| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 8.6% | 4.2% | 4.2% |
The London Company Income Equity portfolio returned 4.4% gross in Q1 2026, outperforming the Russell 1000 Value Index return of 2.1%. The quarter began constructively with declining yields and improving indicators supporting market broadening, but sentiment reversed sharply in March following Iran conflict escalation. Oil surged over 75% as the Strait of Hormuz faced near-blockage, reigniting inflation fears and shifting Fed expectations from rate cuts to potential hikes. Energy became the best performing sector while Technology declined over 9% amid AI displacement concerns. The portfolio benefited from its focus on quality, dividends, and downside resilience, proving well-suited to the unsettled environment. Top contributors included Corning on GenAI demand, Chevron on oil price surge, and Air Products on industrial gas recovery. Key detractors were Microsoft, Nintendo, and Apple, all facing AI-related headwinds. The manager added to defensive positions like Dominion Energy and initiated Restaurant Brands International as a quality value opportunity. Despite near-term macro uncertainty, the strategy remains positioned for a multi-year broadening cycle with emphasis on high-quality businesses offering competitive advantages and reasonable valuations.
Income Equity strategy focuses on high-quality businesses with durable competitive advantages, strong returns on capital, pricing power, and reasonable valuations, designed to provide income, capital preservation, and participation in market upside while managing downside risk through diversification and quality characteristics.
The situation in Iran and broader macro backdrop remain very fluid. Coming months should provide clarity on whether recent events prove more inflationary, demand-destructive, or combination of both. Despite near-term risks, there are reasons for optimism with positive economic data, solid corporate earnings, rising GDP, and low unemployment. Manager continues to view recent setback as pause in multi-year broadening cycle rather than lasting reversal, believing portfolios emphasizing high-quality businesses are well positioned.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 13 2026 | 2026 Q1 | AAPL, APD, BRK/B, CVX, D, GLW, MSFT, NTDOY, QSR | dividends, energy, geopolitics, income, Iran, Quality, technology, value |
GLW CVX APD MSFT NTDOY AAPL QSR |
London Company Income Equity outperformed in volatile Q1 2026 as Iran conflict drove oil surge and inflation fears. Portfolio's quality-focused, dividend-oriented approach proved resilient amid market uncertainty. Energy holdings like Chevron benefited while tech names faced AI displacement concerns. Strategy remains positioned for broadening cycle with emphasis on defensive characteristics and reasonable valuations. |
| Jan 21 2026 | 2025 Q4 | BLK, CMI, CSCO, FAST, GLW, NTDOY | Defensive, dividends, income, large cap, Quality, value |
CMI CSCO GLW NTDOY BLK |
Income Equity underperformed in Q4 as Value factors outweighed Quality characteristics. Data center demand drove outperformance in Cummins, Cisco, and Corning, while Nintendo, Fastenal, and BlackRock lagged. The manager maintains focus on quality companies with strong balance sheets and dividend capacity, expecting fundamentals to matter more as market leadership broadens beyond narrow tech concentration. |
| Oct 28 2025 | 2025 Q3 | AAPL, CMI, DEO, FIS, GLW, NSGRY, NTDOY, PM, TEL, UNH | AI, dividends, healthcare, large cap, Quality, technology, value |
GLW TEL UNH GLW TEL UNH |
London Company's Income Equity strategy outperformed in Q3 with strong stock selection, particularly in AI-beneficiaries like Corning and TE Connectivity. The portfolio maintains its Quality-at-a-Reasonable-Price discipline, focusing on dividend-paying companies with durable advantages and strong cash flows. Despite elevated market valuations, the firm believes quality factors will regain leadership when fundamentals reassert themselves. |
| Jul 20 2025 | 2025 Q2 | AAPL, APD, BRK.B, CB, CMCSA, CVX, D, GLW, MSFT, NSC, NTDOY, PGR, PM, UPS | Consumer Staples, dividends, healthcare, industrials, Quality, technology, value |
MSFT PM APD CB CB |
London Company Income Equity outperformed in Q2 2025 with 4.5% net returns versus 3.8% for Russell 1000 Value. Strong performance from Philip Morris smoke-free products, Microsoft AI leadership, and Nintendo Switch 2 excitement offset Apple AI concerns. Portfolio positioned defensively with quality, low-volatility orientation for elevated tariff uncertainty and deteriorating macro backdrop ahead. |
