Core Insights - The commentary discusses the performance of the London Company SMID Cap relative to the Russell 2500 index for Q3 2025, highlighting the impact of sector exposures on investment performance [2] Sector Influence - The company employs a bottom-up stock picking strategy, but acknowledges that sector exposures have influenced relative performance [3] - The company has an overweight position in certain sectors that contributed positively to performance [3]

Group 1 - The core viewpoint of the article highlights the performance of Armstrong World Industries, Inc. (AWI), which outperformed in the quarter [3] Group 2 - The commentary is part of a broader analysis comparing the performance of SMID Cap stocks against the Russell 2500 index for Q3 2025 [2]