Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st March 2026
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 11.9% | -3.6% | -3.6% |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 11.9% | -3.6% | -3.6% |
The London Company SMID Cap portfolio declined 3.4% gross in Q1 2026 versus a 2.0% gain for the Russell 2500 Index, as geopolitical tensions from Iran conflict escalation drove commodity prices higher and shifted market leadership away from quality growth names. The quarter began constructively with declining yields and improving indicators supporting broad market participation, but sentiment reversed sharply in March as crude oil surged over 75% on Strait of Hormuz concerns, reigniting inflation fears. Energy was the best performing sector while Technology declined over 9%, creating extreme sector dispersion. The portfolio's structural underweight to energy and commodity-linked industries was a significant performance detractor, similar to early 2022 dynamics. Top contributors included Entegris benefiting from AI-driven semiconductor demand, Murphy USA gaining from higher fuel prices, and Element Solutions rallying on specialty chemical strength. Key detractors were Qualys despite strong earnings due to AI-related cybersecurity concerns, Churchill Downs on gaming softness, and Armstrong World on construction weakness. The manager added to positions on weakness while maintaining focus on quality businesses with competitive advantages.
Focus on high-quality businesses with durable competitive advantages, strong returns on capital, pricing power, and flexible balance sheets that are well-positioned across various market environments.
The situation in Iran and broader macro backdrop remain very fluid. While macro-driven disruptions can overwhelm fundamentals short-term, history suggests supply shocks and geopolitical events rarely redefine long-term earnings power of advantaged businesses. The manager continues to view the recent setback as a pause in a multi-year broadening cycle rather than a lasting reversal.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 13 2026 | 2026 Q1 | ACIW, AWI, AXTA, CCC, CHDN, COO, ENTG, ESI, MUSA, QLYS, TREX, WAT | cybersecurity, energy, Geopolitical, Quality, semiconductors, SMID Cap, value |
ENTG MUSA ESI QLYS CHDN AWI COO CCC ACIW |
London Company SMID Cap underperformed in Q1 2026 as Iran conflict drove energy surge while portfolio's quality focus lagged commodity-driven rotation. Structural energy underweight hurt performance similar to 2022. Manager added to cybersecurity and payments names on weakness, maintaining conviction in quality businesses with competitive moats despite short-term macro headwinds. |
| Jan 21 2026 | 2025 Q4 | AER, LW, NEU, WAT, WTM, ZBRA | industrials, mid cap, Quality, small cap, SMID Cap, value |
AER ZBRA NEU LW |
SMID Cap portfolio matched benchmark in Q4 with Value factors driving performance. Top performers included AerCap, White Mountains, and Waters, while Zebra, NewMarket, and Lamb Weston detracted. Manager sees late-cycle risks emerging but believes environment favoring quality fundamentals over multiple expansion, positioning portfolio in companies with strong returns, conservative leverage, and reasonable valuations. |
| Oct 28 2025 | 2025 Q3 | ACIW, AWI, BR, CWST, DECK, JKHY, NEU, REYN, SGI, WAT | AI, Fed, growth, Quality, small cap, SMID Cap, value, volatility |
AWI SGI NEU WAT CWST JKHY ACIW DECK AWI SGI NEU WAT CWST JKHY ACIW DECK |
London Company SMID Cap underperformed in Q3 as Quality factors lagged the high beta rally driven by Fed easing and AI optimism. The portfolio maintains focus on companies with durable advantages and strong balance sheets, believing this Quality-at-a-Reasonable-Price discipline will protect capital during frothy periods and outperform when fundamentals reassert themselves. |
| Jul 29 2025 | 2025 Q2 | AER, AWI, CNNE, MUSA, NEU, SAIA, SGI, WTM, ZBRA | Air Travel, Freight, Quality, SMID Cap, tariffs, Trade Policy, value |
NEU AWI AER |
London Company's SMID Cap portfolio underperformed in Q2 as quality factors lagged during risk-on rally. Portfolio maintains high-conviction focus on resilient companies with sustainable returns. Elevated tariff uncertainty and deteriorating macro backdrop create headwinds, but quality orientation positions well for policy risks and fragile growth ahead. |
