Langdon Partners’ Q2 2026 investor letter for the Langdon Global Smaller Companies Strategy revealed a 9.4% return, lagging behind the MSCI World Small Cap Net Index’s 17.0% gain, with a year-to-date return of -10.7% versus the index’s 35.3%.
A copy of the letter can be downloaded here
Despite the improvement, the seven-percentage point lag behind the benchmark is considered disappointing, and year-to-date performance is still below long-term expectations. The market sends signals through share prices, where rising prices indicate improvement and falling prices suggest decline. However, blindly following these signals can be misleading.
The portfolio’s performance reflected this, with technology lagging and consumer discretionary stocks performing well. The quarter emphasized that market expectations can shift quickly, demanding careful assessment of a business’s long-term earning potential. Also, check the fund’s top five holdings to see its best picks in 2026.