The London Company Small Cap portfolio decreased 1.8% (-2.0% net) during the quarter vs. a 0.9% increase in the Russell 2000 Index.
Both sector exposure and stock selection were headwinds to relative performance.
The Small Cap portfolio trailed its benchmark in Q1 and came up short of our 85-90% upside 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
