurchases are highlighted as a key component of expected returns. The manager believes shareholder yield including share repurchases will comprise a significant percentage of total equity returns. NewMarket used stronger cash flow to repurchase company shares during the quarter. |
Share Repurchases Shareholder Yield Capital Return | |
| 2023 Q1 |
QualityThe manager emphasizes their focus on durable profitability, strong free cash flow and balance sheet flexibility as key advantages in a higher cost of capital environment. They believe the quality of their portfolios provides a tangible advantage in an unpredictable world with greater economic volatility. |
Quality Free Cash Flow Balance Sheet Profitability |
Small CapsThe portfolio focuses on conservative, low-beta small-cap equities with above-average downside protection. The manager seeks profitable, financially stable small-cap companies that consistently generate free cash flow and trade at significant discounts to intrinsic values. |
Small Caps Value Downside Protection | |
Credit StressThe failure of Silicon Valley Bank and Signature Bank led to fears of a broader banking crisis and added uncertainty to the economic outlook. The banking crisis and tighter lending standards likely mean the macro environment gets worse before it gets better. |
Banking Credit Financial Crisis | |
WaterEvoqua Water Technologies was a top contributor after news of a pending acquisition by Xylem in an all-stock transaction. The offer implies a price of $52.30/share with the acquisition expected to close by mid-year. |
Water M&A |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Sep 30, 2023 | Fund Letters | The London Company Small Cap | ENOV | Enovis Corporation | Health Care | Health Care Equipment | Bull | NYSE | Bracing Products, diversified portfolio, earnings growth, Healthcare Equipment, market share gains, Medical devices, Orthopedic Implants | Login |
| Sep 30, 2023 | Fund Letters | The London Company Small Cap | ELANCO | Lancaster Colony Corporation | Consumer Staples | Packaged Foods & Meats | Bull | NASDAQ | capacity expansion, consumer staples, Free Cash Flow, margin expansion, net cash, Packaged Foods, Product Mix | Login |
| Sep 30, 2023 | Fund Letters | The London Company Small Cap | NGVT | Ingevity Corporation | Materials | Specialty Chemicals | Bull | NYSE | Activated-carbon, Alternative Fatty Acids, automotive, Monopoly Position, Pavement Technology, raw material costs, specialty chemicals | Login |
| Sep 30, 2023 | Fund Letters | The London Company Small Cap | TPX | Tempur Sealy International Inc. | Consumer Discretionary | Home Furnishings | Bull | NYSE | Brand Equity, Consumer Discretionary, Free Cash Flow, home furnishings, market share gains, Mattresses, premium brands | Login |
| Sep 30, 2023 | Fund Letters | The London Company Small Cap | QLYS | Qualys Inc. | Information Technology | Systems Software | Bull | NASDAQ | cloud security, cybersecurity, double-digit growth, Go-to-market Strategy, SaaS, SMB, Software | Login |
| Mar 31, 2023 | Fund Letters | The London Company Small Cap | AER|AWI|MUSA|NEU|SAIA|WTM | Murphy USA Inc | Consumer Discretionary | Specialty Retail | Bull | NYSE | capital allocation, cash flow, convenience stores, Equity, Gasoline Stations, Share Buybacks, Specialty retail | Login |
| Mar 31, 2023 | Fund Letters | The London Company Small Cap | AER|AWI|MUSA|NEU|SAIA|WTM | White Mountains Insurance Group Ltd | Financials | Insurance | Bull | NYSE | AOCI, balance sheet, Banking Contagion, Duration Mismatch, Equity, financial services, Insurance | Login |
| Mar 31, 2023 | Fund Letters | The London Company Small Cap | ENOV | Enovis Corporation | Health Care | Health Care Equipment | Bull | NYSE | Equity, Free Cash Flow, market share, Medical devices, medical technology, Orthopedics, Reconstruction, Rehabilitation | Login |
| Mar 31, 2023 | Fund Letters | The London Company Small Cap | AVNT | Vontier Corporation | Industrials | Industrial Machinery | Bull | NYSE | Carwash Technology, Equity, Industrial technology, Mobility Solutions, portfolio transformation, Retail Fueling, Transportation | Login |
