The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 20, 2026
The London Company Large Cap portfolio declined 3.4% net of fees (-3.2% gross) in the third quarter of 2026, lagging the Russell 1000 Index gain of 1.8%. Year-to-date, the portfolio generated a 9.5% net return compared to 12.3% for the benchmark. Relative underperformance during the quarter was driven by both stock selection and sector positioning, most notably an underweight exposure to mega-cap information technology leaders alongside an overweight allocation to lagging industrials. Upside capture fell short of the strategy's traditional 85% to 90% target as market participation narrowed sharply. Macroeconomic crosscurrents defined the quarter as the Federal Reserve initiated a 25 basis point interest rate increase, driving 10-year Treasury yields to their highest levels since 2002. Concurrently, escalating geopolitical conflict in the Middle East drove crude oil prices higher and reignited inflationary concerns. While economic output and manufacturing activity proved resilient, rising borrowing costs and energy prices compressed market multiples and pressured consumer confidence, with initial credit stress surfacing among lower-income cohorts. Equity index performance was disproportionately propelled by an increasingly concentrated cohort of AI-linked mega-cap equities. Portfolio activity remained selective and disciplined. The strategy incrementally increased its position in NewMarket Corporation following its capacity expansion in defense-oriented specialty materials. Leading quarterly contributors included NewMarket Corporation, Chevron, and BlackRock, which benefited from strong downstream margins and robust ETF inflows. Performance was weighed down by pullbacks in Entegris, Old Dominion Freight Line, and Martin Marietta Materials, though long-term conviction in these franchises remains anchored in their pricing power, operating leverage, and disciplined balance sheets.
We seek profitable, financially stable, quality large-cap companies that generate consistent free cash flow, sustain high returns on unleveraged operating capital, trade at rational valuations, and are steered by shareholder-oriented management teams.
While crosscurrents from tightening monetary policy and elevated energy costs argue for discipline, portfolios focused on strong returns on capital, conservative balance sheets, and rational valuations are positioned to participate as fundamentals reassert themselves.
Moderate Conviction Bullish
Market Conviction
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Language Signal
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