Core Insights - The London Company Small Cap Strategy reported a 1.9% appreciation in its small-cap portfolio for Q3 2025, underperforming the Russell 2000 Index which gained 12.4% [1] - The investor letter highlighted Armstrong World Industries, Inc. (NYSE:AWI) as a key stock, noting its strong performance and market position [2][3] Company Performance - Armstrong World Industries, Inc. (NYSE:AWI) had a one-month return of -2.27% but a significant 30.09% increase over the last 52 weeks, closing at $192.58 per share with a market capitalization of $8.306 billion on November 3, 2025 [2] - The company outperformed expectations in Q3 2025 due to better-than-expected volumes, strong operating leverage, and favorable positioning in key verticals [3] Hedge Fund Interest - Armstrong World Industries, Inc. was held by 38 hedge fund portfolios at the end of Q2 2025, a decrease from 41 in the previous quarter, indicating a slight decline in hedge fund interest [4] - Despite its potential, the company is not among the 30 most popular stocks among hedge funds, with some analysts suggesting that certain AI stocks may offer greater upside potential [4] Contribution to Performance - Armstrong World Industries, Inc. contributed positively to The London Company's performance in the previous quarter, reflecting its ongoing importance in the investment strategy [5]