The London Company

What The London Company does

The London Company of Virginia, LLC is an SEC-registered institutional investment advisor founded in 1994 and headquartered in Richmond, Virginia. The firm manages equity portfolios across all market capitalizations for institutional investors, sub-advisory clients, and wealth intermediaries, with approximately $15.2 billion in assets under management as referenced in March 2022. It operates as a majority employee-owned boutique led by Founder and CIO Stephen M. Goddard, CFA, and CEO Stephen C. Owen, CFA (appointed 2020), serving pension plans, foundations, endowments, corporate plans, and individual investors.

The firm's investment approach is built on a Quality-at-a-Reasonable-Price (QARP) philosophy with a central emphasis on downside protection. Core strategies include Income Equity, Large Cap, Mid Cap, Small-Mid Cap, Small Cap, International Equity, International Equity ADR, and Concentrated approaches, all delivered through separately managed accounts, mutual fund sub-advisory, and collective investment trust sub-advisory. The firm employs its proprietary Balance Sheet Optimization (BSO) valuation methodology to estimate intrinsic value and identify quality companies trading at reasonable valuations. Portfolios are concentrated (30-35 holdings in Income Equity) with high active share (83 for Income Equity), and the firm relies on third-party analytics vendors including Sustainalytics for ESG risk ratings and Style Analytics for portfolio analysis.

Revenue is generated through investment advisory fees on assets under management. Distribution occurs through direct institutional sales, institutional consultant relationships, and channel partnerships with SEI Trust Company (Income Equity CIT, Small-Mid Cap Equity CIT) and Touchstone Investments (Large Cap, Mid Cap, Small Cap Funds). Fees are not publicly disclosed and are typically negotiated based on asset size and strategy complexity. The firm does not publish revenue and Form ADV Part 2 fee schedules are available only upon request.

Name

The London Company

Legal name

The London Company of Virginia, LLC

Website

https://tlcadvisory.com

Company type

Private

Founded year

1994

Operating status

Operating

Headcount range

11–50 employees

Short description

The London Company is a Richmond, Virginia-based SEC-registered institutional investment advisor managing approximately $15.2 billion in equity strategies across all market capitalizations, serving pensions, foundations, endowments, and wealth intermediaries through a Quality-at-a-Reasonable-Price approach focused on downside protection.

Ownership category

akta.pro rank

Product category

Investment Management

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Advisory Portfolio Management (Non-Discretionary) (FSAAABAD)

Keywords

• Institutional asset management
• Equity investment strategies
• Sub-advisory services
• Quality value investing
• Separately managed accounts

Headquarters

HQ city

Richmond

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Investment Advisory Fees: The London Company generates revenue through investment advisory fees charged on assets under management. As an SEC-registered investment advisor, the firm earns fees based on the value of client assets managed across its various equity strategies (Income Equity, Large Cap, Mid Cap, Small-Mid Cap, Small Cap, International Equity).

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

The London Company is an SEC-registered investment advisor that manages equity portfolios across all market capitalizations on behalf of institutional, sub-advisory, and wealth clients. The firm applies a Quality-at-a-Reasonable-Price (QARP) philosophy with downside protection as its central tenet, using its proprietary Balance Sheet Optimization (BSO®) framework to assess intrinsic value, and offers strategies via separately managed accounts, mutual funds, and collective investment trusts.

Product overview

The London Company is an investment management firm offering a comprehensive suite of equity strategies across all market capitalizations. The firm provides separately managed accounts, mutual funds, and collective investment trusts through sub-advisory relationships. Strategies include Income Equity, Large Cap, Mid Cap, Small-Mid Cap, Small Cap, International Equity, International Equity ADR, and Concentrated approaches—all built on the firm's quality-value investment philosophy emphasizing downside protection, durable competitive advantages, and Balance Sheet Optimization® valuation methods.

Differentiator

Problem solved

Functional benefit

Brands

• Balance Sheet Optimization (BSO): Proprietary valuation approach used to estimate intrinsic value of companies, focusing on the strength of existing business fundamentals and management flexibility from a strong balance sheet.

