The London Company
The London Company Small Cap
Small-cap
Mar 2025 → Jun 2026
Our archive holds 3 letters from this strategy, behind 5 investment theses and positions in 12 companies. Every quote below is copied verbatim from the letter it came from.
3 letters in 2 years — follow all of The London Company for every strategy.
What it bought and sold
We trimmed MUSA after the stock rallied on fuel margin strength, which is inherently cyclical and difficult to sustain at current levels.
We believe the market underappreciates MGRC's resilient cash flow profile, internally driven growth opportunities, and long-term earnings power.
We trimmed MATX on recent strength to reduce its relative weight following meaningful appreciation within the portfolio.
Also held
Its investment theses
- McGrath RentCorpJun 2026McGrath RentCorp is a recurring specialty rental business with scale advantages, high ROIC, and resilient cash flow.
- Gates Industrial Corporation plcDec 2025Gates Industrial Corporation plc is positioned for strong earnings growth supported by secular tailwinds like electrification and operational improvements despite near-term margin pressure.
- Haemonetics CorporationDec 2025Haemonetics Corporation is improving margins toward long-term targets with buybacks at depressed valuations and underlying business quality supporting the setup.
- CCC Intelligent Solutions Holdings IncDec 2025CCC Intelligent Solutions Holdings Inc is a dominant auto-insurance software platform with network effects, durable organic growth, AI-enhanced offerings, and supportive capital allocation.
- Certara, Inc.Dec 2025Certara, Inc. is a dominant software-enabled drug development company with low capital intensity, strong cash flow, and long-term growth from simulation adoption.