Summary

• The London Company International Equity portfolio declined 1.7% gross (-1.9% net) vs. a gain of 0.8% for the MSCI EAFE Index.
• The International Equity portfolio trailed the benchmark and came up short of our 85-90% upside capture expectations.
• The portfolio's valuation premium to the benchmark has narrowed meaningfully over the past year.
• Willis Towers Watson gained during the quarter on strong organic growth and operating leverage.
• CRH declined during the quarter even though the company reported a record second quarter, with earnings ahead of expectations, and reaffirmed its 2026 guidance.

Market Update

Global equity markets posted modest gains in the third quarter, but the strong momentum of the second quarter faded. Progress toward a lasting resolution in the Middle East stalled, pushing oil prices higher, while the AI