| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 10.5% | 2.4% | 2.4% |
The London Company Large Cap portfolio returned 2.6% gross in Q1 2026, outperforming the Russell 1000's -4.2% decline as markets shifted from early cyclical broadening to commodity-driven leadership following Iran conflict escalation. The portfolio benefited from its quality focus and high active share positioning as the market broadened away from the Magnificent 7 and Large Cap Growth. Top contributors included Entegris, which gained from AI-driven semiconductor demand and improving fab utilization, FedEx on better results and cost reductions, and Air Products from industrial gas demand and helium price increases. Detractors included Visa on AI disruption concerns in payments, Alphabet despite solid results due to AI monetization uncertainty, and Equitable Holdings which was sold after triggering stop-loss review. The manager initiated Dominion Energy for its regulated utility profile and data center growth exposure, while adding to Martin Marietta Materials on infrastructure spending tailwinds. Despite geopolitical volatility, the strategy's emphasis on quality businesses with competitive advantages and downside protection proved effective in the unsettled environment.
Focus on high-quality, large-cap companies with durable competitive advantages, strong returns on capital, pricing power, and reasonable valuations to participate in market broadening while managing downside risk.
The situation in Iran and broader macro backdrop remain very fluid. Despite near-term risks, there are reasons for optimism including positive economic data, solid corporate earnings, rising GDP, and low unemployment. The manager views the recent setback as a pause in a multi-year broadening cycle rather than a lasting reversal, believing portfolios emphasizing high-quality businesses with durable competitive advantages are well positioned.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 13 2026 | 2026 Q1 | APD, D, ENTG, EQH, FDX, GOOG, MLM, SBUX, SCHW, V | broadening, downside protection, energy, Geopolitical, large cap, Quality, technology |
ENTG FDX APD V GOOG D MLM |
London Company Large Cap outperformed significantly in Q1 2026 as quality focus and market broadening benefited the portfolio amid Iran conflict volatility. Semiconductor and industrial names drove performance while AI disruption concerns weighed on tech holdings. Portfolio positioning emphasizes high-quality businesses with competitive advantages to participate in multi-year broadening cycle while managing downside risk. |
| Jan 21 2026 | 2025 Q4 | BLK, CB, FDX, FI, GOOG, NEU, NSC, RSG | dividends, financials, healthcare, large cap, Quality, technology, value |
GOOG FDX CB FI NEU BLK NSC RSG |
London Company's Large Cap portfolio underperformed in Q4 as quality factors faced headwinds while volatility led returns. Strong performers included Alphabet, FedEx, and Chubb, while Fiserv was sold after disappointing results. The manager remains focused on high-quality companies with strong cash generation and reasonable valuations, believing the environment is shifting toward fundamentals-based investing. |
| Oct 28 2025 | 2025 Q3 | BRKR, EQH, FI, GOOG, NEU, ODFL, PGR, TEL | AI, Buybacks, financials, large cap, Quality, technology, value |
GOOG EQH GOOG EQH |
London Company's Large Cap strategy underperformed in Q3 due to sector allocation, returning 6.2% net versus Russell 1000's 8.0%. AI beneficiaries like Alphabet and TE Connectivity drove outperformance while industrial and financial services holdings lagged. The firm maintains its quality-focused discipline despite current headwinds, believing fundamentals will eventually reassert themselves in concentrated, expensive markets. |
| Jul 20 2025 | 2025 Q2 | BRK.B, FI, NEU, PGR, SCHW, TEL | AI, Buybacks, dividends, large cap, Quality, tariffs, value, volatility |
NEU TEL SCHW BRK.B PGR |
London Company's Quality-focused Large Cap strategy underperformed in Q2 as momentum and high-beta stocks rallied on tariff de-escalation and AI optimism. Despite missing upside capture targets, the manager remains confident in their defensive positioning for an environment of elevated tariff uncertainty, fragile growth, and expensive market valuations ahead. |
| Apr 15 2024 | 2025 Q1 | BLK, BRK-B, BRKR, ENTG, FDX, GOOG, HD, ODFL, PGR, RSG | Defensive, financials, large cap, Quality, semiconductors, technology, value | ENTG | London Company Large Cap delivered strong downside protection with 2.4% gross returns versus Russell 1000's 4.5% decline in Q1 2025. Quality and Value factors outperformed as market corrected. Portfolio positioned defensively for potential recession with Quality factors historically performing well during decelerating growth periods. Added semiconductor exposure through Entegris while maintaining focus on profitable, stable companies. |
| Jan 7 2025 | 2024 Q4 | AAPL, APD, BLK, BRK-B, FI, GOOG, HD, NSC, PGR, V | downside protection, financials, large cap, Quality, technology, value | - | Quality-value strategy investing in 25-35 high-conviction large-cap stocks with superior returns on capital and strong balance sheets. Portfolio trades at discount valuations while demonstrating exceptional quality metrics. Overweight Financials, underweight Technology. Focus on downside protection through disciplined stock selection and sell discipline has delivered consistent excess returns with lower volatility over full market cycles. |
