| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 12.1% | -13.1% | -13.1% |
L1 Capital International returned -13.1% in Q1 2026 versus -6.1% for the benchmark, driven by no energy exposure during elevated oil prices and weakness in high-quality software businesses. Markets remain driven more by geopolitics than fundamentals, with the Iran conflict creating uncertainty while companies are simplistically categorized as AI winners or losers. The fund sees nuanced outcomes rather than binary conclusions, with many high-quality software businesses now trading at attractive valuations despite their ability to adapt and benefit from AI. Core holdings like Microsoft, Intuit and Salesforce face pressure from AI disruption concerns, while payments networks Mastercard and Visa declined on emerging technology threats. The fund trimmed positions in outperformers like Alphabet and HCA Healthcare while initiating two new positions and increasing exposure to existing holdings trading below fair value. With almost every portfolio company at or below the lower end of valuation ranges, the fund sees compelling opportunities for long-term investors as short-term risks are being overpriced.
High-quality businesses are being mispriced as markets overly price short-term uncertainty as permanent impairment while simplifying inherently complex risks, creating compelling opportunities for longer-term investors.
The fund expects positive but slowing global growth with inflation broadly stable after a short-term conflict-driven bump, subject to Iran conflict resolution. Longer-term interest rates have remained relatively stable, suggesting medium-term macroeconomic expectations remain broadly unchanged. The fund sees compelling opportunities for long-term investors as markets oversimplify complex situations into binary conclusions.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 14 2026 | 2026 Q1 | AMZN, BKNG, CRH, CRM, GOOGL, HCA, ICE, INTU, J, MA, MSFT, TSM, V, WEIR.L | AI, Cloud, energy, Geopolitical, payments, Quality, software, valuation | - | L1 Capital underperformed in Q1 2026 as markets oversimplified AI disruption risks and geopolitical uncertainty. High-quality software and payments companies are being mispriced despite strong fundamentals and adaptation capabilities. The fund sees compelling opportunities with almost every holding trading at or below fair value ranges, using market dislocation to selectively increase exposure to quality businesses. |
| Jan 14 2026 | 2025 Q4 | AER, AMZN, BKNG, CRH, CRM, DHR, GOOGL, HCA, ICE, INTU, J, LSEG.L, MA, MSFT, TSM, UBER, UNH, V | AI, consumer, Global Equities, Macro, Quality, technology, valuation |
J UBER AER TSM CRM INTU LSEG LN ICE |
L1 Capital returned 9.8% in 2025, underperforming due to quality factor weakness and concentrated market returns. The manager sees opportunities in quality businesses labeled as AI losers trading at attractive valuations, while avoiding AI winners priced for perfection. Portfolio remains focused on businesses serving affluent consumers in the K-shaped economy, with selective deployment from a strong investment pipeline. |
| Oct 20 2025 | 2025 Q3 | AAPL, AERCF, AMZN, BKNG, CRH, DHR, GOOGL, HCA, ICE, INTU, J, MA, META, MSFT, NVDA, TSLA, TSM, UBER, V, WEIR.L | AI, global, gold, Quality, tariffs, technology, Trump, value | - | L1 Capital underperformed in Q3 2025 as concentrated AI and crypto themes drove benchmark returns. The fund maintains Quality/Value discipline amid Trump policy dominance and AI development. New positions in Nvidia and Weir Group reflect selective AI exposure and mining equipment plays. Portfolio nearly fully invested at 2% cash with focus on risk-adjusted returns through business selection. |
| Jul 14 2025 | 2025 Q2 | AER, AMZN, BKNG, CRH, HCA, ICE, J, MA, MSFT, V | AI, financials, global, healthcare, infrastructure, Quality, technology, Trade Policy |
J UNH EXP HCA UNH J |
L1 Capital delivered 22.1% annual returns despite Q2 underperformance amid Trump tariff volatility. Manager divested UnitedHealth completely after profit downgrades, while adding to quality names like Jacobs Solutions during market weakness. Portfolio benefits from AI, infrastructure, and demographic trends. Key risks include trade war escalation and Fed independence. Fund remains concentrated in high-conviction quality businesses. |