| May 13 2024 | 2024 Q1 | AWI, CABO, CHDN, DAVA, DECK, LANC, TREX, TTC | AI, Balance Sheets, Quality, rates, SMID Cap, technology, value |
DECK AWI LANC DAVA CHDN CABO TTC |
London Company's SMID Cap portfolio outperformed by 250bps in Q1, driven by quality companies with strong balance sheets in a challenging earnings environment. The manager trimmed winners to add Toro Company while maintaining focus on cash-rich businesses. Despite cautious market outlook due to high valuations and AI momentum concerns, they see opportunities in quality operators with durable cash flows. |
| Jan 23 2024 | 2023 Q4 | BR, CABO, DAVA, DECK, HAS, HAYW, MBI, TREX, WTM | consumer discretionary, Quality, rates, small caps, value, volatility |
KAMBI SS DECK TREX AER|AWI|MUSA|NEU|SAIA|WTM ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO CABO ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM |
London Company SMID Cap outperformed in Q4 as small-caps broadened market leadership. Strong performance from Deckers, Trex, and MBIA offset weakness in White Mountains and Hasbro. Manager expects modest 2024 returns given elevated valuations and uncertainty, emphasizing quality fundamentals as the key to navigating potential volatility from Fed policy timing differences. |
| Oct 31 2023 | 2023 Q3 | AER, BKI, BR, CABO, CHDN, CWST, DECK, ICE, LANC, LW, MTN, NEU, RBA, ST, WAT, ZBRA | Automation, Quality, SMID Cap, Travel, value, Waste management |
CWST ACGL|CHH|FDS|GWRE|IBKR|IDXX|MTN|SPOT|TSLA WAT ZBRA |
London Company's SMID Cap portfolio slightly underperformed in Q3 due to lack of Energy exposure, but added compelling new positions in Vail Resorts, Waters Corporation, Zebra Technologies, and Casella Waste Systems. Despite macro uncertainty and elevated recession risks, the portfolio remains positioned in high-quality companies with strong moats, attractive valuations, and defensive characteristics for uncertain times ahead. |
| Apr 20 2023 | 2023 Q1 | BR, CHDN, ENTG, IAA, JKHY, LW, MBI, MUSA, RBA, STOR | Banking, Capital Allocation, Quality, Recession, SMID Cap, value |
CHDN ABLLW ENTG AER|AWI|MUSA|NEU|SAIA|WTM |
London Company's SMID Cap portfolio outperformed in Q1 through quality stock selection and avoiding regional banks. Strong performers included Churchill Downs with gaming expansion, Lamb Weston with pricing power, and Entegris benefiting from semiconductor stabilization. The manager emphasizes their quality focus on durable profitability and strong balance sheets as key advantages navigating increased economic uncertainty and potential recession. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
SemiconductorsSemiconductor demand is accelerating driven by AI applications and improving fab utilization. Advanced node transitions are increasing materials intensity per wafer, benefiting companies like Entegris with strong competitive positioning in this cycle. |
AI Fab Utilization Advanced Logic Memory Materials |
CybersecurityAI announcements triggered indiscriminate selling across cyber names despite strong fundamentals. The manager believes cybersecurity companies maintain defensible moats and that AI systems remain unsuitable for domains where errors carry severe consequences. |
AI Threats Automated Risk Management Security Data IT Integration | |
EnergyEnergy was the best performing sector, surging over 35% due to Iran conflict escalation and crude oil price spikes. The portfolio's structural underweight to energy and commodity-linked industries was a significant performance detractor. |
Iran Conflict Crude Oil Commodity Prices Geopolitical Risk | |
QualityThe manager emphasizes portfolios with durable competitive advantages, strong returns on capital, pricing power, and flexible balance sheets. They expect investors to refocus on quality if geopolitical volatility persists. |
Competitive Advantages Returns on Capital Pricing Power Balance Sheets | |
| 2025 Q4 |
