The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 19, 2026
L1 Long Short Fund delivered a net return of 3.4% for the September 2026 quarter, outperforming the S&P/ASX 200 Accumulation Index return of 1.3% by 2.1%. Year-to-date calendar performance reached 16.4% net of fees, compared to 3.7% for the benchmark, while the one-year net return stands at 32.8% against 2.7% for the index. The portfolio closed the period with gross long exposure of 146%, gross short exposure of 103%, and a net equity exposure of 43%, maintaining 57 long positions and 20 short positions with a pronounced quality-value orientation trading at a median multiple of approximately 11x forward earnings. Macroeconomic conditions were characterized by intensifying Middle East geopolitical friction and a re-acceleration of global inflation pressures. Surging crude oil and refined diesel prices drove central banks toward more hawkish policies, with the Reserve Bank of Australia raising the cash rate to 4.6% and the U.S. 30-year Treasury yield climbing to 5.60%. Despite benchmark resilience, internal equity market dispersion was severe as index breadth narrowed around mega-cap artificial intelligence holdings, while rate-sensitive sectors endured significant share price drawdowns. Portfolio returns were anchored by long gains in resources and materials alongside short positioning in overvalued banking. Strong performance in DPM Metals, Santos, and Taseko supported returns, while short exposure to Commonwealth Bank of Australia generated alpha amid decelerating mortgage lending. In response to wide valuation dislocations, the investment team trimmed selected copper positions following strong runs, maintained gold exposures, and accumulated oversold high-conviction holdings including The Lottery Corporation and infrastructure-exposed construction materials.
Capitalize on market dispersion and macroeconomic volatility by pairing deeply researched, cash-generative long positions trading at trough valuations with selective short positions in overvalued equities facing cyclical earnings deceleration.
The Australian equity index faces headwinds from subdued economic expansion, persistent domestic inflation, and heavy concentration in fully valued large-cap names. However, wide stock-level dispersion and heightened commodity volatility offer an attractive environment for generating long and short alpha outside crowded benchmark holdings.
Moderate Conviction Bullish
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