| Apr 14 2025 | 2025 Q1 | AER, AMZN, BKNG, CRH, GOOGL, HCA, ICE, MA, MMC, MSFT, V, VIE.PA | AI, global, healthcare, Quality, tariffs, Trade Policy, valuation |
HCA AMZN MSFT GOOGL VIE.PA |
L1 Capital outperformed in Q1 2025 despite Trump tariff chaos by maintaining discipline on quality businesses trading below fair value. Added to healthcare winner HCA and defensive utility Veolia while tech holdings Amazon, Microsoft, Alphabet offer compelling value despite AI headwinds. Portfolio positioned for recovery as trade policy uncertainty moderates. |
| Dec 31 2024 | 2024 Q4 | AER, AMZN, BKNG, CRH, EXP, GOOGL, HCA, ICE, INTU, MA, MSFT, NVDA, TSLA, UNH, V | AI, global, healthcare, interest rates, large cap, Quality, technology |
MSFT HCA |
L1 Capital delivered solid Q4 returns while navigating higher-for-longer interest rates and AI transformation. The fund maintains conviction in quality technology leaders like Microsoft despite AI investment uncertainty, opportunistically added to healthcare names like HCA amid regulatory concerns, and reduced cash to 2% as market volatility creates attractive entry points in fundamentally strong businesses. |
| Sep 30 2024 | 2024 Q3 | AAPL, AER, AMD, AMZN, BKNG, CRH, EXP, GOOGL, HCA, ICE, MA, META, MSFT, NVDA, PFE, PTON, TSLA, UNH, V, ZM | AI, large cap, Quality, rates, technology, US, value | - | L1 Capital delivered 4.7% returns in Q3 2024, outperforming by 2.3%. The manager maintains quality-focused positioning while avoiding Nvidia despite AI's potential due to excessive valuation expectations. Mixed economic conditions create selective opportunities for their bottom-up approach targeting well-managed businesses at fair value that can navigate uncertainty. |
| Jul 10 2024 | 2024 Q2 | AER, AMZN, BKNG, CRH, DHR, EXP, GOOGL, HCA, ICE, MA, MSFT, NRP, NVDA, UNH, V | Aircraft Leasing, Global Equities, infrastructure, interest rates, Market Concentration, Quality, technology, value | AER | L1 Capital's global equity fund underperformed in Q2 due to avoiding Nvidia's AI-driven rally, but maintains disciplined value approach. Key opportunity highlighted in AerCap aircraft leasing at 8x P/E amid industry supply constraints. Building materials positions CRH and Eagle Materials now attractively valued despite recent weakness. Portfolio remains quality-focused with geographic diversification while economic growth slows and Fed risks policy error. |
| Apr 15 2024 | 2024 Q1 | AAPL, AMZN, BKNG, CRH, EXP, GOOGL, GPK, HCA, ICE, MA, META, MSFT, NRP, NVDA, TSLA, UNH | AI, global, healthcare, inflation, materials, Quality, rates, technology | - | L1 Capital International delivered solid Q1 performance while navigating mixed economic conditions. The fund maintains quality focus with strategic portfolio adjustments including selling Graphic Packaging and adding to ICE and UnitedHealth on weakness. Despite celebrating strong 5-year track record, the manager emphasizes selective stock picking and valuation discipline as markets reach new highs. |
| Dec 31 2023 | 2023 Q4 | ADI, AMD, AMZN, BKNG, CME, CRH, EXP, GOOGL, GPK, HCA, ICE, INTU, MA, MSFT, NRP, UNH | healthcare, inflation, infrastructure, Quality, technology, value | HCA | L1 Capital delivered strong outperformance with 36.9% returns in 2023, driven by broad-based gains beyond mega-tech. The manager expects continued economic soft landing with declining inflation but higher-for-longer rates. Portfolio shifts toward defensive healthcare and infrastructure themes while trimming overvalued technology positions. Business selection becomes critical as free capital era ends. |
| Sep 30 2023 | 2023 Q3 | AMZN, BKNG, CRH, GOOGL, GPK, INTU, MA, MCO, MMC, MSFT, NRP, NVDA, UNH, V | AI, Cloud, global, healthcare, Quality, technology, Travel, valuation | - | L1 Capital International outperformed by 4.0% in Q3 2023 through selective quality investing. Strong performance from travel leader Booking Holdings and AI-focused Intuit offset by portfolio trimming for valuation discipline. Fund sees ongoing post-COVID normalization with performance divergence favoring quality companies. Current holdings trade at attractive valuations despite macro headwinds from higher real rates. |
| Mar 31 2023 | 2023 Q1 | BKNG, CRH, GPK | - | - | |