| Apr 15 2024 | 2025 Q1 | AAPL, BLK, GLW, MRK, MSFT, NTDOY, PGR, PM | AI, Defensive, dividends, large cap, Quality, Recession, tariffs, value |
GLW MRK |
London Company Income Equity outperformed significantly in Q1 2025 as Quality and Yield factors shined during market correction. Strong stock selection overcame sector headwinds, with tobacco, insurance, and gaming winners offsetting tech weakness. Portfolio positioned defensively for potential recession with Quality factors historically outperforming during economic deceleration. |
| Jan 7 2025 | 2024 Q4 | AAPL, APD, BLK, BRK.B, LOW, MSFT, NSC, PGR, PM, TXN | dividends, downside protection, income, large cap, Quality, value | - | The London Company's Income Equity strategy delivers superior risk-adjusted returns through concentrated quality-value investing. The 30-stock portfolio targets companies with high returns on capital and strong balance sheets, achieving 661% cumulative returns since 1999 versus 491% for the Russell 1000 Value through disciplined downside protection and focused portfolio construction. |
| Oct 2 2024 | 2024 Q3 | LOW, MRK, MSFT, PGR, SBUX, SCHW, TEL | dividends, income, large cap, Quality, rates, value |
PGR LOW SBUX SCHW MRK MSFT |
London Company Income Equity outperformed in Q3 with strong stock selection led by Progressive, Lowe's, and Starbucks. The dividend-focused strategy emphasizes quality companies with strong balance sheets and competitive advantages. Despite elevated market valuations leaving little room for error, the manager expects modest returns driven by shareholder yield while maintaining focus on quality and valuation discipline. |
| Jul 22 2024 | 2024 Q2 | AAPL, FAST, LOW, NSC, NSRGY, NTDOY, PM, TEL, TXN, VZ | Buybacks, Consumer Staples, dividends, income, large cap, Quality, technology, value | TEL | Income-focused value strategy outperformed in Q2 decline, benefiting from quality exposure and dividend orientation. Apple, Texas Instruments, and Philip Morris led gains while Norfolk Southern and consumer-facing names lagged. Added quality compounder TE Connectivity while trimming positions. Cautious on high valuations and market concentration despite expecting Fed rate cuts. |
| May 13 2024 | 2024 Q1 | AAPL, APD, FAST, FIS, MSFT, PGR, SBUX | dividends, income, large cap, Quality, technology, value |
PGR FIS AAPL SBUX MSFT |
London Company's Income Equity strategy underperformed in Q1 as markets favored momentum over quality and yield factors. Strong performance from Progressive, FIS, and Fastenal was offset by weakness in Apple, Air Products, and Starbucks. The manager trimmed expensive positions while adding to Air Products on weakness, maintaining focus on quality operators with durable cash flows. |
| Jan 23 2024 | 2023 Q4 | APD, BLK, CVX, DEO, NSC, SCHW | dividends, income, large cap, Quality, US, value |
BLK SCHW NSC APD CVX DEO |
London Company's Income Equity strategy delivered 8.1% net returns in Q4, slightly trailing benchmark due to quality bias and lower beta exposure. The manager maintains conviction in their quality-focused approach emphasizing strong balance sheets and cash flow generation. Looking ahead, they expect modest 2024 returns and believe quality fundamentals will drive long-term risk-adjusted performance. |
| Oct 31 2023 | 2023 Q3 | AAPL, CCI, CVX, NOC, NSC, PAYX, PFE, PGR, PM, TGT, TXN, VZ | defense, dividends, energy, large cap, Quality, technology, value | - | London Company's Income Equity strategy underperformed in Q3 as quality and dividend factors lagged. The portfolio emphasizes high-return, low-leverage companies with attractive yields. Progressive and Chevron drove outperformance while Apple and Crown Castle detracted. Added defense exposure via Northrop Grumman. Manager expects continued volatility in a fragile, top-heavy market with muted equity returns ahead. |
| Jul 19 2023 | 2023 Q2 | AAPL, CCI, LOW, MSFT, PGR, SCHW, TGT | - | - | |
| Apr 20 2023 | 2023 Q1 | AAPL, FIS, MSFT, NSC, PFE, SCHW, TXN | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
OilCrude oil surged over 75% following Iran conflict escalation and near-blockage of the Strait of Hormuz, reigniting inflation fears and shifting Fed narrative from rate cuts to potential hikes. Energy was the best performing sector, surging over 35%. |
Oil Energy Iran Inflation Geopolitics |
AIAI displacement concerns weighed on software companies and Big Tech. Microsoft declined over concerns about AI monetization timelines and disruption risks. Nintendo faced concerns around increased competition in gaming from AI, though management believes their IP and integrated ecosystem will become more valuable. |
AI Technology Software Disruption Monetization | |
