The London Company QTD Mid Cap Q2 2026 Contributors, Detractors And Trades

The London Company Mid Cap portfolio returned 9.7% (9.5% net) during the quarter vs. a 13.8% increase in the Russell Midcap Index. The market was led by momentum and high-beta factors — in fact, the top beta quintile returned over 44% and drove nearly two-thirds of the index's gain. ENTG was a top contributor, benefiting from improving semiconductor demand, accelerating AI investment, and rising fab utilization. DPZ declined as domestic and international same-store sales fell short of expectations amid a challenging consumer backdrop. Despite functioning as a mission-critical operating system for its customers, APPF's software solutions represent a fraction of the gross rent revenue—creating a meaningful opportunity for continued value-chain monetization over time.

The London Company Mid Cap portfolio returned 9.7% (9.5% net) during the quarter vs. a 13.8% increase in the Russell Midcap