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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 Q1 2027 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2027 TU earnings summary18 Oct, 2026
Executive summary
Portfolio returned 3.4% net in the September quarter vs ASX200AI +1.3%; CY2026 return was 16.4% vs 3.7%, and 1Y return was 32.8% vs 2.7%.
Since strategy inception in 2014, annualised returns were 20.1% vs 8.0% for the ASX200AI; 13 stocks each contributed more than 0.5% in the quarter.
Financial highlights
At 30 September 2026, share price was A$4.82, NTA was A$4.25 before tax and A$4.02 after tax, and market capitalisation was A$3.06b.
Outlook and guidance
Higher market dispersion is creating opportunities in stocks sold off on broad positioning despite intact fundamentals; added selectively to high-conviction construction-materials positions at near-trough multiples.
Portfolio retains a quality-value tilt, with long exposures across gold, construction materials, infrastructure and uranium; management sees stock-specific opportunities beyond crowded index leaders.
Remains constructive on copper’s medium-term fundamentals and gold-sector drivers; Fraport’s 2026 earnings and free-cash-flow guidance remained intact despite weaker traffic expectations.
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Latest events from L1 Long Short Fund
- FY 2026 net return of 45.4% and rising dividends highlight strong performance.LSF
H2 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
- Robust outperformance through quality stock selection and sector-driven strategies.LSFStatus Update
- 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
AGM 20269 Nov, 2026
L1 Long Short Fund
Next L1 Long Short Fund earnings date
AGM 20269 Nov, 2026
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Amina0781App Store
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@theshortbearx.com
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