| Oct 2 2024 | 2024 Q3 | BLK, BRK.B, CB, CSCO, FDX, FI, GOOG, MO, ORLY, PGR, SCHW, TEL, UPS | financials, large cap, Quality, rates, technology, value |
PGR BLK FI CB |
London Company's Large Cap portfolio outperformed in Q3 with 8.1% returns, benefiting from value rotation and quality focus. Strong performance from Progressive, BlackRock, and Fiserv offset weakness in Alphabet, Schwab, and FedEx. Portfolio changes included exiting Cisco and adding Chubb. Management expects modest future returns given elevated valuations but maintains confidence in their quality-focused approach. |
| Jul 22 2024 | 2024 Q2 | ALB, APD, GOOG, MLM, NEU, NSC, NSRGY, ODFL, TEL, TXN | dividends, industrials, large cap, Quality, technology, value |
GOOG TEL |
London Company's quality-focused large cap strategy underperformed in Q2 as mega-cap concentration dominated returns, but the firm maintains conviction in their approach. They reduced cash, added quality names at attractive valuations, and expect increased volatility as markets transition from multiple expansion to earnings-driven returns, favoring their disciplined value methodology. |
| May 13 2024 | 2024 Q1 | AAPL, APD, BRK.B, LIN, META, MLM, NSRGY, NVDA, PGR, SBUX | AI, dividends, large cap, momentum, Quality, value |
PGR MLM BRK.B NSRGY APD SBUX |
London Company's quality-focused large cap strategy underperformed in Q1 as momentum and AI hype dominated markets. The fund sees opportunity in historically cheap quality stocks trading at wide discounts, expecting reversion to fundamentals. Key risks include elevated valuations and market concentration, while Fed rate cuts and quality factor recovery present potential catalysts for their defensive positioning. |
| Jan 23 2024 | 2023 Q4 | AAPL, ALB, AMZN, BLK, CVX, FDX, GOOGL, HES, META, MLM, MSFT, NVDA, SCHW, TSLA | Buybacks, Concentration, dividends, financials, large cap, materials, Quality, value |
BLK SCHW KMLM AALB.AS CVX FDX |
London Company's Large Cap portfolio underperformed in Q4 due to quality factor headwinds and lack of growth exposure. The manager maintains conviction in quality companies with strong fundamentals, expecting modest 2024 returns driven by shareholder yield. They believe markets are overoptimistic and see approaching inflection point favoring quality factors and active management over mega-cap concentration. |
| Oct 31 2023 | 2023 Q3 | ALB, GOOG, MLM, NEU, NSC, ODFL | Buybacks, large cap, Logistics, materials, Quality, technology, value |
AER|AWI|MUSA|NEU|SAIA|WTM ODFL GOOG AALB.AS KMLM NSC |
London Company's quality-focused Large Cap strategy underperformed in Q3 despite strong performance from Alphabet and Old Dominion Freight Line. The manager maintains conviction in their approach of investing in companies with high returns on capital and low leverage, believing these attributes provide advantages in an increasingly uncertain macro environment with elevated recession risks and fragile market conditions. |
| Apr 20 2023 | 2023 Q1 | BLK, CVX, FDX, GOOG, NSC, ODFL, SCHW, STOR | Banking, energy, large cap, Quality, Recession, technology, Transportation |
FDX ODFL GOOG SCHW NSC BLK CVX |
London Company's quality-focused Large Cap strategy underperformed in Q1 due to underexposure to mega-cap tech multiple expansion. Strong performance from logistics holdings FedEx and Old Dominion offset weakness in financials like Charles Schwab. The manager maintains conviction in their quality approach, believing durable profitability and strong balance sheets provide advantages as recession risks increase. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
EnergyEnergy was the best performing sector, surging over 35% during the quarter driven by the Iran conflict escalation and near-blockage of the Strait of Hormuz which sent crude oil surging over 75%. The portfolio was underweight Energy which hurt relative performance. |
Oil Iran Geopolitical Commodities |
SemiconductorsENTG benefited from improving fab utilization and accelerating AI-driven semiconductor demand, continuing to gain share as advanced node transitions increase materials intensity per wafer. Fundamentals are improving with higher wafer starts and near-full utilization. |
AI Fab Utilization Advanced Node Materials | |
AIAI-driven semiconductor demand is accelerating and benefiting companies like ENTG. However, there are concerns about AI displacement in software and pressure on payment business moats. GOOG faced uncertainty around AI-driven search disruption despite leadership position in AI development. |
Search Software Disruption Monetization | |
UtilitiesInitiated position in Dominion Energy, a predominantly regulated utility with more than 90% of earnings from regulated electric and gas utilities. The company should benefit from growing power demand as data centers and AI usage expand in Virginia, with stable earnings and attractive long-term growth drivers. |
Data Centers Regulated Virginia Growth | |
Infrastructure SpendingAdded to Martin Marietta Materials reflecting positive view of aggregates industry. The aggregate end-market backdrop remains constructive as infrastructure spending continues to benefit from Infrastructure Investment and Jobs Act funding, with 50% of funds still to be deployed. |
