| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 8.9% | 12.1% | 16.7% |
The London Company Income Equity portfolio returned 12.1% net in Q2 2026, trailing the Russell 1000 Value Index's 13.9% gain but finishing in line with 85-90% upside capture expectations. The quarter saw U.S. equities stage a strong reversal, with the S&P 500 posting its strongest quarter since 2020, fueled by AI infrastructure spending and better-than-expected earnings. Technology led as the only sector to outperform, driven by a historic semiconductor rebound, while Energy lagged as oil prices retreated. The portfolio's underexposure to a handful of AI-oriented semiconductor names accounted for more than 100% of relative underperformance, though the manager's own technology holdings rose roughly 25%. Top contributors included GLW, TXN, and CSCO, benefiting from AI infrastructure demand. The manager trimmed these positions to manage concentration and initiated RSG in waste services. Looking ahead, the manager remains broadly constructive but notes accumulating headwinds including fragile AI capex dynamics, elevated valuations, and difficult Fed policy environment. The portfolio's focus on quality, high active share, and dividend yield is positioned to provide important ballast and downside protection as more modest equity returns are expected ahead.
The London Company Income Equity strategy focuses on high-quality, financially disciplined businesses with higher dividend yields to provide capital preservation, income, and growth with downside protection relative to broader value indices.
The manager's outlook remains broadly constructive, supported by a healthy earnings backdrop, resilient economic data, and the prospect of meaningful long-term productivity gains from artificial intelligence. However, the manager notes accumulating headwinds facing market leadership, including fragile AI capex dynamics, fluid geopolitical and tariff conditions, difficult Fed policy environment, and elevated valuations requiring near-flawless execution. The manager believes it is prudent to expect more modest equity returns ahead and positions the portfolio's quality focus, high active share, and downside protection as important ballast in this environment. The tone is cautiously optimistic with a strong emphasis on discipline and risk management.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 21 2026 | 2026 Q2 | CSCO, CVX, GLW, NOC, NTDOY, RSG, TEL, TXN | AI, Data centers, Defense Spending, dividends, Quality, semiconductors, value |
GLW TXN CSCO NOC NTDOY CVX RSG TEL |
The London Company Income Equity portfolio returned 12.1% net in Q2, trailing the Russell 1000 Value by 180 basis points as AI-driven semiconductor leadership dominated. The manager trimmed technology winners to manage concentration and initiated waste services provider RSG. While broadly constructive on earnings and AI productivity gains, the manager flags fragile hyperscaler cash flows, elevated valuations, and difficult Fed policy as headwinds warranting discipline and quality focus ahead. |
| 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 Q2 |
AIAI infrastructure spending fueled the Q2 rally and drove Technology sector outperformance, with semiconductors posting a historic rebound. The manager notes AI-driven demand supported holdings like TXN, CSCO, and GLW. However, the manager expresses concern that the AI capex boom is increasingly fragile, with hyperscaler free cash flow turning negative even as share prices compound. |
Infrastructure Semiconductors Data Centers Capex |
SemiconductorsSemiconductors led the market with a historic rebound in Q2, driving Technology sector outperformance. The manager holds TXN, GLW, and trimmed positions on strength to manage concentration. AI infrastructure investment accelerated demand, and the manager remains constructive on analog power and processing chips, though trimmed to manage portfolio-level semiconductor exposure. |
Memory Analog Equipment Foundries | |
Defense SpendingNOC underperformed despite solid results and reaffirmed guidance, as investors focused on higher capital spending. Management is investing in production capacity to support growing demand across key defense programs, underpinned by a record backlog and improving order activity. The manager remains confident in NOC's strong competitive position and long-term growth opportunities as global defense spending increases. |
Defense Aerospace Backlog Capacity | |
Data CentersData center infrastructure was a key driver of holdings like GLW and CSCO, with improving demand across optical communications and AI infrastructure. The manager trimmed GLW and TEL to manage concentrated exposure to AI and data center infrastructure buildout at the portfolio level, reflecting portfolio discipline rather than a change in fundamental view. |
Optical Networking Infrastructure Connectivity | |
QualityThe manager's focus on high-quality, financially disciplined businesses continues to provide diversification and downside resilience. However, Quality was a headwind to performance in Q2 as market gains were concentrated in cyclical, AI-oriented names. The manager believes Quality can serve as important ballast and a valuable diversifier for portfolios going forward. |
Discipline Resilience Diversification | |
DividendsThe Income Equity portfolio has a higher overall dividend yield orientation. The manager notes dividend yields are near multi-decade lows in the broader market, and believes it is prudent to expect more modest equity returns ahead. The portfolio's focus on yield is positioned as a source of downside protection. |
Yield Income Shareholder Returns | |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Jul 21, 2026 | Fund Letters | The London Company Income Equity | GLW | Corning Inc | Electronic Components | Electronic Components | Bull | New York Stock Exchange | AI infrastructure, data centers, Electronic Components, Equity, Fiber Deployments, Optical Communications, Pricing power, Specialty Glass, technology leadership | Login |
| Jul 21, 2026 | Fund Letters | The London Company Income Equity | TXN | Texas Instruments Incorporated | Semiconductors | Semiconductors | Bull | NASDAQ | AI infrastructure, analog chips, capital allocation, Equity, Free Cash Flow, industrial demand, Manufacturing Advantage, market share gains, semiconductors | Login |
| Jul 21, 2026 | Fund Letters | The London Company Income Equity | CSCO | Cisco Systems, Inc. | Communication Equipment | Communications Equipment | Bull | NASDAQ | AI infrastructure, Campus Networking, Communications Equipment, earnings growth, enterprise demand, Equity, Installed base, Networking | Login |
| Jul 21, 2026 | Fund Letters | The London Company Income Equity | NOC | Northrop Grumman | Aerospace & Defense | Aerospace & Defense | Bull | New York Stock Exchange | Aerospace & Defense, backlog, Capital Spending, defense programs, Equity, Global Defense Spending, Order Activity, production capacity | Login |