AIManager believes market's assessment of AI risk differs from their own, with approximately 60% of underperformance attributed to positions where AI impact concerns drove stock declines. Portfolio companies like Gartner, CoStar, Clearwater Analytics, FactSet, MSCI, and Guidewire represent 42% of portfolio and declined 15% despite 10% revenue growth and 15% EPS growth. Manager remains optimistic about these companies' competitive advantages and expects valuations to expand as market perspective aligns with their view. |
Artificial Intelligence Disruption Valuation Software Analytics |
QualityFund exclusively invests in businesses with superior characteristics including high barriers to entry, sustainable competitive advantages, and durable secular tailwinds. Manager notes their practice of owning high-quality investments was out of favor in 2025 as investors sold higher-quality investments to buy riskier stocks. MSCI Barra data shows Earnings Quality factor was in 100th percentile during nine-month period ended December 8, 2025. |
Earnings Quality Competitive Advantages Barriers Margins Returns | |
Small CapsStrategy of owning competitively advantaged small and medium-sized businesses remained out of favor for most of the quarter. Fund observed improvement in early December as investors showed renewed enthusiasm for high-quality stocks. All top 10 holdings were small-cap businesses at time of purchase and became top positions through stock appreciation. |
Small Cap Growth Russell 2000 Outperformance | |
| 2025 Q3 |
QualityThe portfolio maintains a Quality-at-a-Reasonable-Price discipline focused on companies with durable advantages, strong balance sheets, and steady free cash flow. Quality factors have been headwinds during the high beta rally but historically regain leadership when fundamentals reassert themselves. |
Quality Balance Sheets Free Cash Flow Durable Advantages Fundamentals |
AIMarket enthusiasm around AI continues to drive optimism, though the momentum and sustainability of AI and the capex behind it have been questioned more frequently. AI remains a key driver of market expectations for productivity gains. |
AI Productivity Capex Technology | |
| 2025 Q2 |
Trade PolicyElevated uncertainty exists with high likelihood of greater tariffs being announced in weeks ahead. Volatility surged in early April following new U.S. tariff announcements aimed at reshaping global trade. The effect of tariffs on both inflation and the broader economy could change Fed monetary policy plans. |
Tariffs Trade Policy Uncertainty Inflation |
QualityThe portfolio maintains exposure to high-Quality, low-Volatility orientation which positions well for elevated policy risks and fragile global growth. Focus remains on company quality, sustainable returns on capital, and resilience across economic scenarios. |
Quality Resilience Returns Capital Volatility | |
Air TravelAerCap Holdings delivered strong performance with the largest aircraft portfolio in a seller's market. The company is well-positioned to grow book value per share through strategic asset sales and stock buybacks, capitalizing on robust market dynamics and outlook for air travel. |
Aircraft Leasing Aviation Travel Portfolio | |
LogisticsSaia remains weak as the lingering freight recession drags on for almost its third year. Despite current headwinds, the company has a solid balance sheet and strong network growth plan, positioned as a potential multi-year compounder assuming freight industry returns to normal demand patterns. |
Freight Logistics Transportation Network Recession | |
| 2024 Q1 |
QualityThe portfolio's Quality orientation continued to stand out down the market cap spectrum where earnings weakness was more pervasive. Company fundamentals continued to drive price, and the strong balance sheets of companies—many with net cash—remained a significant advantage in this high rate environment. |
Balance Sheets Cash Fundamentals Earnings Resilience |
AIThe Artificial Intelligence hype that powered 2023's market rally extended its momentum into 2024. The recent surge in insider selling activity, especially in tech companies, likely reflects the extreme valuations and unsustainability of this AI momentum trade. |
Technology Momentum Valuations Insider Selling | |
| 2023 Q4 |
QualityThe manager emphasizes quality as the antidote to uncertainty, believing solid company fundamentals will lead to strong risk-adjusted returns in the long run. Portfolio characteristics remain attractive and well-positioned for an uncertain future. |
