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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"L1 Long Short Fund outperformed its benchmark by 8.6% this quarter, driven by strong gains in key commodities and value stocks. The fund is rotating out of fully valued domestic names into highly asymmetric offshore value opportunities."
L1 Long Short Fund delivered a strong return of 13.3% for the September quarter of 2025, significantly outperforming the S&P/ASX 200 AI which returned 4.7%. Performance was bolstered by broad-based gains, with 19 stocks contributing over 0.5% each, alongside key exposures in copper and gold. The manager notes the US Fed's recent 25bps rate cut amid weakening labor markets, but warns that sticky inflation may limit future rate cuts. Conversely, the Australian market reporting season was weak with downgraded earnings. The fund remains constructive on nuclear/uranium energy, detailing its investment in NexGen Energy, and continues to shift capital into undervalued offshore opportunities with a median long P/E of ~11x.
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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 outperformed its benchmark by 8.6% this quarter, driven by strong gains in key commodities and value stocks. The fund is rotating out of fully valued domestic na...
Growth Outlook
Market outlook remains moderate conviction: L1 Long Short Fund outperformed its benchmark by 8.6% this quarter, driven by strong gains in key commodities and value stocks. The fund is rotating out of fully valued domestic na...
Risk Appetite
Risk appetite posture is above average conviction: L1 Long Short Fund outperformed its benchmark by 8.6% this quarter, driven by strong gains in key commodities and value stocks. The fund is rotating out of fully valued domestic na...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. L1 Long Short Fund outperformed its benchmark by 8.6% this quarter, driven by strong gains in key commodities and value stocks. The fund is rotating out of fully valued domestic na...
Forward Guidance
Forward guidance signal: L1 Long Short Fund outperformed its benchmark by 8.6% this quarter, driven by strong gains in key commodities and value stocks. The fund is rotating out of fully valued domestic na...
Language Signal
Tone analysis indicates above average conviction language: L1 Long Short Fund outperformed its benchmark by 8.6% this quarter, driven by strong gains in key commodities and value stocks. The fund is rotating out of fully valued domestic na...
Perceived Risk
Perceived risk level is evaluated as above average conviction. L1 Long Short Fund outperformed its benchmark by 8.6% this quarter, driven by strong gains in key commodities and value stocks. The fund is rotating out of fully valued domestic na...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. L1 Long Short Fund outperformed its benchmark by 8.6% this quarter, driven by strong gains in key commodities and value stocks. The fund is rotating out of fully valued domestic na...
Time Horizon
Investment time horizon reflects a high conviction orientation. L1 Long Short Fund outperformed its benchmark by 8.6% this quarter, driven by strong gains in key commodities and value stocks. The fund is rotating out of fully valued domestic na...
