TLC International Equity Portfolio Q1 2026 Leaders And Laggards
The London Company's International Equity Portfolio fell 6.5% in Q1 2026, underperforming the MSCI EAFE Index which declined 1.2%, due to negative sector exposure and stock selection. BAE Systems led gains with a 26% return, driven by anticipated defense spending growth, while Taiwan Semiconductor advanced on strong demand and raised guidance. SAP dropped about 30% amid concerns over AI disruption despite solid financial performance, and ICON PLC declined sharply due to a delayed earnings report tied to an internal revenue recognition investigation.
- ▪The International Equity Portfolio declined 6.5% gross in Q1 2026 compared to a 1.2% decline in the MSCI EAFE Index.
- ▪BAE Systems PLC rose 26% in the quarter due to expectations of increased defense spending among NATO countries.
- ▪Taiwan Semiconductor Manufacturing Company Limited saw continued strong demand and raised its revenue outlook after exceeding sales expectations.
- ▪SAP SE shares fell approximately 30% as investor concerns about AI disruption outweighed its reported revenue growth and margin expansion.
- ▪ICON PLC declined significantly after announcing a delay in its fourth-quarter report due to an internal investigation into prior-year revenue recognition.
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