The London Company
The London Company Mid Cap
Mid-cap
Mar 2025 → Sep 2026
Our archive holds 5 letters from this strategy, behind 8 investment theses and positions in 19 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 · Mid Cap (Net)
- YTD−3.1%index +11.8%
- 1Y−0.2%index +12.0%
- 3Y · /yr+7.6%index +17.2%
- 5Y · /yr+5.2%index +8.0%
- 10Y · /yr+9.9%index +11.2%
- Inception · /yr+10.5%index +11.6%
Index: Russell Midcap
| YTD | 1Y | 3Yper year | 5Yper year | 10Yper year | Since inceptionper year | |
|---|---|---|---|---|---|---|
| The London Company Mid Cap | −3.1% | −0.2% | +7.6% | +5.2% | +9.9% | +10.5% |
| Russell Midcap | +11.8% | +12.0% | +17.2% | +8.0% | +11.2% | +11.6% |
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: Entegris, Inc. (ENTG) – Trimmed after strong performance; our long-term thesis remains intact.
● Reduced: UniFirst Corporation (UNF) – Trimmed with shares near the announced Cintas (CTAS) deal price; proceeds funded our VRSK addition.
● Initiated & Increased: Verisk Analytics, Inc. (VRSK) – VRSK provides data, analytics, and software to the U.S. property and casualty insurance industry.
● Exited: Pool Corporation (POOL) – Sold given a muted earnings outlook, with few catalysts until new pool construction recovers.
● Exited: Bruker Corporation (BRKR) – Sold the small position after a rally.
● Increased: CBRE Group, Inc. (CBRE) – Added on this year’s pullback.
● Initiated: TE Connectivity Ltd. (TEL) – TEL makes the connectors and sensors that carry power and data inside cars, factory equipment, and increasingly AI-driven data centers.
● Exited: Copart, Inc. (CPRT) – Sold the small position after more than a decade of ownership, given execution risk in its whole-car market expansion.
● Initiated: Honeywell Aerospace Inc. (HONA) – HONA supplies commercial aviation, business jet, and defense customers and became independent through its June spin- off from Honeywell.
Increased: NewMarket (NEU) – Addition reflects confidence in NEU’s resilient business model, disciplined operating culture, and strong free cash flow generation, which continues to support buybacks and dividends.
Initiated: AppFolio (APPF) – APPF is a leading provider of cloud-based software solutions for the residential property management industry.
Increased: Somnigroup International (SGI) – Addition reflects our view the current valuation underappreciates SGI’s share gains, synergy execution, & vertical integration progress during a period of well-below-trend replacement- cycle demand.
Increased: Cooper Companies (COO) – Addition reflects continued confidence in COO’s leading position in contact lenses and improving demand trends across premium product categories.
Reduced: Keysight Technologies (KEYS) – Trimmed on strength to manage position size and fund additional opportunities.
Exited: Lamb Weston (LW) - Sold LW due to its small position size and weaker demand trends across the restaurant and foodservice channel.
Exited: Otis (OTIS) – Sold OTIS due to its small position size and to fund higher conviction opportunities.
Reduced: Entegris (ENTG) – Trimmed on strength to manage position size and fund additional opportunities.
Also held
Its investment theses
- Somnigroup International Inc.Sep 2026Somnigroup has scale, vertical integration, cash generation, and synergy potential that should help as the industry normalizes.
- Verisk Analytics, Inc.Sep 2026Verisk provides mission-critical insurance data and software with high retention, pricing power, and attractive capital allocation.
- Honeywell Aerospace Inc.Sep 2026Honeywell Aerospace has durable aftermarket revenue, high barriers to entry, and tailwinds from air travel and defense spending.
- TE Connectivity Ltd.Sep 2026TE Connectivity should outgrow its end markets through electrification and connectivity trends, supported by strong cash flow and valuation upside.
- AppFolio, Inc.Jun 2026AppFolio, Inc. offers mission-critical cloud software for property managers with high switching costs, strong margins, and significant monetization upside.
- Churchill Downs Inc.Dec 2025Churchill Downs Inc. benefits from highly cash-generative assets, disciplined capital allocation, reinvestment opportunities, and share repurchases supporting long-term value.
- Cooper CompaniesDec 2025Cooper Companies operates high-quality vision and women's health businesses with durable advantages and margin expansion catalysts alongside attractive valuation and activist-driven improvements.
- Avantor, Inc.Sep 2025Avantor, Inc. (AVTR) is a leading provider of mission-critical products and services for the life sciences and biopharma industries, with a resilient business model and strong long-term growth potential despite near-term market challenges.