| Mar 31, 2023 | Fund Letters | The London Company Small Cap | TPX | Tempur Sealy International Inc | Consumer Discretionary | Household Durables | Bull | NYSE | Bedding, Brand Equity, Consumer Discretionary, Equity, Free Cash Flow, market share, Mattresses, Pricing power | Login |
| Mar 31, 2023 | Fund Letters | The London Company Small Cap | LIVN | LivaNova PLC | Health Care | Health Care Equipment | Bull | NASDAQ | Epilepsy, Equity, Healthcare Equipment, Medical devices, medical technology, undervalued, Vagus Nerve Stimulation | Login |
| Jan 21, 2026 | Fund Letters | Brian Campbell | CERT | Certara Inc | Health Care | Health Care Technology | Bull | NASDAQ | Biosimulation, cashflow, healthcare, Margins, Software | Login |
| Jan 21, 2026 | Fund Letters | Brian Campbell | GTES | Gates Industrial Corporation plc | Industrials | Industrial Machinery | Bull | New York Stock Exchange | Electrification, Industrial, Margins, productivity, restructuring | Login |
| Jan 21, 2026 | Fund Letters | Brian Campbell | CCC | CCC Intelligent Solutions Holdings Inc | Information Technology | Application Software | Bull | New York Stock Exchange | AI, buybacks, Insurance-software, network effects, recurring revenue | Login |
| Jan 21, 2026 | Fund Letters | Brian Campbell | HAE | Haemonetics Corporation | Health Care | Health Care Supplies | Bull | New York Stock Exchange | buybacks, cashflow, Margins, Medical devices, turnaround | Login |
| Jan 21, 2026 | Fund Letters | Brian Campbell | DV | DoubleVerify Holdings Inc | Communication Services | Advertising | Bear | New York Stock Exchange | adtech, advertising, Cyclicality, Execution, visibility | Login |
| Jan 21, 2026 | Fund Letters | Brian Campbell | NEU | NewMarket Corporation | Materials | Specialty Chemicals | Bull | New York Stock Exchange | Additives, balance sheet, cashflow, Chemicals, Cyclicality | Login |
| Oct 28, 2025 | Fund Letters | Brian Campbell | AWI | Armstrong World Industries | Industrials | Building Products | Bull | NYSE | Building, construction, Demand, leadership, Margins, Pricing, Renovation | Login |
| Oct 28, 2025 | Fund Letters | Brian Campbell | NGVT | Ingevity Corporation | Materials | Chemicals | Bull | NYSE | Chemicals, diversification, Margins, Performance, portfolio, recovery, Sustainability | Login |
| Oct 28, 2025 | Fund Letters | Brian Campbell | GHC | Graham Holdings Company | Health Care | Diversified Consumer Services | Bull | NYSE | capital allocation, cashflow, diversification, Education, healthcare, M&A, Regulation | Login |
| Jul 20, 2025 | Fund Letters | Brian Campbell | GTES | Gates Industrial Corporation Plc | Industrials | Industrial Machinery | Bull | New York Stock Exchange | deleveraging, Free Cash Flow, Industrial, Pricing, Replacement Demand | Login |
| Jul 20, 2025 | Fund Letters | Brian Campbell | NEU | NewMarket Corporation | Materials | Chemicals | Bull | New York Stock Exchange | buybacks, Capacity, Chemicals, Defense, oligopoly | Login |
| Jul 20, 2025 | Fund Letters | Brian Campbell | AWI | Armstrong World Industries, Inc. | Industrials | Building Products | Bull | New York Stock Exchange | Acquisitions, Building Products, Margins, Moat, Pricing | Login |
| Jul 20, 2025 | Fund Letters | Brian Campbell | ACIW | ACI Worldwide, Inc. | Information Technology | Application Software | Bull | NASDAQ | backlog, insider buying, Payments, recurring revenue, Software | Login |
| Jun 30, 2025 | Fund Letters | The London Company Small Cap | IPAR | Interparfums, Inc. | Consumer Staples | Personal Products | Bull | NASDAQ | Brand Equity, consumer behavior, founder-led, high-ROIC, licensing agreements, Luxury Fragrances, net cash, premiumization | Login |
| Jun 30, 2025 | Fund Letters | The London Company Small Cap | NEU | NewMarket Corporation | Materials | Specialty Chemicals | Bull | NYSE | capital allocation, dividends, oligopoly, Petroleum Additives, Rocket Additives, Share Buybacks, specialty chemicals | Login |
| Jun 30, 2025 | Fund Letters | The London Company Small Cap | GTES | Gates Industrial Corporation Plc | Industrials | Industrial Machinery | Bull | NYSE | automotive, capital allocation, deleveraging, Free Cash Flow, operational efficiency, Pricing power, Replacement Parts, Share Buybacks | Login |
