The London Company Large Cap portfolio returned 2.6% (2.4% net) during the quarter vs. a 4.2% decrease in the Russell 1000 Index.
Entegris was a top contributor, benefiting from improving fab utilization and accelerating AI-driven semiconductor demand.
Visa underperformed on weaker consumer confidence, lower spending expectations, and additional pressure that AI could pressure moats in payment businesses.
We elected to sell our EQH position after it triggered our soft stop-loss review and there were no signs of insider buying to reinforce conviction.