Aggregates IIJA Construction Funding | |
| 2025 Q4 |
Live SportsManager sees live entertainment and sports as major investment opportunity driven by massive viewership and spending on experiences. Recommends Atlanta Braves Holdings, Madison Square Garden Sports, Manchester United, and Rogers Communications as ways to capitalize on sports team valuations and global interest in live sports content. |
Sports Teams Entertainment Media Rights Experiences |
MediaFox and Versant Media Group highlighted as attractive investments in media landscape. Fox benefits from sports rights and election advertising while executing buyback program. Versant spun off from Comcast presents opportunity as index selling creates temporary weakness despite strong EBITDA generation. |
Broadcasting Cable Networks Content Spinoffs | |
Natural GasNational Fuel Gas recommended based on strategic gas reserves in Appalachian Basin and regulated utility operations. Manager sees 50% upside to private market value driven by increasing free cash flow and potential company split-up catalyst. |
Utilities Energy Infrastructure Reserves Regulation | |
AIManager acknowledges AI's transformative impact but warns of potential disappointment for investors. Compares current AI boom to historical technological revolutions with multiple speculative solutions. Expects volatility similar to late 1990s tech cycle with opportunities to make and lose money. |
Technology Speculation Volatility Innovation | |
GoldGold expert Caesar Bryan's fund returned 167% in 2025. Manager explains gold demand driven by central banks and governments seeking alternatives to dollar holdings amid geopolitical tensions. Views gold as store of value for millennia with continued institutional interest. |
Precious Metals Store of Value Central Banks Geopolitics | |
| 2025 Q3 |
AIAI enthusiasm fueled market advance in Q3, with companies like Alphabet benefiting from accelerated adoption of AI offerings. However, momentum and sustainability of AI and the capex behind it have been questioned more frequently. |
AI Cloud Technology Capex Adoption |
QualityQuality factors were mostly headwinds during the quarter as volatile, high beta stocks led the market. The firm maintains focus on quality factors and believes they will regain leadership when fundamentals reassert themselves after periods of speculation. |
Quality Value Fundamentals Stability Resilience | |
BuybacksShare repurchases were highlighted as a key capital allocation tool, with companies like NewMarket using cash flow to repay debt and Equitable Holdings reducing share count by about 8% annually over the past five years. |
Buybacks Capital Allocation Share Repurchases Cash Flow Shareholder Returns | |
| 2025 Q2 |
QualityThe manager emphasizes their focus on high-Quality, low-Volatility orientation and Quality factors as a core strategy. They note that Quality factors were mixed in Q2 but historically have proven to win over time despite short-term headwinds. |
Quality Low Volatility Defensive Resilience Fundamentals |
Trade PolicySignificant focus on tariff impacts throughout the letter, with volatility in early April from new U.S. tariff announcements and elevated uncertainty about greater tariffs being announced in the second half of 2025. The manager notes tariff uncertainty as a key macro risk. |
Tariffs Trade Policy Uncertainty Geopolitical | |
AIThe manager discusses widespread optimism around enterprise AI as a driver of the Q2 rally. TE Connectivity benefited from AI momentum in the Industrial segment, showing the theme's impact on portfolio holdings. |
AI Enterprise Technology Growth Industrial | |
BuybacksMultiple portfolio companies are highlighted for their share repurchase programs, including NewMarket Corporation, TE Connectivity, and Charles Schwab. The manager expects shareholder yield through share repurchases to comprise a significant percentage of total equity returns going forward. |
Buybacks Shareholder Yield Capital Allocation Returns Cash | |
DividendsThe manager emphasizes dividend-paying companies in the portfolio and expects dividends to be a significant component of future equity returns. Multiple holdings are noted for their dividend policies as part of disciplined capital allocation. |
Dividends Yield Income Capital Allocation Cash Flow | |
| 2025 Q1 |
QualityThe portfolio's exposure to Lower Volatility and Quality factors performed well during market correction. Quality factors have historically posted their best relative returns during periods of decelerating growth and through recessions, and typically lag in early recovery but keep pace during mid-cycle years. |
Quality Volatility Defensive Downside Protection Stability |
ValueValue styles led Growth during the quarter as broader market weakness allowed for a broadening of market leadership. Value and Yield factors posted the strongest returns in the quarter. |
Value Yield Outperformance Leadership Factors | |
SemiconductorsInitiated and increased position in Entegris, a specialty materials company for microelectronics industry positioned for semiconductor spending growth. Capital spending in semiconductor industry has significantly increased with chip manufacturing tied to consumer demand trends including IoT, mobility, big data, and telematics. |