Quality Fundamentals Risk-adjusted Balance Sheet Execution |
Small CapsSmall and Mid-Cap stocks posted the strongest gains in Q4, representing a welcome broadening of market strength after mega-cap dominance in 2023. The portfolio focuses on the small to mid-cap segment with market capitalizations typically below $15B. |
Small Caps SMID Broadening Russell 2500 Market Cap | |
| 2023 Q3 |
Waste ManagementInitiated position in Casella Waste Systems, the 5th largest waste company in the U.S. and #1 player in the dense Northeast. The Northeast hasn't approved a new landfill permit in 30 years, creating scarcity value. CWST has significant pricing power due to vertical integration and rural market exposure. |
Landfills Pricing Power Consolidation Northeast Vertical Integration |
AutomationInitiated position in Zebra Technologies, the largest player in the global automatic identification and data capture market. ZBRA provides automation, data analytics, and supply chain visibility solutions, positioning it well to capitalize on growing demand for these services across various industries. |
AIDC Barcode Scanners RFID Supply Chain Data Analytics | |
TravelInitiated position in Vail Resorts, which owns 41 ski resorts across North America, Australia & Europe. MTN has aggregated quality assets in a supply-constrained industry with competitive advantages through scale and the Epic Pass program that promotes customer loyalty and generates recurring revenue. |
Ski Resorts Epic Pass Experience Tourism Supply Constrained Recurring Revenue | |
| 2023 Q1 |
QualityThe manager emphasizes the durable profitability, strong free cash flow, and balance sheet flexibility of their companies as they face an economic slowdown with higher cost of capital. They believe the quality of their portfolios provides a tangible advantage in an unpredictable world with greater economic volatility. |
Balance Sheet Cash Flow Profitability Resilience Defensive |
GamblingChurchill Downs continues to execute well and allocate capital effectively, with the company expanding its gaming and historical racing footprint through acquisitions. The profitability of CHDN's Twinspires online betting business has improved dramatically, and Kentucky passed a bill legalizing sports betting. |
Gaming Sports Betting Entertainment Capital Allocation | |
SemiconductorsEntegris rebounded as the semiconductor industry showed signs of stabilization. The company can continue to gain share due to its breadth of solutions, unit-driven business, and higher purity requirements, with the transition of new technology and nodes providing tailwinds. |
Semi Equipment Technology Market Share Innovation |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Sep 30, 2023 | Fund Letters | The London Company SMID Cap | CWST | Casella Waste Systems | Industrials | Environmental & Facilities Services | Bull | NASDAQ | Consolidation Target, environmental services, Family-owned, Landfills, Northeast, Pricing power, recurring revenue, Rural Markets, vertical integration, waste management | Login |
| Sep 30, 2023 | Fund Letters | The London Company SMID Cap | ACGL|CHH|FDS|GWRE|IBKR|IDXX|MTN|SPOT|TSLA | Vail Resorts | Consumer Discretionary | Hotels, Restaurants & Leisure | Bull | NYSE | Epic Pass, Experience Tourism, Geographic Diversification, Leisure, Outdoor Recreation, recurring revenue, Ski Resorts, subscription model, Supply Constrained, Tourism | Login |
| Sep 30, 2023 | Fund Letters | The London Company SMID Cap | WAT | Waters Corporation | Health Care | Life Sciences Tools & Services | Bull | NYSE | Analytical instruments, Empower Software, HPLC, Laboratory Equipment, life sciences, Mass Spectrometry, pharmaceuticals, Quality Control, recurring revenue, Regulated Industries | Login |
| Sep 30, 2023 | Fund Letters | The London Company SMID Cap | ZBRA | Zebra Technologies Corporation | Information Technology | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | AIDC, Automation, Barcode Scanners, Data Analytics, Enterprise Technology, Industrial technology, Mission-Critical, Mobile computing, RFID, supply chain | Login |