DividendsThe Income Equity strategy focuses on higher overall dividend yield orientation and income generation. Portfolio benefited from market's renewed appreciation for stability and dividend-paying stocks. Restaurant Brands International offers an attractive dividend as part of the investment thesis. |
Dividends Income Yield Stability | |
QualityStrategy emphasizes high-quality businesses with durable competitive advantages, strong returns on capital, pricing power, and flexible balance sheets. Quality was a mixed factor during the quarter but remains central to positioning for navigating evolving market landscape. |
Quality Competitive Advantages Returns Balance Sheets | |
ValueValue was a driving factor for returns during the quarter. Portfolio positioned with Quality-at-a-Reasonable-Price framework. Restaurant Brands International trades at meaningful discount to peers, representing classic value opportunity. |
Value Valuation Discount Reasonable Price | |
| 2025 Q4 |
Live SportsMario Gabelli emphasizes live entertainment and sports as major investment themes, citing massive viewership numbers and global interest. He recommends multiple sports-related investments including Atlanta Braves Holdings, Madison Square Garden Sports, Manchester United, and Rogers Communications for their sports assets. |
Sports Entertainment Media Broadcasting Teams |
MediaGabelli discusses media companies including Fox and Versant Media Group as attractive investments. He highlights Fox's sports broadcasting rights and Versant's strong EBITDA generation potential after being spun off from Comcast. |
Broadcasting Content Television Streaming Networks | |
Natural GasNational Fuel Gas is recommended based on its substantial mineral ownership in the Appalachian Basin and strategic location near population centers. Gabelli sees the value of gas reserves as unappreciated by the market. |
Utilities Energy Infrastructure Pipelines Distribution | |
AIGabelli acknowledges AI's transformative impact but warns of potential disappointment for investors. He compares the AI boom to historical technological revolutions with speculative solutions that may unfold unexpectedly, including potential 'Deep Seek' moments that could rattle markets. |
Technology Innovation Disruption Semiconductors Software | |
GoldGold is discussed as benefiting from central bank demand and serving as a store of value amid monetary uncertainty. Gabelli notes his gold fund was up 167% last year, driven by government and institutional demand for alternatives to dollar holdings. |
Precious Metals Store of Value Currency Central Banks Commodities | |
| 2025 Q3 |
AIAI spending is driving performance across multiple holdings, with TE Connectivity benefiting from AI-related demand and Corning seeing strong demand in GenAI-related optical communications products. Data speed and bandwidth requirements both inside and outside data centers are boosting demand for AI infrastructure components. |
GenAI Data Centers Infrastructure Semiconductors Optical |
DividendsThe Income Equity strategy maintains a focus on higher overall dividend yield orientation, with holdings like TE Connectivity providing disciplined capital allocation through dividends and buybacks. The portfolio is designed to generate above-average absolute returns with greater yield and downside protection. |
Yield Income Capital Allocation Buybacks Cash Flow | |
QualityThe portfolio emphasizes Quality factors and Quality-at-a-Reasonable-Price discipline, focusing on companies with durable competitive advantages, strong balance sheets, and steady free cash flow. Quality factors were headwinds during the quarter but are expected to regain leadership when fundamentals reassert themselves. |
Balance Sheets Cash Flow Competitive Advantages Fundamentals Resilience | |
| 2025 Q2 |
AIAI infrastructure and applications drove strong performance for Microsoft during the quarter due to its leading position. The company's partnership with OpenAI remains strategically important despite recent tensions. AI provides strong optionality for Microsoft's entrenched operating system and productivity software businesses. |
AI Infrastructure OpenAI Enterprise AI AI Applications |
TobaccoPhilip Morris International outperformed due to strong execution and improving outlook driven by success of smoke-free products. Sustained momentum in IQOS and ZYN, supported by robust pricing in combustibles portfolio. The combination of smoke-free growth potential and resilient combustibles business expected to generate significant sustainable free cash flow. |
Smoke-free Products IQOS ZYN Combustibles | |