| Oct 24 2022 | 2022 Q3 | ADBE, AMD, AMZN, BKNG | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIMarkets are overly simplistic in categorizing companies as AI winners or losers, creating opportunities in high-quality software businesses that are being mispriced due to perceived disruption risks. The fund sees nuanced outcomes rather than binary conclusions, with many software companies now trading at attractive valuations despite their ability to adapt and benefit from AI. |
Software Disruption Valuation Technology Innovation |
SoftwareSoftware sector has materially underperformed due to AI disruption concerns, but the market is overestimating near-term disruption risk while underappreciating adaptation capabilities. Core holdings like Intuit, Microsoft and Salesforce face pressure despite stable earnings expectations, with valuation multiples materially de-rating across the sector. |
Enterprise SaaS Cloud Disruption Valuation | |
CloudHyperscalers are investing hundreds of billions in AI infrastructure, with the market overly focused on short-term uncertainty while underappreciating long-term structural opportunity. The fund expects leading hyperscalers to generate attractive returns on invested capital over the medium to long term despite current capital expenditure concerns. |
Infrastructure Capex Data Centers Hyperscalers Returns | |
PaymentsMastercard and Visa remain large holdings despite share price weakness and concerns about emerging technologies like agentic commerce and stablecoins disrupting traditional payments. The fund believes these concerns are overstated given their scale, network effects, and regulatory positioning creating significant barriers to disruption. |
Networks Disruption Fintech Scale Barriers | |
GeopoliticalIran conflict remains a key source of uncertainty affecting markets more than fundamentals, with implications for energy markets and global supply chains. The fund expects President Trump to seek an off-ramp from the conflict, with near-term resolution potentially reversing recent market trends and limiting economic damage. |
Conflict Energy Uncertainty Politics Resolution | |
EnergyFund had no exposure to energy during elevated oil prices, contributing to underperformance. The Iran conflict has driven oil price spikes and energy sector outperformance, with markets pricing partial normalization over the next 12 months while remaining above pre-conflict levels. |
Oil Conflict Prices Exposure Outperformance | |
| 2025 Q4 |
AfricaFund had exceptional performance in 2025 with 67.21% gains, more than doubling 2024's 27% returns and outperforming the 44.7% benchmark. African Lions Fund remains the top performing Africa Frontier Fund since inception with 205.3% cumulative returns over 5+ years. |
Frontier Markets Emerging Markets Outperformance Returns Benchmark |
LiquidityManager addresses liquidity concerns in African frontier markets, explaining challenges in buying meaningful quantities without affecting prices and potential redemption risks. Notes that liquidity varies cyclically and structurally, with foreign investor participation being key to improving market liquidity. |
Market Structure Trading Volume Redemptions Foreign Investment Volatility | |
ValuePortfolio offers excellent value with forward PE of 6.1x, dividend yield of 8.0%, and expected EPS growth of 19.2% in 2026. Manager emphasizes no valuation multiple expansion over 5+ years, with share prices rising in line with earnings growth, answering concerns about missing opportunities. |
Valuation Earnings Growth Dividend Yield Price to Earnings Multiple Expansion | |
| 2025 Q3 |
AIAI development is accelerating with significant investment in datacenter infrastructure and companies incorporating AI into products and services. Leading AI models are approaching parity with industry experts across multiple sectors. However, uncertainty remains around development costs, power requirements, and whether current valuations are justified. |
Artificial Intelligence Datacenter OpenAI Productivity Disruption |
Trade PolicyTrump administration policies are placing the U.S. first with increased tariffs and international trade tensions. Tariff policy is likely to be both inflationary and negative for overall economic growth. There is potential for flare-ups and breakdowns in discussions between the U.S. and key trading partners. |
Tariffs International Trade Inflation Economic Growth Policy | |
