The London Company Income Equity portfolio returned 4.4% (4.2% net) during the quarter vs. a 4.2% decrease in the Russell 1000 Index.
U.S. equities were mostly lower in the first quarter of 2026. The Russell 3000 declined 4%, and the S&P 500 posted its first quarterly decline in a year.
The Income Equity portfolio produced positive absolute returns in a down quarter for the Russell 1000, exceeding our 75-80% downside capture expectations.
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Market Update
U.S. equities were mostly lower in the first quarter of 2026. The Russell 3000 declined 4%, and the S&P 500 posted its first quarterly decline in a year. The year began on a constructive note as