Semiconductors Microelectronics Capital Spending IoT Technology | |
| 2024 Q4 |
QualityThe fund focuses on high-quality companies with sustainably high returns on capital and strong balance sheets. Portfolio companies demonstrate superior financial metrics with 25.2% pre-tax ROC versus 14.7% for the Russell 1000. The strategy emphasizes companies that consistently generate free cash flow and maintain strong financial stability. |
Returns on Capital Balance Sheets Free Cash Flow Financial Stability Profitability |
| 2024 Q3 |
QualityThe fund focuses on profitable, financially stable, quality large-cap companies that consistently generate free cash flow and high returns on unleveraged operating capital. Management emphasizes their focus on quality, diversification, and valuation as their margin of safety in uncertain market conditions. |
Quality Cash Flow Returns Stability Fundamentals |
ValueThe portfolio benefits from exposure to Value factors during the quarter's rotation away from growth. The fund seeks companies that trade at rational valuations and are run by shareholder-oriented management, with valuation being a key component of their investment approach. |
Value Valuation Rational Undervalued Multiples | |
RatesThe Federal Reserve's larger-than-expected rate cut marked the quarter, with lower rates supporting market sentiment and multiples. The fund notes that rate-sensitive areas participated more broadly, though policy changes can take up to two years to impact economic data. |
Rates Fed Monetary Policy Cuts | |
| 2024 Q2 |
QualityThe London Company emphasizes quality factors in their investment approach, seeking profitable, financially stable companies with consistent free cash flow generation and high returns on capital. They note that Quality factors had mixed impact during the quarter but remain central to their long-term strategy. |
Quality Stability Cash Flow Returns Consistency |
ValueThe firm continues to face headwinds as Value factors remain out of favor in the current momentum-driven market. They maintain their focus on owning great businesses at reasonable prices despite the challenging environment for value investing. |
Value Valuation Reasonable Prices Undervalued | |
DividendsThe portfolio emphasizes shareholder yield through dividends and share repurchases. They expect dividends to comprise a significant percentage of total returns in the near term and note Alphabet's dividend initiation as a positive development. |
Dividends Shareholder Yield Income Capital Return | |
| 2024 Q1 |
QualityThe fund focuses on quality factors including profitable, financially stable companies with strong balance sheets, consistent free cash flow generation, and high returns on capital. Quality factors faced headwinds in Q1 as the market favored momentum and growth over quality characteristics. |
Quality Balance Sheets Cash Flow Returns |
AIArtificial Intelligence hype that powered 2023's market rally extended momentum into 2024, with AI-related stocks continuing to drive market performance. The fund notes the opportunity cost of not owning AI leaders like NVIDIA. |
AI Technology Momentum Growth | |
DividendsThe fund expects shareholder yield including dividends, share repurchases, and debt reduction to comprise a significant percentage of total returns going forward. They see greater opportunity for companies with attractive shareholder yields in the years ahead. |
Dividends Shareholder Yield Returns | |
ValueLow beta and low volatility stocks now trade at historically wide discounts to the S&P 500 as a byproduct of the momentum surge. The fund believes their quality portfolio characteristics and attractive relative valuation can help offset risks. |
Value Valuation Discounts Beta | |
| 2023 Q4 |
QualityThe manager emphasizes quality factors as central to their investment approach, noting that quality factors were headwinds in Q4 but believing quality will help in the years ahead. They view quality as the antidote to uncertainty and focus on profitable, financially stable companies with strong fundamentals. |
Quality Fundamentals Stability Profitability Balance Sheet |
DividendsThe manager expects shareholder yield including dividends to comprise a significant percentage of total returns going forward. They highlight companies with commitment to dividends like Chevron and focus on capital return as a key investment criterion. |
Dividends Shareholder Yield Capital Return Income Distribution | |
BuybacksShare repurchase is mentioned as part of expected shareholder yield that will comprise significant percentage of total returns. The manager views capital return including buybacks as important for future performance given modest expected market returns. |
Buybacks Share Repurchase Capital Return Shareholder Yield Value Creation | |
| 2023 Q3 |
QualityThe manager emphasizes investing in companies with sustainably high returns on capital and low leverage ratios. Quality factors posted the best results in Q3, though their relative advantage was most pronounced down the market cap spectrum. The portfolio focuses on profitable, financially stable companies that consistently generate free cash flow. |
