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L1 Long Short Fund
L1 Long Short Fund (LSF) investor relations material
L1 Long Short Fund H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary19 Feb, 2026
Executive summary
Achieved a net profit after tax of $414.9 million for the half-year ended 31 December 2025, reversing a prior year loss of $75.0 million, driven by strong absolute returns and outperformance of the Australian equity market.
Investment strategy focused on long and short positions in predominantly Australian securities, with additional global exposure, aiming for positive absolute returns and capital preservation.
Financial highlights
Operating profit before tax was $587.0 million, compared to a loss of $111.5 million in the same period last year.
Net tangible asset (NTA) backing before tax per share rose to $3.9987 from $2.9417 year-over-year; after tax NTA per share was $3.6755.
Total income for the half-year was $823.8 million, with basic and diluted earnings per share of 65.80 cents, up from a loss per share of 12.02 cents last year.
Performance fee of $151.1 million was accrued, reflecting outperformance above the high watermark.
Outlook and guidance
No specific forward-looking financial guidance provided, but the company continues to focus on delivering positive absolute returns and capital preservation.
Performance fee share reinvestment status
Rationale for no share buy-backs
Dividend profit reserve strategy
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Next L1 Long Short Fund earnings date
H2 202625 Aug, 2026
L1 Long Short Fund
Next L1 Long Short Fund earnings date
H2 202625 Aug, 2026
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One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
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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.
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