GamingNintendo was a top performer driven by excitement surrounding the Switch 2 launch and pre-order demand ahead of management's base case. This positive momentum aligns with long-term thesis and reinforces confidence in the company's potential for a highly successful and profitable console cycle. |
Switch 2 Console Cycle Gaming Hardware | |
| 2025 Q1 |
QualityQuality factors outperformed during the quarter as high beta and momentum driven equities corrected. The manager believes Quality factors historically post their best relative returns during periods of decelerating growth and through recessions, which may favor their portfolios if they are late in the economic cycle. |
Quality Defensive Volatility Recession Factors |
DividendsThe Income Equity strategy focuses on higher overall dividend yield orientation and the manager believes shareholder yield including dividends will comprise a significant percentage of total equity returns in the near term. The portfolio benefits from exposure to Yield factors. |
Dividends Yield Income Shareholder Returns | |
ValueValue styles led Growth during the quarter and Value factors posted strong returns. The portfolio is benchmarked against the Russell 1000 Value Index and the manager expects defensive portfolios to be favored if recession concerns materialize. |
Value Growth Factors Defensive Outperformance | |
| 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 23.1% pre-tax ROC versus 11.4% for the benchmark and lower leverage at 1.5x net debt/EBITDA versus 2.4x for the index. |
Returns on Capital Balance Sheets Financial Metrics Leverage Quality Metrics |
DividendsThe Income Equity strategy maintains a focus on higher overall dividend yield orientation with a current portfolio yield of 2.4% versus 2.1% for the Russell 1000 Value Index. The strategy is designed to provide greater yield and income generation for investors. |
Dividend Yield Income Generation Yield Orientation Dividend Focus | |
ValueThe strategy employs a fundamental quality-value approach with balance sheet optimization as a novel approach to valuation that limits forecast risk inherent in growth projections. The portfolio trades at 15.7x Enterprise Value/EBITDA compared to 12.9x for the benchmark. |
Valuation Balance Sheet Optimization Quality-Value Enterprise Value | |
| 2024 Q3 |
DividendsThe Income Equity strategy focuses on higher overall dividend yield orientation and is designed to provide greater yield and downside protection. The manager expects shareholder yield including dividends to comprise a significant percentage of total equity returns in the near term. |
Yield Income Shareholder Returns Dividend Yield Capital Preservation |
QualityThe portfolio emphasizes quality companies with strong balance sheets and competitive advantages. The manager believes balance sheet strength will become a differentiator as a large corporate debt maturity wall approaches, and focuses on quality, diversification, and valuation for margin of safety. |
Balance Sheet Competitive Advantages Fundamentals Margin of Safety Capital Allocation | |
ValueThe strategy follows a value-oriented approach with focus on valuation discipline. The manager notes that market valuations are elevated in the context of moderate GDP growth and emphasizes the importance of valuation alongside quality and diversification. |
Valuation Price-to-Book Value Investing Margin of Safety Fundamentals | |
| 2024 Q2 |
DividendsThe portfolio focuses on higher overall dividend yield orientation with income generation as a core objective. Apple announced a 4% dividend increase and $110B share repurchase authorization. The strategy emphasizes shareholder yield through dividends, share repurchases, and debt reduction as comprising a significant percentage of total return. |
Dividend Yield Income Shareholder Yield Dividend Growth Cash Flow |
BuybacksApple announced a $110B share repurchase authorization during the quarter. The strategy expects shareholder yield including share repurchases to comprise a significant percentage of total return in the current environment. TE Connectivity returns significant capital to shareholders through its buyback program. |
Share Repurchase Capital Return Shareholder Yield Capital Allocation Share Buybacks | |
QualityExposure to Quality factors was additive to portfolio results during the quarter. The strategy prioritizes owning great businesses at reasonable prices and allowing them to compound as a winning long-term strategy. TE Connectivity is described as a high quality compounder with strong competitive position. |
Quality Factors Business Quality Compounding Competitive Position Stability | |