Quality Returns Capital Leverage Cash Flow |
BuybacksSeveral portfolio companies engaged in share repurchase programs during the quarter. NewMarket used stronger cash flow to repurchase company shares, and Alphabet continued to return capital to shareholders via its buyback program. The manager views shareholder yield including share repurchases as comprising a significant percentage of total equity returns. |
Buybacks Repurchase Capital Yield Returns | |
LogisticsOld Dominion Freight Line benefited from the bankruptcy of competitor Yellow Corp in the less-than-truckload freight market. The company made a bid for Yellow's terminal assets and benefited from signs that the freight recession and inventory de-stocking may be coming to an end. Norfolk Southern faced disruption from the East Palestine derailment but improved service levels. |
Freight Logistics Transportation Trucking Rail | |
| 2023 Q1 |
QualityThe manager emphasizes owning lower beta, higher quality holdings with durable profitability, strong free cash flow, and balance sheet flexibility. They believe quality portfolios provide a tangible advantage in an unpredictable world with greater economic volatility. |
Quality Balance Sheet Free Cash Flow Profitability Durability |
LogisticsFedEx and Old Dominion Freight Line were top contributors, with ODFL showing strong operating performance despite negative freight markets. The manager values ODFL's relentless focus on service and quality, calling it one of the best franchises in transportation. |
Transportation Freight Logistics Operating Performance | |
Regional BanksCharles Schwab faced weakness due to cash sorting concerns and broader banking crisis fears. The manager disagrees with insolvency narratives, believing SCHW has ample short-term financing and that long-term earnings power remains intact despite short-term headwinds. |
Banking Cash Sorting Financing Earnings Power |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Sep 30, 2023 | Fund Letters | The London Company Large Cap | ODFL | Old Dominion Freight Line | Industrials | Trucking | Bull | NASDAQ | consolidation, Freight, Industrials, Ltl, market share, network, Transportation, Trucking | Login |
| Sep 30, 2023 | Fund Letters | The London Company Large Cap | AER|AWI|MUSA|NEU|SAIA|WTM | NewMarket Corporation | Materials | Specialty Chemicals | Bull | NYSE | cash flow, debt reduction, materials, Petroleum Additives, Pricing power, share repurchases, specialty chemicals | Login |
| Sep 30, 2023 | Fund Letters | The London Company Large Cap | KMLM | Martin Marietta Materials | Materials | Construction Materials | Bull | NYSE | aggregates, construction materials, infrastructure, leadership, materials, Pricing power, Residential, Weather | Login |
| Sep 30, 2023 | Fund Letters | The London Company Large Cap | NSC | Norfolk Southern Corporation | Industrials | Railroads | Bull | NYSE | Freight, Industrial, market share, railroads, Reshoring, Service Levels, Transportation, Trucking | Login |
| Sep 30, 2023 | Fund Letters | The London Company Large Cap | GOOG | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising, buybacks, capital allocation, cloud, Digital, market share, Search, technology | Login |
| Sep 30, 2023 | Fund Letters | The London Company Large Cap | AALB.AS | Albemarle Corporation | Materials | Specialty Chemicals | Bull | NYSE | Bromine, Commodities, Cost Curve, Electric Vehicles, Lithium, materials, Mining, specialty chemicals | Login |
| Mar 31, 2023 | Fund Letters | The London Company Large Cap | BLK | BlackRock Inc | Financials | Asset Management & Custody Banks | Bull | NYSE | asset management, AUM, balance sheet, capital return, competitive position, Cost control, Industry Outperformance, profitability | Login |
| Mar 31, 2023 | Fund Letters | The London Company Large Cap | CVX | Chevron Corporation | Energy | Integrated Oil & Gas | Bull | NYSE | balance sheet, capital allocation, dividend, energy, Exploration, Integrated Oil, Low cost, Production, share repurchases, Upstream | Login |
| Mar 31, 2023 | Fund Letters | The London Company Large Cap | FDX | FedEx Corporation | Industrials | Air Freight & Logistics | Bull | NYSE | Air Freight, Cost Containment, Global Networks, Logistics, Operational Improvement, Transportation, value creation | Login |
| Mar 31, 2023 | Fund Letters | The London Company Large Cap | ODFL | Old Dominion Freight Line Inc | Industrials | Trucking | Bull | NASDAQ | Cost Containment, defensive, franchise business, LTL Trucking, Record Profitability, Service Quality, Transportation | Login |
| Mar 31, 2023 | Fund Letters | The London Company Large Cap | GOOG | Alphabet Inc | Communication Services | Interactive Media & Services | Bull | NASDAQ | Artificial Intelligence, Cloud computing, digital advertising, Ecosystem, market leadership, search engine, share repurchases, technology | Login |
| Mar 31, 2023 | Fund Letters | The London Company Large Cap | SCHW | The Charles Schwab Corporation | Financials | Investment Banking & Brokerage | Bull | NYSE | Asset Gathering, banking, Brokerage, Cash Sorting, contrarian, insider buying, Liquidity Management, wealth management | Login |
