Langdon
Langdon Global Smaller Companies
Global Small-cap
Dec 2024 → Sep 2026
Our archive holds 5 letters from this strategy, behind 4 investment theses and positions in 13 companies. Every quote below is copied verbatim from the letter it came from.
5 letters in 3 years — follow all of Langdon for every strategy.
Performance
as of Jun 30, 2026 · net of fees · CAD · Class F
- 1Y−10.7%index +35.3%
- 3Y · /yr+8.1%index +20.4%
- Inception · /yr+10.6%index +17.0%
Index: MSCI World Small Cap Net Index
| 1Y | 3Yper year | Since inceptionper year | |
|---|---|---|---|
| Langdon Global Smaller Companies | −10.7% | +8.1% | +10.6% |
| MSCI World Small Cap Net Index | +35.3% | +20.4% | +17.0% |
Calendar years
- 2025+6.9%index +14.3%
- 2024+19.8%index +18.0%
- 2023+26.7%index +12.7%
- 2022−1.7%index +1.3%
Disclaimer
These figures are copied from the manager’s latest letter, as of Jun 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.
Read full disclosures →What it bought and sold
We sold Freee, the Japanese cloud-accounting software business, because we concluded that its cash profits did not yet offer the resilience we require.
Burford raised a different issue, and we sold it in early April.
We established a position during the quarter.
We initiated a position in Miami International Holdings during the second quarter.
Also held
Its investment theses
- VolexSep 2026Volex has aligned management, exposure to attractive end markets, strong customer relationships, improving margins, and earnings growth that appears undervalued.
- EuronextSep 2026Euronext offers underappreciated organic growth, strong operating leverage, disciplined capital allocation, and acquisition optionality at an attractive valuation.
- L1 GroupSep 2026L1 Group is backed for its proven founders, recurring fee-income model, strong investment performance, and attractive long-term cash flow growth.
- Miami International Holdings, Inc.Jun 2026Miami International Holdings, Inc. is an electronic exchange operator attractive for its transaction-based model, network effects, proprietary tech, and potential for operating leverage in expanding derivatives markets.