| Mar 31, 2023 | Fund Letters | The London Company SMID Cap | CHDN | Churchill Downs | Consumer Discretionary | Casinos & Gaming | Bull | NASDAQ | Acquisitions, capital allocation, Casinos, Gaming, Historical Racing, Kentucky Derby, Online betting, Sports betting | Login |
| Mar 31, 2023 | Fund Letters | The London Company SMID Cap | ABLLW | Lamb Weston | Consumer Staples | Packaged Foods & Meats | Bull | NYSE | Consolidated Industry, Food Processing, Foodservice, French Fries, frozen foods, market share, Pricing power, productivity | Login |
| Mar 31, 2023 | Fund Letters | The London Company SMID Cap | ENTG | Entegris | Information Technology | Semiconductor Equipment | Bull | NASDAQ | advanced materials, Contamination Control, High Barriers, market share, semiconductors, specialty chemicals, switching costs, Technology Nodes | Login |
| Mar 31, 2023 | Fund Letters | The London Company SMID Cap | AER|AWI|MUSA|NEU|SAIA|WTM | Murphy USA | Consumer Discretionary | Specialty Retail | Bull | NYSE | commodity pricing, cost structure, Fuel Retail, High Volume, Low Price Strategy, Share Buybacks, vertical integration, Walmart partnership | Login |
| Apr 13, 2026 | Fund Letters | The London Company SMID Cap | ENTG | Entegris, Inc. | Semiconductor Equipment & Materials | Semiconductor Equipment | Bull | NASDAQ | Advanced Logic, AI, barriers to entry, Fab Utilization, Free Cash Flow, materials, Memory, semiconductor equipment | Login |
| Apr 13, 2026 | Fund Letters | The London Company SMID Cap | MUSA | Murphy USA, Inc. | Specialty Retail | Specialty Retail | Bull | New York Stock Exchange | capital return, cash flow, Fuel Prices, Low cost, market share, Rural, Specialty retail, Suburban | Login |
| Apr 13, 2026 | Fund Letters | The London Company SMID Cap | ESI | Element Solutions Inc | Specialty Chemicals | Specialty Chemicals | Bull | New York Stock Exchange | capital allocation, electronics, Growth markets, Industrial Coatings, Integrations, margin expansion, specialty chemicals | Login |
| Apr 13, 2026 | Fund Letters | The London Company SMID Cap | QLYS | Qualys, Inc. | Software - Infrastructure | Systems Software | Bull | NASDAQ | AI, balance sheet, cash generation, cybersecurity, market share, product innovation, Systems Software, Vulnerability Management | Login |
| Apr 13, 2026 | Fund Letters | The London Company SMID Cap | CHDN | Churchill Downs Incorporated | Gambling | Casinos & Gaming | Bull | NASDAQ | Casinos & Gaming, i-Gaming, Kentucky Derby, portfolio optimization, Regional Gaming, Share Buybacks, value creation | Login |
| Apr 13, 2026 | Fund Letters | The London Company SMID Cap | AWI | Armstrong World Industries, Inc. | Building Products & Equipment | Building Products | Bull | New York Stock Exchange | backlog, Building Products, Commercial Construction, end markets, growth initiatives, market position, Pricing power | Login |
| Apr 13, 2026 | Fund Letters | The London Company SMID Cap | COO | Cooper Companies | Medical Instruments & Supplies | Health Care Equipment | Bull | New York Stock Exchange | activist, Contact lenses, Health Care Equipment, insider buying, Medical devices, oligopoly, Specialty Lenses, switching costs | Login |
| Apr 13, 2026 | Fund Letters | The London Company SMID Cap | CCC | CCC Intelligent Solutions Holdings Inc | Software - Application | Application Software | Bull | New York Stock Exchange | AI, Application Software, Claims Processing, Ecosystem, Embedded Platform, Insurance, network effects | Login |
| Apr 13, 2026 | Fund Letters | The London Company SMID Cap | ACIW | ACI Worldwide, Inc. | Software - Infrastructure | Systems Software | Bull | NASDAQ | banking, Cross-Border, infrastructure, Modernization, Payments, Real-time Payments, recurring revenue, Systems Software | Login |
| Jan 21, 2026 | Fund Letters | Brian Campbell | AER | AerCap Holdings N.V. | Industrials | Transportation | Bull | New York Stock Exchange | Aircraftleasing, Aviation, Balancesheet, buybacks, cashflow | Login |
| Jan 21, 2026 | Fund Letters | Brian Campbell | ZBRA | Zebra Technologies Corporation | Information Technology | Technology Hardware | Bull | NASDAQ | Automation, Industrialcycle, Margins, Rebound, Supplychain | Login |
| Jan 21, 2026 | Fund Letters | Brian Campbell | NEU | NewMarket Corporation | Materials | Specialty Chemicals | Bull | New York Stock Exchange | capital discipline, cashflow, Cyclicality, energy, specialty chemicals | Login |