QualityThe traditional Quality factor has underperformed the broader U.S. market by the widest margin since the dot.com boom. L1 Capital's investment philosophy is based on fundamental assessment of Quality and Value, with Quality companies often outperforming in challenging markets. |
Quality Factor Value Fundamental Analysis Market Outperformance Investment Philosophy | |
GoldGold company share prices increased materially during the quarter, reflecting the 'debasement trade' or a hedge against inflation, rising U.S. debt and a softening U.S. dollar. The fund has small exposure through Weir Group as a 'picks and shovels' business. |
Debasement Trade Inflation Hedge Dollar Weakness Mining Equipment Commodity Exposure | |
| 2025 Q2 |
Trade PolicyPresident Trump's Liberation Day Reciprocal Tariffs policy announced on April 2, 2025 created maximum uncertainty. The manager expects the U.S. and world economies will be in a worse position than before the trade war, with higher inflation in the U.S. and lower economic growth globally. |
Tariffs Trade War Inflation Economic Growth Policy |
Infrastructure SpendingGlobal infrastructure renewal remains a key priority with the $1.2 trillion Infrastructure Investment and Jobs Act still in early deployment stages. The U.K. committed £725 billion over 10 years and Australia committed $120 billion over 10 years for infrastructure programs. |
Infrastructure Government Spending Construction Transportation Investment | |
WaterRising climate volatility, water scarcity, aging infrastructure, urbanisation and shifting demographics are driving sustained investment in water systems. The American Society of Civil Engineers estimates a $3.7 trillion gap in U.S. infrastructure investments including water treatment and supply systems. |
Water Treatment Infrastructure Climate Urbanisation Investment | |
AIArtificial Intelligence is driving and reshaping many industries over the coming decade. The manager notes AI will have significant impact while acknowledging some market exuberance in AI sectors. Leading technology companies are well positioned to maintain AI leadership. |
Technology Innovation Digital Transformation Growth Leadership | |
| 2025 Q1 |
Trade PolicyTrump's Reciprocal Tariffs framework is deeply flawed, based on trade deficits rather than actual tariffs or unfair practices. The policy creates significant economic uncertainty and potential for global trade disruption. Liberation Day policies have been partially paused but tensions with China remain at unprecedented levels. |
Tariffs Trade China Reciprocal Deficits |
AIMarket concerns about elevated AI capital expenditure and returns on investment by cloud service providers. Chinese AI model DeepSeek created competitive pressures and reduced expectations for AI capex requirements. The fund holds positions in Amazon, Microsoft, and Alphabet despite near-term headwinds. |
Cloud Capex DeepSeek Competition Technology | |
HealthcareHCA Healthcare's share price rebounded after overreacting to Trump administration healthcare policy concerns. The manager added to the position at attractive valuations and saw partial recovery during the quarter, making it the only company to contribute over 1% to quarterly returns. |
HCA Policy Valuation Recovery Hospitals | |
WaterInitiated position in Veolia Environnement, a leading provider of water, waste and energy management solutions. The company offers defensiveness with 85% macro-immune businesses, 90% contract renewal rates, and essential infrastructure ownership trading at attractive valuations. |
Veolia Infrastructure Utilities Defensive Essential | |
| 2024 Q4 |
AIAI is viewed as a world-changing General Purpose Technology with immense potential but inherent uncertainty. Microsoft has a leadership position through ChatGPT and other capabilities, investing approximately $80 billion in AI-enabled datacenters. The technology is ground-breaking and unprecedented, with unknowable issues regarding development speed, commercialization costs, and infrastructure requirements. |
Cloud Data Centers Software Technology |
RatesInterest rates continue to stay higher for longer as expected, with Central Banks not aggressively reducing rates while inflation remains above targets and employment conditions remain robust. Long-term interest rates are in a grey zone, with good economic news currently negative for equity markets as it leads to expectations for higher rates. |
Inflation Monetary Policy Economic Growth Central Banks | |