| Mar 31, 2023 | Fund Letters | The London Company Large Cap | NSC | Norfolk Southern Corporation | Industrials | Railroads | Bull | NYSE | Derailment, Environmental, insurance coverage, network infrastructure, Precision Scheduled Railroading, railroad, Transportation | Login |
| Apr 13, 2026 | Fund Letters | The London Company Large Cap | GOOG | Alphabet Inc. | Internet Content & Information | Interactive Media & Services | Bull | NASDAQ | advertising, AI, CapEx, cash generation, Cloud computing, innovation, market leadership, Search | Login |
| Apr 13, 2026 | Fund Letters | The London Company Large Cap | D | Dominion Energy Inc | Utilities - Regulated Electric | Electric Utilities | Bull | New York Stock Exchange | AI, balance sheet, data centers, dividend, Electric Utility, Predictable Cash Flow, regulated utility, Virginia | Login |
| Apr 13, 2026 | Fund Letters | The London Company Large Cap | MLM | Martin Marietta Materials, Inc. | Building Materials | Construction Materials | Bull | New York Stock Exchange | aggregates, construction materials, IIJA, infrastructure, Network Optimization, oligopoly, Pricing power, Return on capital | Login |
| Apr 13, 2026 | Fund Letters | The London Company Large Cap | ENTG | Entegris, Inc. | Semiconductor Equipment & Materials | Specialty Chemicals | Bull | NASDAQ | Advanced Node, AI, barriers to entry, Fab Utilization, Free Cash Flow, materials, semiconductors, specialty chemicals | Login |
| Apr 13, 2026 | Fund Letters | The London Company Large Cap | FDX | FedEx Corporation | Integrated Freight & Logistics | Air Freight & Logistics | Bull | New York Stock Exchange | Capacity Rationalization, cash flow, Cost Reduction, Express Delivery, Freight, Logistics, margin expansion, Pricing power | Login |
| Apr 13, 2026 | Fund Letters | The London Company Large Cap | APD | Air Products and Chemicals, Inc. | Specialty Chemicals | Industrial Gases | Bull | New York Stock Exchange | Cyclical Recovery, Execution, Helium, Industrial Gases, Iran Conflict, new management, Pricing power | Login |
| Apr 13, 2026 | Fund Letters | The London Company Large Cap | V | Visa Inc. | Credit Services | Data Processing & Outsourced Services | Bull | New York Stock Exchange | AI disruption, consumer spending, defensive, economic cycles, network effects, Payments, valuation | Login |
| Jan 21, 2026 | Fund Letters | Brian Campbell | NSC | Norfolk Southern Corporation | Industrials | Rail Transportation | Bull | New York Stock Exchange | Cyclicality, insider buying, railroads, recovery, valuation | Login |
| Jan 21, 2026 | Fund Letters | Brian Campbell | RSG | Republic Services, Inc. | Industrials | Environmental & Facilities Services | Bull | New York Stock Exchange | cashflow, Defensiveness, insider buying, Pricing power, waste management | Login |
| Jan 21, 2026 | Fund Letters | Brian Campbell | FI | Fiserv, Inc. | Information Technology | Transaction & Payment Processing Services | Bear | New York Stock Exchange | Credibility, execution risk, Payments, Slowdown, turnaround | Login |
| Jan 21, 2026 | Fund Letters | Brian Campbell | GOOG | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising, AI, capital allocation, cloud, Margins | Login |
| Jan 21, 2026 | Fund Letters | Brian Campbell | NEU | NewMarket Corporation | Materials | Specialty Chemicals | Bull | New York Stock Exchange | balance sheet, cashflow, Cyclicality, energy, specialty chemicals | Login |
| Jan 21, 2026 | Fund Letters | Brian Campbell | FDX | FedEx Corporation | Industrials | Air Freight & Logistics | Bull | New York Stock Exchange | cashflow, Costcutting, Logistics, Margins, Pricing | Login |
| Jan 21, 2026 | Fund Letters | Brian Campbell | CB | Chubb Limited | Financials | Property & Casualty Insurance | Bull | New York Stock Exchange | capital returns, combined ratio, Defensiveness, Insurance, underwriting | Login |
| Jan 21, 2026 | Fund Letters | Brian Campbell | BLK | BlackRock, Inc. | Financials | Asset Management | Bull | New York Stock Exchange | Alternatives, asset management, capital returns, ETFs, scale | Login |
| Oct 28, 2025 | Fund Letters | Brian Campbell | GOOG | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising, AI, cloud, Cost control, diversification, growth, innovation | Login |
| Oct 28, 2025 | Fund Letters | Brian Campbell | EQH | Equitable Holdings | Financials | Diversified Financial Services | Bull | NYSE | asset management, buybacks, Capital, dividend, financials, Reinsurance, valuation | Login |
| Oct 28, 2025 | Fund Letters | Brian Campbell | GOOG | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising, AI, cloud, Cost control, diversification, growth, innovation | Login |
| Oct 28, 2025 | Fund Letters | Brian Campbell | EQH | Equitable Holdings | Financials | Diversified Financial Services | Bull | NYSE | asset management, buybacks, Capital, dividend, financials, Reinsurance, valuation | Login |
| Jul 20, 2025 | Fund Letters | Brian Campbell | BRK.B | Berkshire Hathaway Inc. Class B | Financials | Multi-Sector Holdings | Bear | New York Stock Exchange | balance sheet, conglomerate, Defensiveness, Factor Rotation, underwriting | Login |
| Jul 20, 2025 | Fund Letters | Brian Campbell | PGR | The Progressive Corporation | Financials | Property & Casualty Insurance | Bear | New York Stock Exchange | Auto Insurance, capital returns, growth, Margins, underwriting | Login |