ValueThe portfolio is benchmarked against the Russell 1000 Value Index and follows a value-oriented approach. Value factors continued to face headwinds during the quarter. The strategy focuses on owning great businesses at reasonable prices with TE Connectivity trading at a discount to intrinsic value and peers. |
Value Investing Intrinsic Value Reasonable Prices Valuation Discount Value Factors | |
| 2024 Q1 |
AIThe Artificial Intelligence hype that powered 2023's market rally extended its momentum into 2024. The market failed to bestow the halo of artificial intelligence exposure on Apple, as the company's AI plans remain shrouded in development and mystery. Microsoft should benefit from the utilization of AI in various products. |
Artificial Intelligence Technology Growth Momentum |
QualityThe portfolio focuses on Quality factors which faced headwinds in a market favoring Momentum, Growth, and Volatility. The manager sees greater opportunity for quality operators with durable cash flow generation, strong balance sheets, and attractive shareholder yields in the years ahead. |
Quality Cash Flow Balance Sheet Durable | |
DividendsThe Income Equity strategy has a focus on higher overall dividend yield orientation. The manager believes shareholder yield comprising dividends, share repurchase, and debt reduction will comprise a significant percentage of total return in the near term. |
Dividend Yield Shareholder Yield Income | |
| 2023 Q4 |
QualityThe manager emphasizes balance sheet strength and quality as a core value proposition, believing it will become a tangible advantage in years ahead with economic slowdown and higher cost of capital. They focus on companies with sustainably high returns on capital, flexible balance sheets, and consistent cash flow generation. |
Balance Sheet Returns Cash Flow Fundamentals Defensive |
DividendsThe Income Equity strategy has a higher overall dividend yield orientation and focuses on income generation. The manager expects shareholder yield including dividends to comprise a significant percentage of total returns in the near term. |
Income Yield Shareholder Returns Distributions | |
GLP1The rise of GLP-1 weight loss drugs adversely impacted consumer staples stocks in which the portfolio is overweight, representing a headwind to performance during the quarter. |
Weight Loss Consumer Staples Pharmaceuticals | |
| 2023 Q3 |
DividendsThe Income Equity strategy focuses on higher overall dividend yield orientation and companies with attractive shareholder yields. The portfolio emphasizes dividend-paying companies as a significant component of expected total returns in the current environment. |
Dividend Yield Shareholder Yield Income Dividend Policy Cash Return |
QualityThe portfolio targets companies with sustainably high returns on capital and lower leverage ratios. Quality factors have been delayed at the Large Cap level but are expected to provide long-term benefits, particularly in a fragile market environment. |
Returns On Capital Low Leverage Quality Factors Sustainable Returns Balance Sheet | |
DefenseInitiated position in Northrop Grumman as a defense contractor with high barriers to entry and switching costs. The company is well-positioned for outsized growth due to portfolio alignment with future defense spending needs including classified space systems, nuclear triad, and the B-21. |
Defense Contractor Defense Spending Aerospace Nuclear Space Systems |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | The London Company Income Equity | AAPL | Apple Inc. | Consumer Electronics | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | AI Costs, capital return, consumer electronics, Ecosystem, iPhone, Pricing power, technology hardware | Login |
| Apr 13, 2026 | Fund Letters | The London Company Income Equity | QSR | Restaurant Brands International Inc | Restaurants | Restaurants | Bull | New York Stock Exchange | Burger King, franchise model, Popeyes, Restaurant Franchisor, Royalty Income, Self Help, Tim Hortons, Value | Login |
| Apr 13, 2026 | Fund Letters | The London Company Income Equity | GLW | Corning Inc | Electronic Components | Electronic Components | Bull | New York Stock Exchange | GenAI, hyperscaler, infrastructure, Optical Communications, semiconductors, Specialty Glass, technology hardware | Login |
| Apr 13, 2026 | Fund Letters | The London Company Income Equity | CVX | Chevron Corporation | Oil & Gas Integrated | Integrated Oil & Gas | Neutral | New York Stock Exchange | commodity, energy, geopolitical, Integrated Oil, Iran Conflict, Management Quality, shareholder returns | Login |
| Apr 13, 2026 | Fund Letters | The London Company Income Equity | APD | Air Products and Chemicals, Inc. | Specialty Chemicals | Industrial Gases | Bull | New York Stock Exchange | Execution, Helium, Industrial Gases, Iran Conflict, materials, new management, turnaround | Login |
