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.
In its Q2 2026 investor letter, Langdon Global Smaller Companies Strategy highlighted Miami International Holdings, Inc. (NYSE:MIAX). Miami International Holdings, Inc. (NYSE:MIAX) is a financial services company that builds and operates various financial marketplaces in the United States. On August 26, 2026, Miami International Holdings, Inc. (NYSE:MIAX) closed at $43.39 per share, reflecting a market capitalization of $4.30 billion. Miami International Holdings, Inc. (NYSE:MIAX) posted a one‑month return of -5.67%, while its shares gained 22.26% over the past 52 weeks.
Langdon Global Smaller Companies Strategy stated the following regarding Miami International Holdings, Inc. (NYSE:MIAX) in its Q2 2026 investor letter:
“We initiated a position inMiami International Holdings, Inc. (NYSE:MIAX) during the second quarter. MIAX operates electronic exchanges across several areas of the U.S. financial markets. Exchange businesses can possess attractive characteristics, including transaction-based revenue, operating leverage and network effects that may strengthen as liquidity and participation grow. Our interest in MIAX rests on the combination of its existing position in U.S. listed options, its proprietary technology infrastructure and its ability to introduce new products across a broader derivatives platform.
The company has continued to gain share in certain markets while investing in new products and partnerships. Because much of its technology and operating infrastructure is already in place, higher trading volumes may support attractive incremental margins over time. That potential is meaningful but not assured. Exchange operators face substantial competitive, regulatory and execution risks. Their economics can also be affected by trading activity, pricing, market structure and the actions of large incumbents…” (Click here to read the full text)
