Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, L1 Capital International Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"The fund returned 2.6% in Q3 2025, lagging a highly concentrated benchmark. L1 capitalized on short-term volatility to buy Nvidia and Weir Group while exiting Eagle Materials, remaining nearly fully invested at 2% cash."
L1 Capital International (Unhedged) Active ETF returned 2.6% net of fees in the September 2025 quarter, underperforming its benchmark (6.1%). Performance was impacted by high market concentration where 5 stocks contributed over 50% of the benchmark's return. The fund established new positions in Nvidia and Weir Group, added to Danaher, Intuit, TSMC, and Uber, while trimming HCA Healthcare and fully divesting Eagle Materials and Veolia. The fund maintains a constructive but cautious outlook, holding 2% cash and believing that high-quality businesses can weather a slowing global economy.
Sign in or create a free account to unlock full commentary, extracted equity pitches, and direct outbound manager source links with your 3 quarterly credits.
Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: The fund returned 2.6% in Q3 2025, lagging a highly concentrated benchmark. L1 capitalized on short-term volatility to buy Nvidia and Weir Group while exiting Eagle Materials, rema...
Growth Outlook
Market outlook remains above average conviction: The fund returned 2.6% in Q3 2025, lagging a highly concentrated benchmark. L1 capitalized on short-term volatility to buy Nvidia and Weir Group while exiting Eagle Materials, rema...
Risk Appetite
Risk appetite posture is above average conviction: The fund returned 2.6% in Q3 2025, lagging a highly concentrated benchmark. L1 capitalized on short-term volatility to buy Nvidia and Weir Group while exiting Eagle Materials, rema...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The fund returned 2.6% in Q3 2025, lagging a highly concentrated benchmark. L1 capitalized on short-term volatility to buy Nvidia and Weir Group while exiting Eagle Materials, rema...
Forward Guidance
Forward guidance signal: The fund returned 2.6% in Q3 2025, lagging a highly concentrated benchmark. L1 capitalized on short-term volatility to buy Nvidia and Weir Group while exiting Eagle Materials, rema...
Language Signal
Tone analysis indicates above average conviction language: The fund returned 2.6% in Q3 2025, lagging a highly concentrated benchmark. L1 capitalized on short-term volatility to buy Nvidia and Weir Group while exiting Eagle Materials, rema...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The fund returned 2.6% in Q3 2025, lagging a highly concentrated benchmark. L1 capitalized on short-term volatility to buy Nvidia and Weir Group while exiting Eagle Materials, rema...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. The fund returned 2.6% in Q3 2025, lagging a highly concentrated benchmark. L1 capitalized on short-term volatility to buy Nvidia and Weir Group while exiting Eagle Materials, rema...
Time Horizon
Investment time horizon reflects a high conviction orientation. The fund returned 2.6% in Q3 2025, lagging a highly concentrated benchmark. L1 capitalized on short-term volatility to buy Nvidia and Weir Group while exiting Eagle Materials, rema...