Products and services

• Income Equity Strategy An equity strategy focused on generating income through dividend-paying stocks, emphasizing downside protection and quality companies with sustainable competitive advantages; intended for institutional and wealth clients.
• Large Cap Strategy An equity strategy investing in large-cap companies, emphasizing the quality-at-a-reasonable-price (QARP) approach with focus on durable competitive advantages and strong balance sheets; intended for institutional and wealth clients.
• Mid Cap Strategy An equity strategy focused on mid-cap companies with strong market positions, targeting quality businesses trading at reasonable valuations relative to their growth prospects; intended for institutional and wealth clients.
• Small-Mid Cap Strategy An equity strategy investing across the small-to-mid cap spectrum, emphasizing business quality, balance sheet strength, and valuation discipline; intended for institutional and wealth clients.
• Small Cap Strategy An equity strategy focused on small-cap companies with demonstrated business quality, sustainable competitive advantages, and reasonable valuations; intended for institutional and wealth clients.
• International Equity Strategy An equity strategy investing in international developed markets, applying the same quality and valuation principles to non-U.S. companies; intended for institutional and wealth clients.
• International Equity ADR Strategy An equity strategy investing in international equities through American Depositary Receipts (ADRs), providing exposure to foreign companies listed on U.S. exchanges; intended for institutional and wealth clients.
• Concentrated Strategy A highly focused equity strategy with a concentrated portfolio of high-conviction holdings, applying rigorous quality and valuation criteria across market capitalizations; intended for institutional and wealth clients.
• Sub-Advised Funds Sub-advisory services for mutual funds where The London Company provides investment management expertise to other fund families, including the Touchstone Large Cap, Mid Cap, and Small Cap Funds.
• SEI Income Equity Collective Trust A collective investment trust sub-advised by The London Company and administered by SEI Trust Company as trustee, providing institutional investors with access to the income equity strategy through a CIT wrapper.
• SEI Small-Mid Cap Equity Collective Trust A collective investment trust sub-advised by The London Company and administered by SEI Trust Company as trustee, offering institutional investors exposure to the small-mid cap strategy through a CIT wrapper.

Quantifiable outcome

• Income Equity strategy delivered net annualized 8.9% vs 7.2% for Russell 1000 Value Index since 1999
• +2 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• SEI Trust CompanycoreChannel Partner/ Reseller/ DistributorThe London Company sub-advises the SEI Income Equity Collective Trust and SEI Small-Mid Cap Equity Collective Trust. SEI Trust Company serves as the trustee and administrator of these collective investment vehicles, providing trust services and fiduciary oversight while The London Company provides investment management expertise for the underlying equity strategies.

Scale indicators5 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Artisan Partners: Public, multi-boutique equity manager offering a suite of high-conviction, concentrated equity strategies distributed through institutional, intermediary and sub-advisory channels. Operates a similar multi-cap, quality/value-tilted boutique model with comparable AUM scale and sub-advisory platform relationships.
• Cambiar Investors: Boutique, employee-owned investment manager focused on quality value equities across market caps. Directly comparable QARP-style philosophy, concentrated portfolios, and institutional/sub-advisory distribution.
• Jensen Investment Management: Quality-focused, dividend-oriented equity boutique serving institutional and wealth clients. Highly comparable philosophy (quality companies, downside protection, long holding periods) and sub-advisory model.
• Yacktman Asset Management: Boutique, concentrated value manager emphasizing high-quality businesses purchased at reasonable prices with long holding periods. Closely aligned with TLC's QARP, downside-protection framework and institutional client base.
• Hotchkis & Wiley Capital Management: Mid-sized value equity boutique managing institutional, sub-advised and intermediary assets across US and global mandates. Similar diversified equity product set, institutional distribution, and active, high-conviction approach.
• Ariel Investments: Diversified boutique manager with deep value, growth and concentrated equity strategies distributed through institutional, mutual fund and sub-advisory channels. Comparable boutique scale, multi-cap lineup, and emphasis on downside protection.
• Polen Capital: Employee-owned, concentrated quality equity boutique with institutional and intermediary distribution. Overlaps in focus on high-quality compounders, concentrated portfolios, and long-term horizon.
• ClearBridge Investments: Large multi-boutique equity manager offering quality value, dividend, and growth strategies distributed via institutional SMAs, CITs, and mutual funds. Comparable product breadth and sub-advisory distribution mechanics.
• Reinhart Partners: Mid-sized, employee-owned boutique focused on quality value equities for institutional and intermediary clients. Closely comparable investment philosophy, fund vehicles, and client segmentation.

Broad incumbents

• Eaton Vance (Morgan Stanley Investment Management): Large diversified asset manager with significant sub-advisory, SMA and mutual fund distribution across multiple equity styles. Touchstone relationship peer, and a benchmark for what scaling beyond boutique scale looks like (now within Morgan Stanley IM).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/london_company
• LinkedInlinkedin.com/company/the-london-company

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The London Company