The London Company
The London Company Large Cap Strategy
US Large-cap
Mar 2025 → Sep 2026
Our archive holds 5 letters from this strategy, behind 9 investment theses and positions in 13 companies. Every quote below is copied verbatim from the letter it came from.
5 letters in 2 years · follow all of The London Company for every strategy.
Performance
as of Sep 30, 2026 · net of fees · USD · Large Cap (Net)
- YTD+9.5%index +12.3%
- 1Y+9.7%index +15.0%
- 3Y · /yr+13.5%index +22.5%
- 5Y · /yr+8.2%index +13.0%
- 10Y · /yr+10.7%index +15.0%
- Inception · /yr+10.6%index +11.3%
Index: Russell 1000
| YTD | 1Y | 3Yper year | 5Yper year | 10Yper year | Since inceptionper year | |
|---|---|---|---|---|---|---|
| The London Company Large Cap Strategy | +9.5% | +9.7% | +13.5% | +8.2% | +10.7% | +10.6% |
| Russell 1000 | +12.3% | +15.0% | +22.5% | +13.0% | +15.0% | +11.3% |
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
● Increased: NewMarket Corporation (NEU) – Addition reflects our confidence that AMPAC's added capacity will generate strong incremental operating returns, which paired with management's long record of capital returns, should reward shareholders.
Reduced: Alphabet Inc. (GOOG) – We trimmed our largest position on strength and to comply with our stated 10% position limits.
Increased: Republic Services, Inc. (RSG) – Addition reflects an attractive opportunity to increase our exposure in a defensive company with a resilient business model.
Also held
Its investment theses
- Republic Services, Inc.Jun 2026Republic Services offers a defensive, high-quality waste business with pricing power, margin expansion, stable cash flow, and attractive valuation.
- Entegris, Inc.Jun 2026Entegris benefits from AI-driven semiconductor demand, strong competitive positioning, and improving free cash flow as its investment cycle ends.
- Alphabet Inc.Jun 2026Alphabet is using AI to accelerate cloud growth, expand margins, and support long-term earnings compounding.
- Chubb LimitedDec 2025Chubb Limited is delivering record earnings with industry-leading underwriting, raising ROE targets and buybacks, and is viewed as undervalued with accelerating premiums.
- Norfolk Southern CorporationDec 2025Norfolk Southern Corporation trades at a discount amid rail sector pessimism, with improving execution and insider buying supporting expectations for incremental volume recovery.
- Republic Services, Inc.Dec 2025Republic Services, Inc. offers a defensive, essential waste management model with pricing power, margin strength, stable cash flows, and insider buying supporting attractive valuation.
- BlackRock, Inc.Dec 2025BlackRock, Inc. maintains record AUM, strong flows, and robust organic fee growth despite sentiment headwinds, supporting its long-term share gains and steady capital returns.
- Equitable Holdings, Inc.Sep 2025Equitable Holdings, Inc. is a leading U.S. financial services company focused on retirement and wealth management, generating strong cash flow for share repurchases and dividends, while recently enhancing its capital structure and risk profile through a reinsurance transaction.
- Old Dominion Freight Line, Inc.Sep 2025Old Dominion Freight Line, Inc. is well-positioned to outperform in a recovering industrial economy despite current declining volume trends and challenges in the trucking sector.