| Apr 13, 2026 | Fund Letters | The London Company Income Equity | MSFT | Microsoft Corporation | Software - Infrastructure | Systems Software | Bull | NASDAQ | AI development, Azure, Cloud computing, Competitive Moats, Enterprise software, Office, recurring revenue | Login |
| Apr 13, 2026 | Fund Letters | The London Company Income Equity | NTDOY | Nintendo Co., Ltd. ADR | Electronic Gaming & Multimedia | Interactive Home Entertainment | Bull | - | AI competition, entertainment, Gaming, Hardware-Software, Intellectual Property, Mario Bros, Switch 2 | Login |
| Jan 21, 2026 | Fund Letters | Brian Campbell | GLW | Corning Inc. | Information Technology | Electronic Components | Bull | New York Stock Exchange | AI, Bandwidth, leverage, materials, Optical | Login |
| Jan 21, 2026 | Fund Letters | Brian Campbell | BLK | BlackRock Inc. | Financials | Asset Management & Custody Banks | Bull | New York Stock Exchange | Alternatives, asset management, capital return, ETFs, scale | Login |
| Jan 21, 2026 | Fund Letters | Brian Campbell | CMI | Cummins Inc. | Industrials | Industrial Machinery | Bull | New York Stock Exchange | aftermarket, data centers, Diesel, infrastructure, Power generation | Login |
| Jan 21, 2026 | Fund Letters | Brian Campbell | NTDOY | Nintendo Co Ltd ADR | Communication Services | Interactive Home Entertainment | Bull | Dubai Financial Market | balance sheet, Consoles, Gaming, Ip, Platforms | Login |
| Jan 21, 2026 | Fund Letters | Brian Campbell | CSCO | Cisco Systems Inc. | Information Technology | Communications Equipment | Bull | NASDAQ | AI, cashflow, enterprise, infrastructure, Networking | Login |
| Oct 28, 2025 | Fund Letters | Brian Campbell | GLW | Corning Inc. | Information Technology | Electronic Components | Bull | NYSE | AI, cloud, Communications, growth, infrastructure, innovation, Optical | Login |
| Oct 28, 2025 | Fund Letters | Brian Campbell | TEL | TE Connectivity Ltd. | Information Technology | Electronic Components | Bull | NYSE | AI, Automation, Connectivity, diversification, Electrification, Margins, Sensors | Login |
| Oct 28, 2025 | Fund Letters | Brian Campbell | UNH | UnitedHealth Group | Health Care | Managed Health Care | Bull | NASDAQ | Demographics, efficiency, healthcare, Insurance, Margins, Optum, scale | Login |
| Oct 28, 2025 | Fund Letters | Brian Campbell | GLW | Corning Inc. | Information Technology | Electronic Components | Bull | NYSE | AI, cloud, Communications, growth, infrastructure, innovation, Optical | Login |
| Oct 28, 2025 | Fund Letters | Brian Campbell | TEL | TE Connectivity Ltd. | Information Technology | Electronic Components | Bull | NYSE | AI, Automation, Connectivity, diversification, Electrification, Margins, Sensors | Login |
| Oct 28, 2025 | Fund Letters | Brian Campbell | UNH | UnitedHealth Group | Health Care | Managed Health Care | Bull | NASDAQ | Demographics, efficiency, healthcare, Insurance, Margins, Optum, scale | Login |
| Jul 20, 2025 | Fund Letters | Brian Campbell | MSFT | Microsoft Corporation | Information Technology | Systems Software | Bull | NASDAQ | AI, cloud, enterprise, platform, productivity | Login |
| Jul 20, 2025 | Fund Letters | Brian Campbell | PM | Philip Morris International Inc. | Consumer Staples | Tobacco | Bull | New York Stock Exchange | cashflow, Nicotine, Pricing, Regulation, Smoke-Free | Login |
| Jul 20, 2025 | Fund Letters | Brian Campbell | APD | Air Products and Chemicals, Inc. | Materials | Industrial Gases | Bull | New York Stock Exchange | capital discipline, clean energy, de-risking, Industrial Gases, profitability | Login |
| Jul 20, 2025 | Fund Letters | Brian Campbell | CB | Chubb Limited | Financials | Property & Casualty Insurance | Bull | New York Stock Exchange | Book Value, diversification, Expense Control, Insurance, underwriting | Login |
| Jun 30, 2025 | Fund Letters | The London Company Income Equity | CB | Chubb Limited | Financials | Property & Casualty Insurance | Bull | NYSE | Asian markets, Disciplined Management, Geographic Diversification, Insurance, Property & Casualty, Reinsurance, Scale Advantages, underwriting | Login |
| Mar 31, 2025 | Fund Letters | The London Company Income Equity | GLW | Corning Inc | Information Technology | Electronic Components | Bull | NYSE | AI infrastructure, automotive, consumer electronics, data centers, dividend yield, Fiber Optics, innovation, life sciences, operating leverage, R&D, Share Buybacks, Specialty Glass, telecommunications | Login |
