The London Company International Equity Portfolio Q1 2026 Commentary
The London Company's International Equity Portfolio fell 6.5% in Q1 2026, underperforming the MSCI EAFE Index's 1.2% decline amid global volatility from energy shocks and rate uncertainty. Taiwan Semiconductor outperformed on strong demand and raised guidance, while SAP faced investor skepticism despite solid growth. ICON, PLC dropped sharply due to a delayed earnings report tied to a revenue recognition investigation. Geopolitical tensions in the Middle East are expected to prolong market instability.
- ▪The International Equity Portfolio declined 6.5% gross in Q1 2026 compared to a 1.2% decline for the MSCI EAFE Index.
- ▪Taiwan Semiconductor Manufacturing Co., Ltd. raised its revenue outlook after exceeding sales expectations in prior quarters.
- ▪SAP SE reported topline growth and margin expansion, but market concerns over AI disruption weighed on its stock.
- ▪ICON, PLC shares fell sharply after announcing a delay in its fourth-quarter reporting due to an internal revenue recognition investigation.
- ▪The London Company anticipates that Middle East geopolitical developments will continue to drive market volatility.
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