HealthcareHCA Healthcare faces regulatory uncertainty following U.S. elections, with market concerns about potential policy changes under Trump administration affecting Health Exchanges and Medicaid reimbursement. Despite these headwinds, HCA maintains regional leadership in higher acuity care with experienced physicians and quality facilities. |
Hospitals Managed Care Policy Risk Reimbursement | |
CloudHyperscalers like Azure, Amazon Web Services, and Google Cloud Platform are leaders in providing AI as a service, facilitating other companies to develop and implement AI. These companies are investing heavily in computing power and infrastructure to develop AI-centric capabilities for their own requirements and third parties. |
AI Data Centers Infrastructure Technology | |
| 2024 Q3 |
AIThe fund extensively analyzes Nvidia's dominance in AI infrastructure and the broader AI gold rush. While acknowledging AI's transformative potential, the manager expresses concern about Nvidia's $3.2 trillion valuation given high uncertainty around competition, commercialization timelines, and returns on AI investments. |
GPUs Data Centers Machine Learning Semiconductors Cloud |
QualityThe fund emphasizes investing in high-quality businesses with strong management teams that can navigate choppy economic conditions. The manager highlights how their quality-focused approach helps identify companies that can actively manage through mixed operating environments. |
Management Cashflow Resilience Fundamentals Moats | |
RatesThe manager expects U.S. interest rates to stay higher for longer due to strong economic data, low unemployment, and wages growth exceeding inflation. They view current real interest rates as normal and conducive to value appreciation of quality assets over time. |
Federal Reserve Monetary Policy Inflation Employment Central Banks | |
| 2024 Q2 |
Aircraft LeasingAerCap represents a compelling opportunity in aircraft leasing, trading at 8x P/E and 1x understated tangible book value. The industry benefits from structural aircraft shortages due to Boeing and Airbus production issues, while travel demand has recovered above pre-COVID levels. AerCap's scale and diversification provide competitive advantages in financing, purchasing, and risk management. |
Aircraft Leasing AerCap Aviation Travel Leasing |
AIThe letter acknowledges the significant impact of AI on markets, particularly through Nvidia's outsized contribution to index returns. While recognizing AI's importance and Nvidia's ability to monetize its leading position, the manager views current valuations as providing unattractive risk-adjusted returns despite the business surprising to the upside. |
AI Nvidia Technology Semiconductors Growth | |
RatesInterest rates are expected to remain higher for longer, with the Fed likely behind the curve in cutting rates. Housing inflation remains elevated, and while core PCE excluding owner's equivalent rent is near the Fed's 2% target, the central bank continues to focus on headline measures. Rate policy impacts across sectors and geographies. |
Rates Fed Inflation Monetary Policy Housing | |
Building MaterialsCRH and Eagle Materials faced headwinds from weather disruptions and softening housing activity, though infrastructure spending remains robust. Both companies trade at attractive 13-14x P/E ratios despite short-term pressures. Long-term demand drivers include federal infrastructure spending and ongoing housing construction needs. |
Building Materials Construction Infrastructure Housing CRH | |
| 2024 Q1 |
InflationCore U.S. inflation remains above the Federal Reserve's 2% target, slowing the trend toward rate cuts. The manager notes inflation has been coming down but remains closer to 3% than 2%, with mixed inflationary pressures across different sectors and commodities. |
Inflation Federal Reserve Interest Rates Monetary Policy Core PCE |
RatesInterest rates are likely to stay higher for longer given strong employment and inflation above central bank targets. Market expectations for rate cuts have been pushed out, with June 2024 cut probability falling to below 35% from 75% a month prior. |
Interest Rates Federal Funds Rate Rate Cuts Central Banks Monetary Policy | |
AIArtificial Intelligence is described as the market's current obsession and a key growth area of the modern economy. The manager notes AI alongside cloud computing and software as driving market returns, though warns of pockets of irrational exuberance. |
