The London Company, an investment management company, released its first-quarter 2026 investor letter for its “The London Company Income Equity Strategy”. A copy of the letter is available to download here. In early 2026, US equities declined, with the Russell 3000 falling 4% and the S&P posting losses. The year began positively on a broad rally, but sentiment reversed sharply in March due to the Iran conflict. Market leadership shifted to a narrow, commodity-focused sector benefiting energy, agriculture, and hard assets. Large-cap growth suffered double-digit losses amid weakness in Big Tech and AI-related concerns in software. Sector dispersion was extreme; Energy surged over 35%, while Tech dropped over 9%. The London Company Income Equity portfolio returned 4.4% (4.2% net) this quarter, outperforming the 2.1% rise in the Russell 1000 Value Index, supported by stock selection and sector exposure. In this environment, the portfolio is positioned to participate in market upside, offering diversification and quality. In addition, please check the Strategy’s top five holdings to know its best picks in 2026.
In its first-quarter 2026 investor letter, The London Company Income Equity Strategy highlighted Air Products and Chemicals, Inc. (NYSE:APD). Air Products and Chemicals, Inc. (NYSE:APD) is a leading industrial company that provides atmospheric gases, process and specialty gases, equipment, and related services, On June 9, 2026, Air Products and Chemicals, Inc. (NYSE:APD) closed at $282.98 per share. One-month return of Air Products and Chemicals, Inc. (NYSE:APD) was -7.58%, and its shares gained 0.27% over the past 52 weeks. Air Products and Chemicals, Inc. (NYSE:APD) has a market capitalization of $63.01 billion.
The London Company Income Equity Strategy stated the following regarding Air Products and Chemicals, Inc. (NYSE:APD) in its Q1 2026 investor letter:
“Air Products and Chemicals, Inc. (NYSE:APD) – APD benefited from industrial gas demand improving and rising helium prices tied to the Iran conflict. Helium represents a low-teens percentage of earnings and has weighed on results in recent years due to a weak pricing environment. The current pricing tailwind should provide some near-term relief. Our long-term thesis continues to track against improved execution under new management.”
Air Products and Chemicals, Inc. (NYSE:APD) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 56 hedge fund portfolios held Air Products and Chemicals, Inc. (NYSE:APD) at the end of the first quarter, up from 44 in the previous quarter. While we acknowledge the risk and potential of Air Products and Chemicals, Inc. (NYSE:APD) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than Air Products and Chemicals, Inc. (NYSE:APD) and that has 10,000% upside potential, check out our report about this cheapest AI stock.
In another article, we covered Air Products and Chemicals, Inc. (NYSE:APD) and shared the list of top hydrogen stocks to buy. In addition, please check out our hedge fund investor letters Q1 2026 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