| Jun 30, 2025 | Fund Letters | The London Company Small Cap | MATX | Matson, Inc. | Industrials | Marine | Bull | NYSE | China Trade, Inventory Cycle, Jones Act, Marine Transportation, Regulatory Protection, Shipping, tariffs | Login |
| Jun 30, 2025 | Fund Letters | The London Company Small Cap | ACIW | ACI Worldwide, Inc. | Information Technology | Systems Software | Bull | NASDAQ | Contracted Backlog, financial technology, insider buying, organic growth, payment processing, recurring revenue, Software | Login |
| Jun 30, 2025 | Fund Letters | The London Company Small Cap | WTM | White Mountains Insurance Group Ltd | Financials | Property & Casualty Insurance | Bull | NYSE | Bermuda, book value growth, capital allocation, Insurance, Property & Casualty Insurance, value creation | Login |
| Jun 30, 2025 | Fund Letters | The London Company Small Cap | AWI | Armstrong World Industries, Inc. | Industrials | Building Products | Bull | NYSE | Acquisitions, Building Products, Exclusivity Agreements, market leadership, Moats, Pricing power, Warranties | Login |
| Sep 30, 2024 | Fund Letters | The London Company Small Cap | PLUS | ePlus inc. | Information Technology | Technology Distributors | Bull | NASDAQ | Acquisitions, balance sheet strength, capital allocation, IT services, margin expansion, share repurchases, technology distribution | Login |
| Sep 30, 2024 | Fund Letters | The London Company Small Cap | WTM | White Mountains Insurance Group Ltd. | Financials | Property & Casualty Insurance | Bull | NYSE | book value growth, capital allocation, financial services, Insurance, Portfolio Management, Property & Casualty Insurance, value creation | Login |
| Sep 30, 2024 | Fund Letters | The London Company Small Cap | RVLV | Revolve Group, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Consumer Discretionary, e-commerce, Fashion retail, margin expansion, Millennial Consumer, online retail, turnaround | Login |
| Sep 30, 2024 | Fund Letters | The London Company Small Cap | VNT | Vontier Corporation | Industrials | Industrial Machinery | Bull | NYSE | Convenience Store, Cyclical, industrial machinery, Mobility Infrastructure, operational efficiency, portfolio transformation, Repair Solutions | Login |
| Sep 30, 2024 | Fund Letters | The London Company Small Cap | ACIW | ACI Worldwide, Inc. | Information Technology | Systems Software | Bull | NASDAQ | cash generation, deleveraging, financial technology, organic growth, payment processing, Share Buybacks, Software | Login |
| Sep 30, 2024 | Fund Letters | The London Company Small Cap | CERT | Certara, Inc. | Health Care | Health Care Technology | Bull | NASDAQ | Biosimulation, Biotech, Drug Discovery, Healthcare Technology, market leadership, Pharmaceutical, Software | Login |
| Jun 30, 2024 | Fund Letters | The London Company Small Cap | DV | DoubleVerify | Communication Services | Interactive Media & Services | Bull | NYSE | Ad verification, digital advertising, duopoly, growth, high margins, SaaS, technology | Login |
| Jun 30, 2024 | Fund Letters | The London Company Small Cap | GTES | Gates Industrial | Industrials | Industrial Machinery | Bull | NYSE | Automotive Components, Cyclical Recovery, Free Cash Flow, industrial machinery, Power Transmission, Replacement Demand, Value | Login |
| Mar 31, 2024 | Fund Letters | The London Company Small Cap | AWI | Armstrong World Industries | Materials | Building Products | Bull | NYSE | Annuity-like Revenue, Building Products, capital allocation, Earnings Resiliency, Equity, Pricing power, Remodel Business | Login |
| Mar 31, 2024 | Fund Letters | The London Company Small Cap | VNT | Vontier Corporation | Industrials | Industrial Machinery | Bull | NYSE | cost optimization, Equity, Industrial technology, industry consolidation, Mobility Infrastructure, portfolio transformation, Technology Modernization | Login |
| Mar 31, 2024 | Fund Letters | The London Company Small Cap | QLYS | Qualys Inc | Information Technology | Systems Software | Bull | NASDAQ | cloud security, competitive moat, cybersecurity, Equity, Go-to-market, Product Strategy, SaaS, Systems Software | Login |