| Jan 21, 2026 | Fund Letters | Brian Campbell | LW | Lamb Weston Holdings, Inc. | Consumer Staples | Packaged Foods | Bull | New York Stock Exchange | balance sheet, Food service, market share, Pricingpower, QSR | Login |
| Oct 28, 2025 | Fund Letters | Brian Campbell | AWI | Armstrong World Industries Inc. | Industrials | Building Products | Bull | NYSE | Building materials, cash flow, construction, growth, oligopoly, Pricing power | Login |
| Oct 28, 2025 | Fund Letters | Brian Campbell | SGI | Somnigroup International Inc. | Consumer Discretionary | Household Durables | Bull | NASDAQ | Bedding, Brand Equity, cash flow, Margins, merger, retail, synergies | Login |
| Oct 28, 2025 | Fund Letters | Brian Campbell | NEU | NewMarket Corporation | Materials | Specialty Chemicals | Bull | NYSE | acquisition, cash flow, Defense, deleveraging, Margins, Petrochemicals | Login |
| Oct 28, 2025 | Fund Letters | Brian Campbell | WAT | Waters Corporation | Health Care | Life Sciences Tools & Services | Bull | NYSE | acquisition, diagnostics, growth, life sciences, M&A, recurring revenue, ROIC | Login |
| Oct 28, 2025 | Fund Letters | Brian Campbell | CWST | Casella Waste Systems Inc. | Industrials | Environmental Services | Bull | NASDAQ | — | Login |
| Oct 28, 2025 | Fund Letters | Brian Campbell | JKHY | Jack Henry & Associates Inc. | Information Technology | Financial Software & Data Systems | Bull | NASDAQ | — | Login |
| Oct 28, 2025 | Fund Letters | Brian Campbell | ACIW | ACI Worldwide Inc. | Information Technology | Financial Software & Data Systems | Bull | NASDAQ | Fintech, intrinsic value, Margins, Payments, recurring revenue, Software | Login |
| Oct 28, 2025 | Fund Letters | Brian Campbell | DECK | Deckers Outdoor Corp. | Consumer Discretionary | Footwear & Apparel | Bull | NYSE | — | Login |
| Oct 28, 2025 | Fund Letters | Brian Campbell | AWI | Armstrong World Industries Inc. | Industrials | Building Products | Bull | NYSE | Building materials, cash flow, construction, growth, oligopoly, Pricing power | Login |
| Oct 28, 2025 | Fund Letters | Brian Campbell | SGI | Somnigroup International Inc. | Consumer Discretionary | Household Durables | Bull | NASDAQ | Bedding, Brand Equity, cash flow, Margins, merger, retail, synergies | Login |
| Oct 28, 2025 | Fund Letters | Brian Campbell | NEU | NewMarket Corporation | Materials | Specialty Chemicals | Bull | NYSE | acquisition, cash flow, Defense, deleveraging, Margins, Petrochemicals | Login |
| Oct 28, 2025 | Fund Letters | Brian Campbell | WAT | Waters Corporation | Health Care | Life Sciences Tools & Services | Bull | NYSE | acquisition, diagnostics, growth, life sciences, M&A, recurring revenue, ROIC | Login |
| Oct 28, 2025 | Fund Letters | Brian Campbell | CWST | Casella Waste Systems Inc. | Industrials | Environmental Services | Bull | NASDAQ | — | Login |
| Oct 28, 2025 | Fund Letters | Brian Campbell | JKHY | Jack Henry & Associates Inc. | Information Technology | Financial Software & Data Systems | Bull | NASDAQ | — | Login |
| Oct 28, 2025 | Fund Letters | Brian Campbell | ACIW | ACI Worldwide Inc. | Information Technology | Financial Software & Data Systems | Bull | NASDAQ | Fintech, intrinsic value, Margins, Payments, recurring revenue, Software | Login |
| Oct 28, 2025 | Fund Letters | Brian Campbell | DECK | Deckers Outdoor Corp. | Consumer Discretionary | Footwear & Apparel | Bull | NYSE | — | Login |
| Jul 29, 2025 | Fund Letters | Brian Campbell | NEU | NewMarket Corporation | Materials | Chemicals | Bull | New York Stock Exchange | buybacks, Capacity, Chemicals, Defense, oligopoly | Login |
| Jul 29, 2025 | Fund Letters | Brian Campbell | AWI | Armstrong World Industries, Inc. | Industrials | Building Products | Bull | New York Stock Exchange | Acquisitions, Building Products, Margins, Moat, Pricing | Login |
| Jul 29, 2025 | Fund Letters | Brian Campbell | AER | AerCap Holdings N.V. | Industrials | Trading Companies & Distributors | Bull | New York Stock Exchange | Aircraft Leasing, asset sales, Book Value, buybacks, Supply | Login |
