Summary

• 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.

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