| Jul 20, 2025 | Fund Letters | Brian Campbell | NEU | NewMarket Corporation | Materials | Chemicals | Bull | New York Stock Exchange | buybacks, Chemicals, Defense, deleveraging, tariffs | Login |
| Jul 20, 2025 | Fund Letters | Brian Campbell | TEL | TE Connectivity Ltd. | Information Technology | Electronic Components | Bull | New York Stock Exchange | AI demand, buybacks, cash flow, Connectivity, Electronic Components | Login |
| Jul 20, 2025 | Fund Letters | Brian Campbell | SCHW | The Charles Schwab Corporation | Financials | Investment Banking & Brokerage | Bull | New York Stock Exchange | balance sheet, Brokerage, Cash Sorting, Moat, Net New Assets | Login |
| Mar 31, 2025 | Fund Letters | The London Company Large Cap | ENTG | Entegris, Inc. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | big data, Equity, high barriers to entry, high-ROIC, IoT, Microelectronics, semiconductor equipment, specialty chemicals, Telematics | Login |
| Sep 30, 2024 | Fund Letters | The London Company Large Cap | BLK | BlackRock Inc | Financials | Asset Management & Custody Banks | Bull | NYSE | asset management, AUM growth, capital return, ETF Business, fixed income, Interest rates, market share | Login |
| Sep 30, 2024 | Fund Letters | The London Company Large Cap | FI | Fiserv Inc | Information Technology | Data Processing & Outsourced Services | Bull | NASDAQ | capital allocation, cross-selling, financial technology, Fintech, Free Cash Flow, Merchant Solutions, payment processing | Login |
| Sep 30, 2024 | Fund Letters | The London Company Large Cap | CB | Chubb Limited | Financials | Property & Casualty Insurance | Bull | NYSE | Asian markets, Distribution Channels, global diversification, Interest rates, investment portfolio, Property & Casualty Insurance, underwriting discipline | Login |
| Sep 30, 2024 | Fund Letters | The London Company Large Cap | PGR | Progressive Corporation | Financials | Property & Casualty Insurance | Bull | NYSE | capital allocation, Competitive advantages, market share gains, Pricing Strategy, Property & Casualty Insurance, underwriting | Login |
| Jun 30, 2024 | Fund Letters | The London Company Large Cap | TEL | TE Connectivity Ltd. | Information Technology | Electronic Equipment, Instruments & Components | Bull | NYSE | automotive, capital allocation, Connectors, Electrification, high switching costs, Industrial, market share, quality compounder, Sensors, Transportation | Login |
| Jun 30, 2024 | Fund Letters | The London Company Large Cap | GOOG | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI technology, Cloud computing, digital advertising, Dividend initiation, margin expansion, search engine, technology, YouTube | Login |
| Mar 31, 2024 | Fund Letters | The London Company Large Cap | NSRGY | Nestle S.A. | Consumer Staples | Packaged Foods & Meats | Bull | OTC | brand portfolio, Coffee, consumer staples, defensive, Nutritional Health, Packaged Foods, Pet Food, Volume Recovery | Login |
| Mar 31, 2024 | Fund Letters | The London Company Large Cap | SBUX | Starbucks Corporation | Consumer Discretionary | Restaurants | Bull | NASDAQ | brand strength, China, Coffee, Consumer Discretionary, cost-cutting, Free Cash Flow, loyalty program, Restaurants | Login |
| Mar 31, 2024 | Fund Letters | The London Company Large Cap | MLM | Martin Marietta Materials | Materials | Construction Materials | Bull | NYSE | aggregates, construction materials, Cyclical, infrastructure, margin expansion, Pricing power, strategic acquisitions, Value Strategy | Login |
| Mar 31, 2024 | Fund Letters | The London Company Large Cap | BRK.B | Berkshire Hathaway Inc. | Financials | Multi-Sector Holdings | Bull | NYSE | cash generation, conglomerate, defensive, Disciplined Management, financial strength, Insurance, investment management, value investing | Login |
| Mar 31, 2024 | Fund Letters | The London Company Large Cap | PGR | Progressive Corporation | Financials | Property & Casualty Insurance | Bull | NYSE | Auto Insurance, Customer Segmentation, Insurance, Margins, Pricing power, Quality, risk management, underwriting | Login |
| Mar 31, 2024 | Fund Letters | The London Company Large Cap | APD | Air Products and Chemicals | Materials | Industrial Gases | Bull | NYSE | China, clean energy, government support, Hydrogen, Industrial Gases, Management Conviction, Megaprojects, semiconductors, valuation discount | Login |
| Dec 31, 2023 | Fund Letters | The London Company Large Cap | CVX | Chevron | Energy | Integrated Oil & Gas | Bull | NYSE | capital allocation, Commodity Exposure, conservative balance sheet, dividend, energy, Integrated Oil, M&A | Login |
| Dec 31, 2023 | Fund Letters | The London Company Large Cap | FDX | FedEx | Industrials | Air Freight & Logistics | Bull | NYSE | cost-cutting, Logistics, market evolution, Network Optimization, Operational Restructuring, Transportation, Volume Pressure | Login |
| Dec 31, 2023 | Fund Letters | The London Company Large Cap | SCHW | Charles Schwab | Financials | Investment Banking & Brokerage | Bull | NYSE | Brokerage, Earnings-recovery, Integration, margin expansion, market share, turnaround, wealth management | Login |
| Dec 31, 2023 | Fund Letters | The London Company Large Cap | KMLM | Martin Marietta | Materials | Construction Materials | Bull | NYSE | aggregates, construction materials, Cyclical Recovery, Government Spending, infrastructure, market leader, Pricing power | Login |