| Mar 31, 2024 | Fund Letters | The London Company Small Cap | CABO | Cable One Inc | Communication Services | Cable & Satellite | Bull | NYSE | broadband, cable, Equity, Free Cash Flow, high-speed internet, Low Penetration, M&A, Rural Markets | Login |
| Mar 31, 2024 | Fund Letters | The London Company Small Cap | CERT | Certara Inc | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | biopharma, Biosimulation, cash flow generation, Equity, high-margin, life sciences, recurring revenue, SaaS, Simcyp Platform | Login |
| Dec 31, 2023 | Fund Letters | The London Company Small Cap | PLUS | ePlus Inc. | Information Technology | Technology Distributors | Bull | NASDAQ | cloud services, data center, IT Solutions, net cash, Networking, Security, Technology Distributor, Value | Login |
| Dec 31, 2023 | Fund Letters | The London Company Small Cap | RVLV | Revolve Group Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | e-commerce, Fashion retail, Gen Z, high-ROIC, Millennial, net cash, online retail, premium brands, share repurchase | Login |
| - | Fund Letters | The London Company Small Cap | THG | Hanover Insurance Group, Inc. | Financials | Property & Casualty Insurance | Bull | NYSE | Insurance, margin expansion, Niche Positioning, Property & Casualty Insurance, ROE improvement, underwriting | Login |
| - | Fund Letters | The London Company Small Cap | SGI | Somnigroup International | Consumer Discretionary | Home Furnishing Retail | Bull | NYSE | Brand Equity, Consumer Discretionary, Free Cash Flow, Mattress Manufacturing, retail, vertical integration | Login |
| - | Fund Letters | The London Company Small Cap | UNF | UniFirst Corporation | Industrials | Commercial Services & Supplies | Bull | NYSE | Cintas, Commercial Services, M&A Target, Margin Improvement, takeover, Uniform Rental | Login |
| - | Fund Letters | The London Company Small Cap | ACIW | ACI Worldwide, Inc. | Information Technology | Systems Software | Bull | NASDAQ | cash generation, defensive, financial services, Payment Software, recurring revenue, technology | Login |
| - | Fund Letters | The London Company Small Cap | DV | DoubleVerify Holdings, Inc. | Communication Services | Interactive Media & Services | Bull | NYSE | Ad verification, Cross-sell, digital advertising, Media Technology, product launch, SaaS | Login |
| - | Fund Letters | The London Company Small Cap | RVLV | Revolve Group, Inc | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | E-commerce Fashion, margin expansion, Millennial, online retail, Premium Retail, Tariff Pass-through | Login |
| - | Fund Letters | The London Company Small Cap | NGVT | Ingevity Corporation | Materials | Specialty Chemicals | Bull | NYSE | automotive, Emission Standards, environmental regulations, Performance Materials, specialty chemicals, Sum-of-parts | Login |
| - | Fund Letters | The London Company Small Cap | ATKR | Atkore Inc | Industrials | Electrical Components & Equipment | Bull | NYSE | data centers, Electrical Conduit, Electrification, infrastructure, oligopoly, share repurchases | Login |
| - | Fund Letters | The London Company Small Cap | MC | Moelis & Co. Class A | Financials | Investment Banking & Brokerage | Bull | NYSE | debt-free, financial services, Independent, investment banking, M&A Advisory, shareholder returns | Login |
| TICKER | COMMENTARY |
|---|---|
| AWI | Trimmed AWI on strength to help fund our CCC purchase. There is no change to the underlying view on the business. |
| CCC | CCC operates a vertically integrated, mission-critical software platform for the automotive insurance ecosystem. CCC commands a monopoly like position, handling over 80% of U.S. auto claims, and leverages scale, network effects, and high customer retention to maintain its competitive edge. This enables durable high-single-digit organic growth driven by product upsells and new customer wins in a fragmented repair market. The company is also benefiting from the digitalization of more complex auto claims. We own CCC in our SMID portfolio, and we believe the market is discounting a high-quality company amid short term concerns of slower growth from new product rollouts and AI risks. In reality, CCC's AI-powered offerings have helped its core business by enhancing claims automation, accuracy, and speed. CCC implemented an accelerated share repurchase program and insiders have been buying shares in the open market to show conviction in the business. We believe the margin of safety is supported by the business's stability and a management team with a strong track record of innovation. |