Artificial Intelligence Technology Cloud Computing Software Innovation | |
QualityThe fund focuses on businesses meeting their unique definition of Quality, emphasizing sustainable leadership positions, pricing power, experienced management, and financial strength. Quality assessment is central to their investment process and risk management approach. |
Quality Leadership Pricing Power Management Financial Strength | |
| 2023 Q4 |
InflationManager expects inflation to continue declining with core PCE falling to 3.2% in November 2023. Goods are already deflationary while services inflation is no longer driving up headline rates. Housing inflation has peaked but remains sticky. |
Inflation PCE Deflation Services Housing |
HealthcareFocus on aging demographics driving hospital demand with HCA Healthcare positioned to benefit from growing population aged 65+ and increasing high-acuity services. UnitedHealth also highlighted as benefiting from growing health spending. |
Healthcare Demographics Hospitals Aging Acuity | |
Infrastructure SpendingManager notes fiscal policy supporting economic growth and super-charging development of physical infrastructure. Portfolio increased exposure to sectors expected to benefit from strong infrastructure spending in the United States. |
Infrastructure Fiscal Construction Government Spending | |
| 2023 Q3 |
AIAI is described as a revolutionary step change in computing with broad implications across industries. The fund sees early commercial applications at companies like Intuit and Microsoft, with the Big Three cloud providers exceptionally well positioned to provide AI infrastructure as a service. |
Artificial Intelligence Machine Learning Large Language Models Generative AI Commercial Applications |
CloudThe ongoing shift to cloud computing still has a long runway with AWS, Azure, and GCP growing from $25 billion to over $150 billion in revenue over five years. The trend to shift IT spend from on-premise to cloud is far from complete, providing strong growth profiles for major providers. |
Cloud Computing AWS Azure Infrastructure IT Services | |
OnshoringManagement teams continue investing in onshoring and nearshoring of supply chains and manufacturing operations. This reflects desires to strengthen supply chains after COVID-19 vulnerabilities and respond to geopolitical tensions, with increased manufacturing in Vietnam, India, and Mexico. |
Supply Chain Manufacturing Nearshoring Geopolitical Diversification | |
TravelStrong global travel environment continues with particular strength in Europe. Current travel volumes are only slightly elevated compared to pre-COVID trends, with some regions like outbound travel from China still relatively depressed, suggesting further upside potential. |
Tourism Hotels Online Travel Recovery Booking |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jan 14, 2026 | Fund Letters | David Steinthal | ICE | Intercontinental Exchange, Inc. | Financials | Financial Exchanges & Data | Bull | New York Stock Exchange | Clearing, Data, Exchanges, Networks, Regulation | Login |
| Jan 14, 2026 | Fund Letters | David Steinthal | J | Jacobs Solutions Inc. | Industrials | Construction & Engineering | Bull | New York Stock Exchange | AI, backlog, Consulting, engineering, infrastructure | Login |
| Jan 14, 2026 | Fund Letters | David Steinthal | UBER | Uber Technologies, Inc. | Consumer Discretionary | Ride Sharing & Delivery | Bull | New York Stock Exchange | Autonomy, mobility, Networks, Platforms, Ridesharing | Login |
| Jan 14, 2026 | Fund Letters | David Steinthal | AER | AerCap Holdings N.V. | Industrials | Aircraft Leasing | Bull | New York Stock Exchange | Aircraft, Aviation, backlog, Capitalallocation, Leasing | Login |
| Jan 14, 2026 | Fund Letters | David Steinthal | INTU | Intuit Inc. | Information Technology | Application Software | Bull | NASDAQ | AI, Ecosystems, Financialsoftware, Margins, valuation | Login |
| Jan 14, 2026 | Fund Letters | David Steinthal | TSM | Taiwan Semiconductor Manufacturing Company Ltd. | Information Technology | Semiconductors | Bull | New York Stock Exchange | AI, CapEx, Foundry, scale, semiconductors | Login |
| Jan 14, 2026 | Fund Letters | David Steinthal | CRM | Salesforce, Inc. | Information Technology | Application Software | Bull | New York Stock Exchange | AI, CRM, Margins, Software, valuation | Login |
