Appfolio INC

• LC The London Company Market Observations & Portfolio Commentary Mid Cap – 3Q2026 vs. Russell Midcap ↗ The Mid Cap portfolio faced headwinds from underweights in energy and beaten-down software, alongside pressure at consumer-facing and building-products holdings. The strategy added Verisk, Honeywell Aerospace, TE Connectivity and CBRE, while exiting Bruker, Copart and Pool. The manager argues that quality businesses with conservative leverage and durable cash generation should benefit as higher rates pressure weaker balance sheets. 3Q2026 APPF $7.5BAVTR $11BCBRE $39B +7

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