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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q1 | Apr 15, 2024 | L1 Capital Long Short Fund | 2.4% | 10.8% | CBA.AX, CRH, CS.TO, CVE.TO, DOW.AX, FLTR.L, FRA.DE, IMD.AX, NXE.TO, QBE.AX, STO.AX, TECK.TO, WGX.AX | Australia, banks, Copper, energy, Long/Short, materials, technology, value | Manager expects copper market deficits to widen due to robust demand from electrification and constrained supply from insufficient new mines. Supply disruptions have highlighted tight market conditions with treatment charges falling significantly. Physical deficits are virtually unavoidable over the medium term. | View | |
| 2025 Q1 | Mar 31, 2025 | L1 Capital Long Short Fund | 1.3% | 1.3% | BSL.AX, FLTR.L, FRA.DE, IMD.AX, JD.L, JHX.AX, LLOY.L, MIN.AX, RMV.L, VEA.AX | Australia, Europe, gold, infrastructure, Long/Short, Trade Policy, value, volatility | Gold sector rallied during the quarter as gold prices moved up ~19% amidst market and economic instability. The fund sees a favourable outlook for gold in the medium term supported by central bank buying and elevated macro and geopolitical risks. Gold equities continue to trade at exceptionally low valuations despite gold price increases. | View | |
| 2024 Q4 | Dec 31, 2024 | L1 Capital Long Short Fund | -7.9% | -7.9% | 000660.KS, CNU.AX, CRH, CVE, DEG.AX, DOW.AX, FLTR.L, FRA.DE, LSF.AX, LTMAQ, MEG.TO, NEM, NST.AX, NWG.L, QAN.AX, QBE.AX, RMV.L, TESCO.L, TSM, WGX.AX | Australia, cyclicals, Factor, gold, growth, Long/Short, Overvaluation, value | Fund maintains significant long positions in gold equities amid 26% gold price increase in 2024. Central bank demand driven by geopolitical tensions and de-dollarization trends. Gold offers hedge against U.S. fiscal concerns and inflation risks. Asian demand accelerating while Western ETF flows declining. | View | |
| 2025 Q3 | Oct 20, 2025 | L1 Capital Long Short Fund | 13.3% | - | CNU.AX, CRH, FRA.DE, HBM.TO, IMD.AX, LSF.AX, MIN.AX, NXE.TO, STO.AX, WGX.AX | AI, Australia, Copper, gold, Long/Short, Mining, uranium, value | Nuclear energy is experiencing a resurgence driven by AI data center power demands and policy support from governments and hyperscalers. Uranium markets face structural deficits as production has lagged consumption for decades while new nuclear capacity targets require 3-4x increases. Supply is concentrated in geopolitically sensitive regions with limited Western alternatives. | WTG AU MIN HBM NXE CN WTG AU MIN HBM NXE CN |
View |
| 2024 Q3 | Sep 30, 2024 | L1 Capital Long Short Fund | 2.4% | 10.8% | BKR, CBA.AX, CNU.TO, CRH, CVE.TO, FLTR.L, FRA.DE, HAL, MEG.TO, MIN.AX, NWG.L, NXE.TO, OXY, QAN.AX, REA.AX, RMV.L, TSCO.L, WOR.AX, WOW.AX, XOM | Australia, Banking, energy, gold, Long/Short, Travel, United Kingdom, value | The fund continues to focus on quality, lower P/E stocks with strong cash flow generation and solid earnings growth outlooks. They see extreme crowding and overvaluation in domestic banks and several ASX20 stocks, while many cyclical stocks trade at both depressed P/E multiples and depressed earnings bases, providing opportunity for large, medium-term upside for patient investors. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||