| CERT | Certara, Inc. develops software and services that support drug development through biosimulation, modeling how investigational compounds interact at varied dosing levels with organs and other drugs. While the technology remains relatively early in adoption, a large majority of recent FDA-approved drugs used a Certara solution at some point in the development process. During the quarter, the company underperformed due to weaker-than-expected service bookings, which prompted management to slightly lower guidance. However, with the recent appointment of a new CEO who is adopting a more commercially focused strategy, as well as the potential divestiture of a non-core, lower-moat business segment, Certara is positioned to transform into a more focused, pure-play growth company. |
| DV | We elected to exit DV given it was a stub position and we had higher conviction elsewhere. Over time, the business demonstrated greater earnings variability and less visibility than anticipated, with results increasingly influenced by cyclical brand advertising budgets. At the same time, execution shortfalls reduced our confidence in management, and our assessment of ad verification evolved, particularly in a tighter spending environment, where it proved less mission-critical than initially expected. |
| GTES | GTES reacted negatively to the announced restructuring and footprint optimization actions, along with ERP implementation headwinds. These factors are expected to pressure margins in early 2026 and delay the EBITDA margin target to 2027. Despite near-term challenges, the underlying business is performing well amid weak industrial activity, and management remains disciplined in driving operational improvements. We believe GTES is well positioned for strong earnings growth, supported by secular tailwinds such as electrification and chain-to-belt retrofitting, and continued productivity gains. |
| HAE | HAE entered the quarter with very low expectations, which helped drive a strong stock reaction following earnings. Guidance increased due to improving margins from initiatives. HAE will likely reach its long-term margin targets outlined at its prior investor day. While some parts of the business are still improving, strength in other areas has helped offset those challenges. Buybacks increased at these depressed valuation prices, enhancing shareholder value. Overall, we believe the setup remains attractive, supported by the company's underlying quality. |
| NEU | NEU was a weaker performer as a softer global environment (mostly China's slowdown) pressured Petroleum Additives volumes and margins. The Specialty Materials business had lumpy demand, which weighed on results. Lower oil prices reduced operating leverage. Despite near-term pressure, we continue to view NEU as a strong business with disciplined capital allocation, balance sheet flexibility, and strong cash flow generation. |
| RVLV | RVLV was a positive contributor this quarter as shares rallied nearly 40%, reversing much of the year-to-date decline after earnings alleviated concerns around tariffs and margin pressure. Management demonstrated the ability to fully offset tariff impacts while maintaining demand, highlighting strong pricing power and brand resilience. We continue to see a long runway for market share gains and structural margin improvement over the medium term. |
| WTM | WTM was a top performer after announcing the sale of a controlling stake in its retail brokerage platform, Bamboo, generating a roughly 4x return in just two years. The transaction, alongside a concurrent share buyback, drove a meaningful increase in book value per share and reinforced confidence in management's disciplined capital allocation and ability to compound shareholder capital. |
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