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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"London Company's quality-focused large cap strategy underperformed in Q2 as high-beta AI and semiconductor names outside their quality threshold drove market gains. The portfolio benefited from semiconductor holdings Entegris and Texas Instruments plus Alphabet's AI-driven cloud strength."
The London Company Large Cap portfolio returned 10.7% net in Q2 2026, underperforming the Russell 1000's 15.1% gain as market leadership concentrated in high-beta semiconductors and AI infrastructure outside the firm's quality threshold. The portfolio benefited from positions in Entegris, Texas Instruments, and Alphabet, which capitalized on improving semiconductor fundamentals and AI-driven cloud growth. Detractors included Chevron on oil price weakness, Republic Services despite strong fundamentals, and Martin Marietta on temporary pricing pressure. The manager trimmed Alphabet on strength and increased Republic Services, viewing it as an attractive defensive opportunity. While maintaining a broadly constructive outlook supported by healthy earnings and AI productivity potential, the manager expresses concern about accumulating headwinds including fragile AI capex dynamics with negative hyperscaler free cash flow, elevated valuations requiring flawless execution, historic index concentration, and near-record low dividend yields. They believe modest equity returns are prudent to expect ahead, positioning their quality-focused approach with downside protection as important portfolio ballast. The strategy remains highly convicted in named holdings despite near-term underperformance.
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