| Dec 31, 2023 | Fund Letters | The London Company Large Cap | BLK | BlackRock | Financials | Asset Management & Custody Banks | Bull | NYSE | asset management, AUM growth, capital return, competitive moat, financials, market leader, profitability | Login |
| Dec 31, 2023 | Fund Letters | The London Company Large Cap | AALB.AS | Albemarle | Materials | Specialty Chemicals | Bull | NYSE | Commodity Cycle, Cost Curve, Electric Vehicles, Electrification, energy storage, Lithium, specialty chemicals | Login |
| TICKER | COMMENTARY |
|---|---|
| ENTG | ENTG was a top contributor, benefiting from improving fab utilization and accelerating AI-driven semiconductor demand. It continues to gain share as advanced node transitions increase materials intensity per wafer. Looking ahead, fundamentals are improving with higher wafer starts, near-full utilization, and multiple growth drivers across advanced logic and memory. With its investment cycle largely complete and free cash flow expected to improve, we remain attracted to its strong competitive positioning and high barriers to entry. |
| FDX | FDX was a top contributor following better-than-expected results, driven by disciplined pricing, improved revenue quality, and continued cost reductions. Margins expanded in the Express segment, while domestic volumes remained relatively resilient despite ongoing freight weakness. The company continues to generate strong cash flow and maintain a solid balance sheet, and we remain constructive given improving industry fundamentals supported by capacity rationalization. |
| APD | APD benefited from industrial gas demand improving and rising helium prices tied to the Iran conflict. Helium represents a low-teens percentage of earnings and has weighed on results in recent years due to a weak pricing environment. The current pricing tailwind should provide some near-term relief. Our long-term thesis continues to track against improved execution under new management. |
| V | V underperformed on weaker consumer confidence, lower spending expectations, and additional pressure that AI could pressure moats in payment businesses. We expect resilience across economic cycles and view the stock as attractively valued relative to both the market and fundamentals. |
| GOOG | GOOG was a bottom contributor despite solid operating results, as strong growth in Search and Cloud was offset by investor concerns around elevated capex and evolving AI monetization. Sentiment was further weighed down by uncertainty around AI-driven search disruption and moderating advertising spend. While the stock faced pressure, the company's dominant search franchise, growing cloud infrastructure business, and leadership position in AI development provide multiple growth drivers. We view the current valuation as attractive relative to the company's market position, cash generation, and innovation capabilities. |
| EQH | EQH was a bottom contributor during the period, primarily reflecting pressure on asset-based revenues amid market volatility and lower fee-related income. EQH triggered our soft stop-loss review, and with no insider buying to reinforce conviction, we sold the position. |
| D | D operates as a predominantly regulated utility, with more than 90% of its earnings generated from regulated electric and gas utilities in Virginia, North Carolina, and South Carolina, providing predictable cash flows and low revenue cyclicality. Since 2022, the company has sold non-core assets, reduced debt, and brought in a partner on its offshore wind project, strengthening the balance sheet and improving financial stability. Over the long term, D should benefit from growing power demand as data centers and AI usage expand in Virginia. Its exclusive service areas and regulated business model provide steady income. We remain attracted to its stable earnings, improving financial flexibility, attractive long-term growth drivers, and dividend. We have owned D in other portfolios for many years. Later in the quarter, we added to our position. |
| SBUX | Trimmed on recent strength. We maintain strong conviction and continue to view SBUX as an attractive long-term investment. |
| SCHW | Trimmed on recent strength. We maintain strong conviction and continue to view SCHW as an attractive long-term investment. |
| MLM | Addition reflects our positive view of the aggregates industry (oligopoly with pricing power), strong return on capital, and double-digit operating margins. MLM's underappreciated network optimization initiative has delivered tangible cost-saving results. The aggregate end-market backdrop remains constructive as infrastructure spending continues to benefit from the Infrastructure Investment and Jobs Act (IIJA) funding. There remains -50% of funds still to be deployed and state DOT budgets aligned in MLM markets are growing at high-single-digit rates. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
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| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
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| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
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