| Mar 31, 2024 | Fund Letters | The London Company SMID Cap | DECK | Deckers Outdoor Corporation | Consumer Discretionary | Footwear | Bull | NASDAQ | Brand management, Consumer Discretionary, diversification, Footwear, growth, net cash, Quality, retail | Login |
| Mar 31, 2024 | Fund Letters | The London Company SMID Cap | AWI | Armstrong World Industries Inc | Industrials | Building Products | Bull | NYSE | Building Products, capital allocation, construction, Earnings Resiliency, Industrials, Pricing power, recurring revenue, Remodel | Login |
| Mar 31, 2024 | Fund Letters | The London Company SMID Cap | LANC | Lancaster Colony Corporation | Consumer Staples | Packaged Foods & Meats | Bull | NASDAQ | Commodity Deflation, consumer staples, ERP implementation, Free Cash Flow, margin expansion, net cash, operational efficiency, Packaged Foods | Login |
| Mar 31, 2024 | Fund Letters | The London Company SMID Cap | DAVA | Endava plc | Information Technology | IT Consulting & Other Services | Bull | NYSE | Consulting, financial services, IT services, Offshore Outsourcing, Payments, strategic pivot, technology, Vertical Concentration | Login |
| Mar 31, 2024 | Fund Letters | The London Company SMID Cap | CHDN | Churchill Downs Incorporated | Consumer Discretionary | Casinos & Gaming | Bull | NASDAQ | capital allocation, Casinos, EBITDA growth, entertainment, Gaming, Horse Racing, leverage, Online betting | Login |
| Mar 31, 2024 | Fund Letters | The London Company SMID Cap | CABO | Cable One Inc | Communication Services | Cable & Satellite | Bull | NYSE | broadband, cable, Competition, Fiber, Fixed wireless, Free Cash Flow, Pricing Strategy, Rural Markets | Login |
| Mar 31, 2024 | Fund Letters | The London Company SMID Cap | TTC | The Toro Company | Industrials | Agricultural & Farm Machinery | Bull | NYSE | Agricultural Equipment, Dealer Network, high-ROIC, Outdoor Equipment, Professional Equipment, recurring revenue, Replacement Cycles, Turf Maintenance | Login |
| Dec 31, 2023 | Fund Letters | The London Company SMID Cap | KAMBI SS | MBIA Inc. | Financials | Multi-line Insurance | Bull | NYSE | Liquidation, Municipal Bond Insurance, Special dividend, Special Situation, Value Realization, Wind down | Login |
| Dec 31, 2023 | Fund Letters | The London Company SMID Cap | DECK | Deckers Outdoor Corporation | Consumer Discretionary | Footwear | Bull | NYSE | Brand management, Consumer Discretionary, debt-free, Footwear, Hoka, Non-Seasonal, retail, UGG | Login |
| Dec 31, 2023 | Fund Letters | The London Company SMID Cap | TREX | Trex Company Inc. | Materials | Building Products | Bull | NYSE | Building Products, composite decking, construction, home improvement, market leader, oligopoly, rate sensitivity | Login |
| Dec 31, 2023 | Fund Letters | The London Company SMID Cap | AER|AWI|MUSA|NEU|SAIA|WTM | White Mountains Insurance Group Ltd. | Financials | Multi-line Insurance | Bull | NYSE | Bermuda, book value growth, capital allocation, Conservative Underwriting, Insurance, Private Investment Fund | Login |
| Dec 31, 2023 | Fund Letters | The London Company SMID Cap | ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO | Hasbro Inc. | Consumer Discretionary | Leisure Products | Bull | NASDAQ | Corporate Simplification, Cost Reduction, deleveraging, Dividend Protection, entertainment, Toys, turnaround | Login |
| Dec 31, 2023 | Fund Letters | The London Company SMID Cap | CABO | Cable One Inc. | Communication Services | Cable & Satellite | Bull | NYSE | broadband, cable, Fixed Wireless Competition, Free Cash Flow, M&A, Rural Markets, telecommunications | Login |
| Dec 31, 2023 | Fund Letters | The London Company SMID Cap | ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM | Endava plc | Information Technology | IT Consulting & Other Services | Bull | NYSE | Agile Technology, Custom Application Development, enterprise IT, IT services, Minimal CapEx, strong balance sheet, Technical Talent Shortage | Login |
| TICKER | COMMENTARY |
|---|---|
| ENTG | ENTG was a top contributor, benefiting from improving fab utilization and accelerating AI-driven semiconductor demand. The company 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. |