| Jul 21, 2026 | Fund Letters | The London Company Income Equity | NTDOY | Nintendo Co., Ltd. ADR | Electronic Gaming & Multimedia | Interactive Home Entertainment | Bull | - | Cash balance, Consumer Discretionary, Digital Monetization, downside protection, Ecosystem, Equity, Gaming, Interactive Home Entertainment, Japan, software sales | Login |
| Jul 21, 2026 | Fund Letters | The London Company Income Equity | CVX | Chevron Corporation | Oil & Gas Integrated | Integrated Oil & Gas | Bull | New York Stock Exchange | capital allocation, dividends, energy, Equity, Integrated Oil & Gas, oil prices, operational efficiency, shareholder returns | Login |
| Jul 21, 2026 | Fund Letters | The London Company Income Equity | RSG | Republic Services, Inc. | Waste Management | Environmental & Facilities Services | Bull | New York Stock Exchange | CPI-linked Contracts, defensive, environmental services, Equity, Hazardous Landfills, insider buying, non-discretionary revenue, Pricing power, waste management | Login |
| Jul 21, 2026 | Fund Letters | The London Company Income Equity | TEL | TE Connectivity Ltd. | Electronic Components | Electronic Manufacturing Services | Bull | New York Stock Exchange | AI infrastructure, automotive, Connectors, data centers, Electronic Components, Equity, manufacturing, recovery | 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 |
| 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 |
| 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 | CSCO | Cisco Systems Inc. | Information Technology | Communications Equipment | Bull | NASDAQ | AI, cashflow, enterprise, infrastructure, Networking | 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 | 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 | BLK | BlackRock Inc. | Financials | Asset Management & Custody Banks | Bull | New York Stock Exchange | Alternatives, asset management, capital return, ETFs, 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 |
| 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 | 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 | SBUX | Starbucks Corporation | Consumer Discretionary | Restaurants | Bull | NASDAQ | Coffee, Food service, Management Change, Operational Issues, QSR, Restaurants, turnaround | 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 | MSFT | Microsoft Corporation | Information Technology | Systems Software | Neutral | NASDAQ | Activision, AI, Cloud computing, EV/EBITDA, Revenue Growth, Software, technology, valuation | 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 |
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| 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 | 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 |
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| 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 outperformed as improving demand across optical communications and AI infrastructure supported stronger earnings and margin expectations. The company continues to benefit from growing fiber deployments and increasing optical content within data centers. We remain confident GLW's technology leadership, pricing power, and diversified end markets position the company for durable long-term growth. We trimmed GLW on recent strength to manage position size and reduce concentration in AI data center infrastructure. Our conviction in the underlying thesis remains intact, and the trim reflects portfolio discipline rather than any change in fundamental view. |
| TXN | TXN outperformed as improving industrial demand and accelerating AI infrastructure investment drove stronger results. With its multiyear investment cycle largely complete, declining capital spending and improving capacity utilization are expected to drive a meaningful free cash flow inflection. We remain attracted to TXN's manufacturing advantage, growing market share, and disciplined capital allocation. We trimmed TXN on recent strength to right-size the position and manage semiconductor concentration within the portfolio. AI-driven demand for analog power and processing chips has supported the business, and we remain constructive on TXN's ability to navigate the broader cycle from here. |
| CSCO | CSCO advanced as AI infrastructure demand accelerated and the campus networking refresh cycle gained momentum. Strong AI infrastructure orders and improving enterprise demand supported a positive shift in investor sentiment. We believe CSCO's large installed base and growing AI networking opportunity position the company for continued earnings growth. |
| NOC | NOC underperformed as investors focused on higher capital spending, despite another solid quarter and reaffirmed guidance. Management continues to invest in production capacity to support growing demand across key defense programs, underpinned by a record backlog and improving order activity. We remain confident in NOC's strong competitive position and long-term growth opportunities as global defense spending increases. |
| NTDOY | NTDOY was pressured by rising memory chip costs and concerns that higher Switch 2 pricing could weigh on consumer demand. We believe those concerns are overdone, as long-term value creation will be driven primarily by software sales, digital monetization, and the broader NTDOY ecosystem rather than hardware alone. NTDOY's cash balance, equal to roughly 27% of its market value, provides meaningful downside protection. |
| CVX | CVX declined as oil prices retreated following a strong first quarter. While commodity prices remain outside management's control, we continue to appreciate CVX's disciplined capital allocation, operational efficiency, and commitment to shareholder returns. |
| RSG | RSG is the second-largest U.S. waste services provider, with roughly 90% non-discretionary revenues and ownership of approximately one-third of all domestic hazardous landfills — assets that are functionally irreplaceable. The business benefits from CPI-linked contracts, fuel surcharges, and predictable capital cycles that together create durable pricing power and margin stability across economic conditions. The waste management industry has lagged the broader market this year due to cyclical volume weakness in construction, demolition, and the industrial sector. Despite these short-term headwinds, RSG continues to exhibit operational strength through pricing power and cost controls. Recent position additions by Cascade Investments, RSG's largest shareholder with a stake above 35%, support our view that current valuations offer an attractive entry point. |
| TEL | We reduced our position in TEL to manage concentrated exposure to the AI and data center infrastructure buildout at the portfolio level. Demand in connectors and a potential automotive recovery remain compelling catalysts, and we continue to hold the name with full conviction in the thesis. |
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