| Mar 31, 2025 | Fund Letters | The London Company Income Equity | MRK | Merck & Co., Inc. | Health Care | Pharmaceuticals | Bear | NYSE | Acquisitions, China, GARDASIL, healthcare, Immunotherapy, Keytruda, Patent cliff, pharmaceuticals, regulatory environment, vaccines | Login |
| Sep 30, 2024 | Fund Letters | The London Company Income Equity | PGR | Progressive Corporation | Financials | Property & Casualty Insurance | Bull | NYSE | Auto Insurance, capital allocation, Insurance, Margin Improvement, market share, Risk Segmentation, underwriting | Login |
| Sep 30, 2024 | Fund Letters | The London Company Income Equity | SCHW | Charles Schwab Corporation | Financials | Investment Banking & Brokerage | Bull | NYSE | Brokerage, Cash Sorting, Earnings-recovery, financial services, Interest rates, market share, wealth management | Login |
| Sep 30, 2024 | Fund Letters | The London Company Income Equity | MRK | Merck & Co., Inc. | Health Care | Pharmaceuticals | Bull | NYSE | Business Development, China, drug pipeline, Immunotherapy, Keytruda, pharmaceuticals, Therapeutic Areas, vaccines | Login |
| Sep 30, 2024 | Fund Letters | The London Company Income Equity | LOW | Lowe's Companies, Inc. | Consumer Discretionary | Home Improvement Retail | Bull | NYSE | dividends, home improvement, Margin Improvement, market share, Pro Business, productivity, retail, Share Buybacks | Login |
| Sep 30, 2024 | Fund Letters | The London Company Income Equity | MSFT | Microsoft Corporation | Information Technology | Systems Software | Neutral | NASDAQ | Activision, AI, Cloud computing, EV/EBITDA, Revenue Growth, Software, technology, valuation | Login |
| Sep 30, 2024 | Fund Letters | The London Company Income Equity | SBUX | Starbucks Corporation | Consumer Discretionary | Restaurants | Bull | NASDAQ | Coffee, Food service, Management Change, Operational Issues, QSR, Restaurants, turnaround | Login |
| Jun 30, 2024 | Fund Letters | The London Company Income Equity | TEL | TE Connectivity | Information Technology | Electronic Components | Bull | NYSE | automotive, capital allocation, Communications, compounder, Connectors, Electrification, Electronic Components, high switching costs, Industrial, market leader, Sensors, Transportation | Login |
| Mar 31, 2024 | Fund Letters | The London Company Income Equity | FIS | Fidelity National Information Services | Information Technology | Data Processing & Outsourced Services | Bull | NYSE | business transformation, Data Processing, financial services, financial technology, margin expansion, Mission Critical Services, turnaround | Login |
| Mar 31, 2024 | Fund Letters | The London Company Income Equity | PGR | Progressive Corporation | Financials | Property & Casualty Insurance | Bull | NYSE | Auto Insurance, growth, margin expansion, Pricing power, Property & Casualty Insurance, risk management, underwriting | Login |
| Mar 31, 2024 | Fund Letters | The London Company Income Equity | MSFT | Microsoft Corporation | Information Technology | Systems Software | Bull | NASDAQ | Artificial Intelligence, Azure, Cloud computing, Digital transformation, earnings growth, Systems Software, Valuation risk | Login |
| Mar 31, 2024 | Fund Letters | The London Company Income Equity | SBUX | Starbucks Corporation | Consumer Discretionary | Restaurants | Bull | NASDAQ | brand strength, Cash Flow Yield, China market, Coffee Retail, Consumer Discretionary, Cost management, loyalty program | Login |
| Mar 31, 2024 | Fund Letters | The London Company Income Equity | AAPL | Apple Inc. | Information Technology | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | cash flow generation, consumer electronics, innovation, Installed base, iPhone, Services Business, Valuation risk | Login |
| Dec 31, 2023 | Fund Letters | The London Company Income Equity | BLK | BlackRock | Financials | Asset Management & Custody Banks | Bull | NYSE | asset management, balance sheet strength, capital return, Equity, financial services, market leader, Quality | Login |
| Dec 31, 2023 | Fund Letters | The London Company Income Equity | NSC | Norfolk Southern | Industrials | Railroads | Bull | NYSE | Equity, Industrials, Inflation Protection, Pricing power, railroad, recovery, Transportation | Login |
| Dec 31, 2023 | Fund Letters | The London Company Income Equity | APD | Air Products & Chemicals | Materials | Industrial Gases | Bull | NYSE | Asia-Pacific, energy transition, Equity, Industrial Gases, insider buying, materials, Megaprojects | Login |
| Dec 31, 2023 | Fund Letters | The London Company Income Equity | SCHW | Charles Schwab | Financials | Investment Banking & Brokerage | Bull | NYSE | Brokerage, Equity, financial services, growth, high margins, Integration, turnaround | Login |