| Jan 14, 2026 | Fund Letters | David Steinthal | LSEG LN | London Stock Exchange Group plc | Financials | Financial Exchanges & Data | Bull | New York Stock Exchange | analytics, Data, Exchanges, infrastructure, Recurring | Login |
| Jul 14, 2025 | Fund Letters | David Steinthal | J | Jacobs Solutions Inc. | Industrials | Construction & Engineering | Bull | New York Stock Exchange | Advanced Manufacturing, Engineering services, infrastructure, margin expansion, spin-off, valuation re-rating, Water | Login |
| Jul 14, 2025 | Fund Letters | David Steinthal | UNH | UnitedHealth Group Incorporated | Health Care | Managed Health Care | Bear | New York Stock Exchange | exit, Governance Risk, Healthcare services, Management Quality, Medicare Advantage, Profit Warning | Login |
| Jul 14, 2025 | Fund Letters | David Steinthal | EXP | Eagle Materials Inc. | Materials | Construction Materials | Bull | New York Stock Exchange | construction materials, housing cycle, infrastructure, Low-cost producer, valuation | Login |
| Jul 14, 2025 | Fund Letters | David Steinthal | HCA | HCA Healthcare, Inc. | Health Care | Health Care Facilities | Bull | New York Stock Exchange | Healthcare Policy, Hospitals, risk management, Top Holding, valuation | Login |
| Jun 30, 2025 | Fund Letters | L1 Capital International Fund | J | Jacobs Solutions | Industrials | Construction & Engineering | Bull | NYSE | AI infrastructure, Bull, CHIPS Act, Construction & Engineering, infrastructure, margin expansion, market leadership, secular growth | Login |
| Jun 30, 2025 | Fund Letters | L1 Capital International Fund | UNH | UnitedHealth Group | Health Care | Health Care Services | Bear | NYSE | Bear, divestiture, Health Care Services, health insurance, management issues, Profit Downgrades, Quality Assessment | Login |
| Mar 1, 2025 | Fund Letters | L1 Capital International Fund | HCA | HCA Healthcare | Health Care | Health Care Facilities | Bull | NYSE | defensive, essential services, healthcare, Hospitals, market leader, Trump Policy, Value | Login |
| Mar 1, 2025 | Fund Letters | L1 Capital International Fund | AMZN | Amazon.com | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | AI, Cloud computing, e-commerce, Long-term Value, Magnificent 7, market leader, technology | Login |
| Mar 1, 2025 | Fund Letters | L1 Capital International Fund | MSFT | Microsoft | Information Technology | Systems Software | Bull | NASDAQ | AI, Azure, Cloud computing, Enterprise software, Long-term Value, Magnificent 7, technology | Login |
| Mar 1, 2025 | Fund Letters | L1 Capital International Fund | GOOGL | Alphabet | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising, AI disruption, competitive threats, Long-term Value, Magnificent 7, search engine, technology | Login |
| Mar 1, 2025 | Fund Letters | L1 Capital International Fund | VIE.PA | Veolia Environnement | Utilities | Multi-Utilities | Bull | Euronext Paris | defensive, dividend yield, essential services, Europe, Macro-Immune, utilities, waste management, Water Management | Login |
| Dec 1, 2024 | Fund Letters | L1 Capital International Fund | MSFT | Microsoft Corporation | Information Technology | Systems Software | Bull | NASDAQ | AI, Artificial Intelligence, Azure, Cloud computing, Enterprise software, infrastructure, Pricing power, SaaS, Software, technology | Login |
| Dec 1, 2024 | Fund Letters | L1 Capital International Fund | HCA | HCA Healthcare Inc | Health Care | Health Care Facilities | Bull | NYSE | For-Profit, Health Exchanges, healthcare, High-Acuity Care, Hospitals, Medicaid, Policy risk, Reimbursement, Republican States, Value | Login |
| Jun 30, 2024 | Fund Letters | L1 Capital International Fund | AER | AerCap Holdings | Financials | Specialized Finance | Bull | NYSE | Aircraft Leasing, asset management, Aviation, Cyclical Recovery, financials, Specialized Finance, Transportation, Value | Login |
| Dec 31, 2023 | Fund Letters | L1 Capital International Fund | HCA | HCA Healthcare | Health Care | Health Care Facilities | Bull | NYSE | Aging demographics, cash flow generation, defensive, Emergency Services, geographic footprint, healthcare, High Acuity Services, Hospitals, market share, Outpatient Services | Login |
| TICKER | COMMENTARY |
|---|---|
