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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
L1 Capital International (Unhedged) Active ETF generated a net return of +3.5% for the September 2026 quarter, outperforming the benchmark MSCI World Net Total Return Index by 2.1 percentage points, while recording a year-to-date net return of -7.7%. The strategy maintained a fully invested posture with cash ending the period at 2.0%, well within its historical operational objective of 5.0% or less. Net equity exposure remained diversified across 22 holdings, with the ten largest positions accounting for approximately 63% of portfolio assets. Portfolio adjustments over the quarter were disciplined and moderate, affecting less than 10% of total fund capital. The manager’s macroeconomic framework stresses that markets have entered 'dark grey' territory as ten-year U.S. Treasury yields exceeded 5.0%, compressing valuation multiples across cyclical businesses and elevating financing costs. Persistent inflation above central bank mandates has spurred monetary tightening across several developed economies, while geopolitical conflict in the Middle East continues to elevate logistics expenses and fuel input prices. Amid this backdrop, the fund emphasizes that accelerating technological adoption in artificial intelligence does not automatically translate into investment success, warning that market expectations for certain infrastructure and software models may be detached from economic reality. Portfolio activity was marked by selective capital rotation rather than broad directional repositioning. The fund initiated new long stakes in wealth platform operator LPL Financial and streaming leader Netflix following steep share price declines. Concurrently, the manager fully exited its long position in insurance broker Marsh following an intra-quarter rally to redeploy capital into higher-conviction holdings. Position sizing adjustments included modest additions to Alphabet, American Express, London Stock Exchange Group, Nvidia, and Uber, paired with rebalancing trims in Danaher, HCA, and Microsoft.
Deliver compounding long-term returns and capital preservation by investing in high-quality, cash-generative global businesses with durable competitive advantages and attractive valuations across diverse earnings drivers.
The investment environment is expected to remain challenging and volatile as markets digest restrictive interest rates, ongoing geopolitical conflicts, and significant dispersion among artificial intelligence beneficiaries. The fund will avoid concentrating capital in single thematic outcomes, prioritizing valuation discipline, balanced sector exposure, and businesses possessing enduring competitive moats and strong cash generation capable of delivering attractive risk-adjusted returns.
As of Oct 13, 2026
Founded in 2007 by Raphael Lamm and Mark Landau, L1 Capital has established itself as a leading independent investment manager delivering exceptional risk-adjusted returns. Raphael Lamm serves as Co-Chief Investment Officer and Joint Managing Director, bringing 18 years of experience in funds management, including five years at Cooper Investors prior to founding L1 Capital. Mark Landau co-founded the firm alongside Lamm and serves as Co-Chief Investment Officer. The firm remains majority-owned by its founders and staff, ensuring strong alignment between management and investor interests. The company has evolved into a global investment manager with offices in Melbourne, Sydney, Miami, and London. The management team demonstrates significant skin in the game, investing most of their personal wealth alongside clients in their funds, while prohibiting personal share trading for all staff members.
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