L2 Large Cap Core Strategy – September Q3 2026

L2’s Large Cap Core strategy rose 0.73%¹ in the quarter while the benchmark Russell 1000 ETF rose 1.87%, a shortfall of 1.14%. After a strong Q2 in which we made up some of the ground lost in Q1, this was a modest step back.

Our largest contributors were a diverse group of holdings that sit well outside the benchmark’s mega-cap core. Tenet Healthcare was the standout, rising about 37%, and Qorvo, HF Sinclair, which we added during the quarter, Keysight, Ross Stores, and Ameriprise also contributed. Two positions we exited during the quarter also added to returns: ADT and Chewy, one of last quarter’s detractors, each gained roughly 15% while we held them.