| BKNG | Booking Holdings was one of the four largest detractors, detracting more than 1% from performance. While not classified as a software business, it has faced similar concerns to software companies, particularly around the potential for large language models to disrupt search and booking processes. The Middle East conflict has also not helped operating conditions for the travel industry. |
| CRH | CRH was one of the four largest detractors, detracting more than 1% from performance. Notably, it has been among the Fund's top contributors since inception, reinforcing the view that short-term share price movements are not reflective of long-term value creation. |
| INTU | Intuit was one of the four largest detractors, detracting more than 1% from performance. As one of the Fund's core software holdings, it has not been immune to recent share price pressure from AI disruption concerns. Notably, it has been among the Fund's top contributors since inception, reinforcing the view that short-term share price movements are not reflective of long-term value creation. |
| MSFT | Microsoft was one of the four largest detractors, detracting more than 1% from performance. As one of the Fund's core software holdings, it has not been immune to recent share price pressure from AI disruption concerns. Microsoft today is nothing like the Microsoft of the early 2010s, with Office now a cloud-based software subscription business, expansion in areas such as security, customer relationship management and gaming, while Azure (hyperscaler for Cloud and AI) was embryonic. Notably, it has been among the Fund's top contributors since inception. |
| TSM | TSMC was the only meaningful positive contributor during the quarter, although below the 0.5% threshold. |
| MA | Mastercard remains one of the Fund's largest holdings and continues to deliver consistent financial performance with double-digit earnings growth. Despite this, the share price has drifted over the past 12 months and underperformed the broader market, including a decline of more than 10% during the March quarter. This underperformance reflects concerns that emerging technologies may disrupt the traditional payments ecosystem, but the fund believes these concerns are overstated. |
| V | Visa remains one of the Fund's largest holdings and continues to deliver consistent financial performance with double-digit earnings growth. Despite this, the share price has drifted over the past 12 months and underperformed the broader market, including a decline of more than 10% during the March quarter. This underperformance reflects concerns that emerging technologies may disrupt the traditional payments ecosystem, but the fund believes these concerns are overstated. |
| GOOGL | The position in Alphabet was trimmed during the quarter at prices around the top end of the assessed fair value range. Alphabet's share price has more than doubled over the past 12 months, reflecting strong performance in core Search, continued momentum in Google Cloud Platform, and better-than-expected progress in AI (Gemini). Today Alphabet has a market capitalisation approaching US$4 trillion. |
| CRM | Salesforce is mentioned as one of the Fund's core software holdings that has not been immune to recent share price pressure from AI disruption concerns, along with Intuit and Microsoft. |
| HCA | HCA Healthcare was trimmed during the quarter, with the position reduced due to strong outperformance. The leading U.S. provider of health care services through hospitals and outpatient facilities performed strongly, with the share price increasing more than 50% over the past year. The company has moved from being one of the largest holdings in the Fund to one of the smallest, with the decision to reduce position size based purely on valuation considerations. |
| WEIR.L | Weir Group was trimmed during the quarter at prices around the top end of the assessed fair value range. It was a recent investment acquired in the September 2025 quarter, providing mining equipment and software across diverse commodities and geographical regions. The business provides attractive exposure to the mining industry through a 'picks and shovels' model. Intra-quarter, part of the position was trimmed and reinvested at a price over 20% below the trim price. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
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| No industry data available | |||
