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L1 Long Short Fund (LSF) investor relations material
L1 Long Short Fund Status Update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Status Update summary20 Nov, 2025
Market outlook and macro themes
Constructive global economic outlook, with U.S. growth driven by tax cuts, incentives, and expected rate cuts; significant CapEx in AI and similar global trends.
Australian market up 12% YTD, but earnings outlook remains soft; returns supported by multiple expansion rather than earnings growth.
ASX200 faces a weak FY25 reporting season with a declining EPS outlook and lower forward P/E ratios, reflecting cautious sentiment in Australian equities.
U.S. inflation is expected to remain sticky, potentially limiting the scope for interest rate cuts.
Australian market seen as fully valued, trading near 20x earnings; best opportunities found in mispriced stocks overlooked by the market.
Fund performance and positioning
Long Short Fund up 31.4% YTD to October, outperforming the ASX200AI (11.9%) and MSCI World (19.8%), with broad-based performance across sectors and regions.
Achieved 23% net performance over 1 year and 17% p.a. over 3 years, consistently outperforming the S&P/ASX 200 Accumulation Index.
Since inception, the strategy has delivered 19.1% p.a., ranking as the best performing Australian long short strategy in its sector.
Portfolio positioned more conservatively, with lower net exposure to Australia and focus on high-quality, undervalued stocks globally; median long positions have a 10.3x P/E and 6.1% free cash flow yield.
Maintained high gross exposure (153% long, 79% short) with net exposure concentrated in Australia/NZ, North America, and Europe.
Investment process and key positions
Investment decisions require agreement between both portfolio managers, ensuring robust risk management.
Mineral Resources position increased after addressing concerns on governance, balance sheet, and project risks; announced a $1.2bn sale of lithium assets and completed key infrastructure upgrades.
K92 highlighted as a favorite gold position, with production expected to more than triple in coming years.
NexGen remains top uranium pick, approaching key project approval milestones and expected to become a major low-cost producer.
Top long book contributors included Downer, CRH, Finning, NexGen, IMDEX, Qantas, Fraport, Chorus, Lloyds Bank, Westgold, and Mineral Resources.
L1 Group's strategic focus post-Platinum merger
L1's differentiated view on infrastructure stocks
Viva Energy: Path through current challenges
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Next L1 Long Short Fund earnings date
H1 202625 Feb, 2026
Next L1 Long Short Fund earnings date
H1 202625 Feb, 2026
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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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