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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Langdon Global Smaller Companies returned 9.4% in Q2 but lagged the benchmark's 17.0% due to underweight information technology hardware exposure. The manager used volatility to add to YETI and DO & CO where prices fell faster than business value, initiated Miami International Holdings for its exchange platform potential, and reassessed Royal Unibrew after its Pepsi agreement expiration."
Langdon Global Smaller Companies Portfolio returned 9.4% in Q2 2026, underperforming the MSCI World Small Cap Index's 17.0% return primarily due to lack of exposure to information technology hardware companies. The manager emphasizes that price movements are important signals requiring investigation, but not automatic action. During the quarter's elevated volatility, the fund added to positions like YETI and DO & CO where share prices fell more sharply than underlying business fundamentals warranted. YETI continued growing revenue while diversifying manufacturing to mitigate tariff risks, and DO & CO reported record operating profitability. The fund initiated a position in Miami International Holdings, an electronic exchange operator with proprietary technology and new product opportunities in derivatives markets. Royal Unibrew declined 30% after announcing its Pepsi distribution agreement will expire in 2028, representing a genuine structural change requiring valuation reassessment. The manager maintains that successful investing requires distinguishing between temporary sentiment shifts and permanent value changes, remaining intellectually honest when assumptions prove wrong. Year-to-date performance remains below long-term expectations.
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