| MUSA | MUSA outperformed in Q1 alongside the spike in fuel prices. Higher prices support top-line growth and cash flow. The company should also gain market share through its everyday low-price strategy in this environment. We expect excess cash flow generated during this period to be returned to shareholders. The company's low-cost rural/suburban positioning and consistent capital return program continue to create shareholder value. |
| ESI | ESI rallied on strong demand for specialty chemicals across electronics and industrial coatings end markets. Quarterly results were solid, supported by strong performance in the Electronics business. Recent integrations have expanded their product offerings, providing incremental earnings from high growing businesses. ESI's timely investments, smart capital allocation and focus on higher growth end markets should enable the company to maintain its outperformance and margin expansion. |
| QLYS | Despite a strong earnings report, QLYS sold off sharply as Anthropic's announcements around Claude's cybersecurity capabilities triggered indiscriminate selling across cyber names. We believe QLYS maintains defensible moats in its niches, and AI systems remain unsuitable for domains where errors carry severe consequences. The strong balance sheet and cash generation provide flexibility to invest in product innovation and drive market share gains. The risk/reward here is compelling for long-term holders. |
| CHDN | CHDN fell as regional gaming revenue softened and legislation concerns about i-gaming continued. We believe these concerns are overdone and note that CHDN has responded rationally, buying back shares on weakness. CHDN has strong tailwinds ahead of the upcoming Derby, and the company has the optionality to create value through the potential sale of its regional casino portfolio. |
| AWI | AWI declined on weaker commercial construction activity and destocking in distribution channels. These factors were outside the company's control, but management partially offset the impacts through growth initiatives. Enhanced visibility in the backlog and momentum from initiatives pair well with AWI's pricing power, leading market position and recovering end markets. |
| COO | COO is a global medical device company operating two divisions: CooperVision (contact lenses, >65% of revenue) and CooperSurgical (women's healthcare). CooperVision is a high-quality business in an oligopolistic industry where four players control 95% of the market. COO benefits from high customer switching costs, leading positions in faster-growing specialty lenses, and deep customer relationships that have driven above-market growth. While margins currently trail peers due to a multi-year investment cycle, significant expansion potential exists as capex moderates. Recent share price weakness reflects cyclical pressures rather than fundamental deterioration, activist involvement creates a catalyst for operational improvements. Valuation is attractive, supported by recent insider buying. |
| CCC | We added to our position amid weakness driven by temporarily slower new-product penetration and AI-related concerns. We believe concerns over AI disintermediation are overstated, as adoption of CCC's AI-enabled products continues to gain traction. CCC's deeply embedded platform and network effects across the insurance and repair ecosystem continue to strengthen its competitive moat. |
| AXTA | We exited following recent strength and market cap constraints ahead of the planned Akzo Nobel merger. |
| WAT | We exited following recent strength and market cap constraints after the combination of WAT and Becton Dickinson's Biosciences & Diagnostic Solutions business. |
| TREX | Sold after reassessing competitive positioning following James Hardie's acquisition of AZEK. Increased competition may pressure market share and require higher marketing spend. |
| ACIW | We added on recent weakness despite solid execution. ACIW's mission-critical payments infrastructure remains deeply embedded across global banks, supporting high retention and recurring revenue. The shift toward real-time and cross-border payments positions ACIW well for continued payment network modernization. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| 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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| No industry data available | |||