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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
L1 Long Short Fund
L1 Long Short Fund (LSF) investor relations material
L1 Long Short Fund AGM 2026 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.AGM 2026 summary9 Nov, 2026
Opening remarks and agenda
AGM opened at 10:00 a.m. after quorum was confirmed; directors, the company secretary and Ernst & Young representatives were introduced.
Ordinary business included receiving FY2026 financial, directors’, sustainability and auditors’ reports; the reports item was not voted on.
Agenda also covered adoption of the Remuneration Report, director re-elections and renewal of proportional takeover provisions; resolutions were decided by poll, with online voting open until five minutes after the meeting.
Financial performance review
FY2026 portfolio net return was 45.4%, versus 6.1% for the ASX 200, outperforming by 39.3 percentage points.
Five-year net return to 30 June 2026 was 16.9% p.a., 9.1 percentage points p.a. ahead of the ASX 200; since the 2018 IPO, net return was 14.7% p.a., 5.7 points p.a. ahead.
From 30 June to 31 October 2026, portfolio net return was 1%, versus 2.7% for the ASX 200.
Board and executive committee updates
Raphael Lamm and Mark Landau left the board in September 2026 to focus on investment responsibilities; the chair thanked them for serving since the 2018 inception and listing.
Julian Russell and Jane Stewart joined the board, bringing financial services, legal, governance and risk experience.
John Macfarlane, Jane Stewart and Julian Russell stood for re-election; Macfarlane cited board renewal as part of his decision to stand again.
Macfarlane said he was 66 and devoted 5%–10% of his time to fund activities; he highlighted board support for the manager, buybacks, progressive dividends and shareholder communication.
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Latest events from L1 Long Short Fund
- Quarterly outperformance amid sharp market dispersion and rising macro risks.LSF
Q1 2027 TU - FY 2026 net return of 45.4% and rising dividends highlight strong performance.LSFH2 2026
- Strong returns and agile portfolio shifts amid macro shocks, focusing on five key investment themes.LSFInvestor presentation
- Net profit after tax surged to $414.9 million, with strong returns and a 3.60c fully franked dividend declared.LSFH1 2026
- Net profit after tax fell 42% year-over-year, but dividends and NTA per share increased.LSFH2 2025
- Achieved 12.5% net return, raised dividends, and reinforced board commitment amid market challenges.LSFAGM 2024
- Portfolio outperforms with disciplined valuation, global themes, and focus on absolute returns.LSFStatus Update
- Profit before tax grew to $226.98 million, with NTA per share before tax up 8% to $3.21.LSFH2 2024
- Net loss of $74.97M for HY FY25; interim dividend of 6.25c per share declared.LSFH1 2025
Next L1 Long Short Fund earnings date
H1 202719 Feb, 2027
L1 Long Short Fund
Next L1 Long Short Fund earnings date
H1 202719 Feb, 2027
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Frequently asked questions
L1 Long Short Fund Limited is an Australian-listed investment company that focuses on a long-short equity strategy, aiming to generate positive returns regardless of market conditions. Managed by L1 Capital, the fund invests primarily in Australian and international equities, taking both long and short positions based on the management team's research and market outlook. This approach allows the fund to capitalize on undervalued stocks while also hedging risk through short positions in overvalued or declining assets. The company is headquartered in Melbourne, Australia, and its shares are listed on the ASX.