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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 20, 2026
During the third quarter of 2026, The London Company Small-Mid Cap strategy declined -4.1% net of fees (-3.9% gross), outperforming the benchmark Russell 2500 Index, which dropped -6.4%. Stock selection provided a solid tailwind to relative performance, which was only partially offset by sector allocation headwinds. The portfolio preserved capital effectively across each month of the down quarter, beating downside capture expectations due to its disciplined lower-volatility profile and underweight in highly leveraged companies. Macroeconomic crosscurrents defined the operating environment as solid aggregate growth and improving PMIs clashed with renewed inflationary pressures. Following the breakdown of U.S.-Iran peace discussions, surging oil prices and a 25 basis point Federal Reserve interest rate hike in September drove 10-year Treasury yields to multi-decade highs. Equity breadth narrowed sharply as momentum reversed and Large Caps diverged from smaller capitalizations, while credit spreads on lower-rated corporate debt widened substantially. Portfolio turnover reflected the strategy's Quality-at-a-Reasonable-Price investment discipline. The team initiated and subsequently built a full position in Primo Brands Corporation (PRMB) following its merger, while adding to Somnigroup International Inc. (SGI) amid cyclical industry weakness. Conversely, capital was harvested by completely exiting UniFirst Corporation (UNF) following its acquisition announcement and divesting Lamb Weston Holdings, Inc. (LW) on share strength to reallocate into higher-conviction holdings.
Focusing on durable, conservatively financed businesses with strong returns on capital, sustainable dividends, and sensible valuations provides essential downside protection and steady compounding.
Management anticipates that persistent higher interest rates will increasingly strain corporate balance sheets, allowing high return on capital, low leverage, and reasonable valuations to assert leadership over speculative growth.
Moderate Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
Top Conviction Themes
Key Catalysts
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