The London Company
The London Company International Equity
International Large-cap
Jun 2025 → Sep 2026
Our archive holds 6 letters from this strategy, behind 6 investment theses and positions in 16 companies. Every quote below is copied verbatim from the letter it came from.
6 letters in 2 years · follow all of The London Company for every strategy.
Performance
as of Sep 30, 2026 · net of fees · USD
- YTD+0.6%index +10.3%
- 1Y0.0%index +15.7%
- 3Y · /yr+13.3%index +18.4%
- Inception · /yr+13.3%index +18.4%
Index: MSCI EAFE
| YTD | 1Y | 3Yper year | Since inceptionper year | |
|---|---|---|---|---|
| The London Company International Equity | +0.6% | 0.0% | +13.3% | +13.3% |
| MSCI EAFE | +10.3% | +15.7% | +18.4% | +18.4% |
Disclaimer
These figures are copied from the manager’s latest letter, as of Sep 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
● Reduced: Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (TSM), ASML Holding NV (ASML NA), and Safran SA (SAF FP) – We trimmed these positions to reallocate capital to opportunities with better risk/reward.
● Reduced: Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (TSM), ASML Holding NV (ASML NA), and Safran SA (SAF FP) – We trimmed these positions to reallocate capital to opportunities with better risk/reward.
● Reduced: Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (TSM), ASML Holding NV (ASML NA), and Safran SA (SAF FP) – We trimmed these positions to reallocate capital to opportunities with better risk/reward.
● Initiated: DSV A/S (DSV DC) – DSV is the world’s largest freight forwarder with leading positions in Air & Sea and European road freight and a top five position in contract logistics.
Increased: Willis Towers Watson, PLC (WTW) – We view the company’s shares as attractively valued, offering a favorable risk/reward.
Increased: RELX PLC (REL LN) – We view the company’s shares as attractively valued, offering a favorable risk/reward.
Exited: Burford Capital Limited (BUR) – BUR lost its appeal in the case against Argentina, an outcome we had judged as unlikely.
● Increased: Willis Towers Watson, PLC (WTW) – We view the company’s shares as attractively valued, offering a favorable risk/reward.
Also held
Its investment theses
- DSV A/SSep 2026DSV A/S has a durable asset-light competitive position, strong M&A execution, and margin expansion upside from DB Schenker integration.
- Nintendo Co LtdJun 2026Nintendo Co Ltd has downside protection from cash and upside from less-elastic hardware demand plus software and other monetization streams.
- Willis Towers Watson, PLCJun 2026Willis Towers Watson, PLC has improving growth, margins, and free cash flow, with AI seen as a margin expansion opportunity and valuation support.
- Aena SME SADec 2025Aena SME SA operates Spanish airports under a dual-till model with high-return unregulated businesses and attractive capital deployment supported by an underleveraged balance sheet.
- RELX PLCDec 2025RELX PLC has distinct proprietary data and niche dominance in growing verticals, suggesting AI disruption fears are overstated.
- Intercontinental Hotels GroupJun 2025Intercontinental Hotels Group (IHG LN) is a leading asset-light hotel franchisor with strong brands, robust cash flow, a shareholder-friendly management, and an attractive valuation, positioning it as a compelling long-term investment.