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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"L1 Long Short Fund delivered an exceptional 14.1% for Q4 2025 (46.8% for the full year), capitalising on its structural tilt toward high-quality, low P/E value equities and selective U.S. cyclical additions."
L1 Long Short Fund delivered a strong 14.1% return for the December quarter, outperforming the S&P/ASX 200 AI which fell 1.0%. This brought full-year 2025 performance to 46.8%. Performance was driven by stock-specific contributors, primarily in resources, with 22 positions adding >0.5% each to overall returns. The portfolio has proactively reduced net exposure by exiting positions that reached fair value (such as CRH) and retains a distinct value tilt, with its median long position at a P/E of 12x. BlueScope Steel is highlighted following its rejection of an unsolicited, undervalued acquisition proposal from a consortium.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: L1 Long Short Fund delivered an exceptional 14.1% for Q4 2025 (46.8% for the full year), capitalising on its structural tilt toward high-quality, low P/E value equities and selecti...
Growth Outlook
Market outlook remains above average conviction: L1 Long Short Fund delivered an exceptional 14.1% for Q4 2025 (46.8% for the full year), capitalising on its structural tilt toward high-quality, low P/E value equities and selecti...
Risk Appetite
Risk appetite posture is moderate conviction: L1 Long Short Fund delivered an exceptional 14.1% for Q4 2025 (46.8% for the full year), capitalising on its structural tilt toward high-quality, low P/E value equities and selecti...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. L1 Long Short Fund delivered an exceptional 14.1% for Q4 2025 (46.8% for the full year), capitalising on its structural tilt toward high-quality, low P/E value equities and selecti...
Forward Guidance
Forward guidance signal: L1 Long Short Fund delivered an exceptional 14.1% for Q4 2025 (46.8% for the full year), capitalising on its structural tilt toward high-quality, low P/E value equities and selecti...
Language Signal
Tone analysis indicates high conviction language: L1 Long Short Fund delivered an exceptional 14.1% for Q4 2025 (46.8% for the full year), capitalising on its structural tilt toward high-quality, low P/E value equities and selecti...
Perceived Risk
Perceived risk level is evaluated as above average conviction. L1 Long Short Fund delivered an exceptional 14.1% for Q4 2025 (46.8% for the full year), capitalising on its structural tilt toward high-quality, low P/E value equities and selecti...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. L1 Long Short Fund delivered an exceptional 14.1% for Q4 2025 (46.8% for the full year), capitalising on its structural tilt toward high-quality, low P/E value equities and selecti...
Time Horizon
Investment time horizon reflects a high conviction orientation. L1 Long Short Fund delivered an exceptional 14.1% for Q4 2025 (46.8% for the full year), capitalising on its structural tilt toward high-quality, low P/E value equities and selecti...