| Dec 31, 2023 | Fund Letters | The London Company Income Equity | CVX | Chevron | Energy | Integrated Oil & Gas | Bull | NYSE | conservative balance sheet, dividend, energy, Equity, Hess Acquisition, Integrated Oil, Kazakhstan, Oil & Gas | Login |
| Dec 31, 2023 | Fund Letters | The London Company Income Equity | DEO | Diageo | Consumer Staples | Distillers & Vintners | Bull | NYSE | brand portfolio, consumer staples, Equity, Global, Latin America, Marketing Investment, premium brands, Spirits | Login |
| TICKER | COMMENTARY |
|---|---|
| GLW | GLW continues to outperform, driven by strong demand in Optical Communications, particularly for GenAI-related products. This demand is supporting higher pricing and margins while accelerating progress toward its medium-term outlook. The scale of hyperscaler partnerships is also enhancing longer-term visibility. We believe GLW's diversified portfolio of innovative, value-added products is well positioned to capitalize on secular growth trends across its end markets. |
| CVX | CVX delivered exceptional returns as the price of crude increased to over $100 in response to escalating conflict in Iran. We do not speculate on the direction of commodity prices, and we generally do not favor commodity businesses given that the primary driver of results is outside their control. That said, we have a high degree of confidence in the management team at CVX. We appreciate the discipline and conservatism with which they run the business and the focus they place on shareholder returns. |
| 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. |
| MSFT | MSFT declined over concerns about AI monetization timelines, plus AI disruption risks weighed on sentiment. Despite near-term multiple compression, the company's dominant enterprise software franchises (Office, Azure, Windows), leadership in AI development, and strong recurring revenue model support durable earnings growth. We view the current valuation as attractive relative to the company's competitive moats and long-term growth trajectory. |
| NTDOY | NTDOY was pressured this quarter by rising memory chip prices, a key input of its hardware, and concerns around increased competition in gaming from AI. Management does not expect memory prices to impact financials over the next year materially. Regarding the AI risk, we believe NTDOY's IP and integrated hardware-software ecosystem will become more valuable in a market saturated with low-cost content. We also see the upcoming new Mario Bros. movie as a potential catalyst for the stock and the Switch 2 ecosystem. |
| AAPL | AAPL was a detractor despite strong results, including record iPhone revenue with demand partially constrained by supply. Investor sentiment focused on rising AI costs, including higher memory costs, overshadowing solid execution. We view this as a disconnect from fundamentals, as AAPL's ecosystem strength, pricing power, and capital discipline remain intact. Continued iPhone momentum and significant capital return support our long-term thesis. |
| D | Used additional cash to add to our D position. It continues to generate consistent, regulated earnings and should benefit from long-term demand growth from data center expansion. The dividend payout remains attractive and it is a defensive name. |
| QSR | QSR is one of the world's largest restaurant franchisors operating Burger King, Tim Hortons, Popeyes, and Firehouse Subs. The company earns steady royalty and fee income from thousands of franchise locations worldwide, producing naturally high profit margins and strong, predictable cash flow. QSR trades at a meaningful discount to peers like McDonald's and Yum! Brands, largely due to concerns around Burger King's U.S. performance. However, management has laid out a clear plan to simplify the business and improve restaurant quality, targeting a nearly fully franchised model by 2028. We see this as a classic self-help story where the company's own actions drive improvement—not reliance on a strong economy. With durable global demand, growing international presence, an attractive dividend, and a clear path to closing the valuation gap with peers, we believe QSR is a strong long-term investment and fits well within our Quality-at-a-Reasonable-Price framework. |
| BRK-B | We added to BRK.B on relative weakness and the news around the resumption of its buyback program, signaling that the stock is trading under its intrinsic value. BRK.B offers defensive positioning with over $370B in cash, providing optionality in an uncertain macro environment. It maintains several quality characteristics with its capital allocation strategy and diversified earnings across insurance, rails, utilities, and other operating businesses. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||
