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L1 Global Long Short Fund (GLS) investor relations material
L1 Global Long Short Fund Investor Presentation summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Investor Presentation summary1 Dec, 2025
Portfolio transition and strategy
Portfolio transitioned to L1 Capital's Global Long Short Strategy after shareholder approval on 28 November 2025, with L1 Capital assuming investment management and a new investment management agreement in place.
Company name changed from Platinum Capital Limited to L1 Global Long Short Fund Limited, with ASX ticker changing from PMC to GLS.
Existing portfolio monetised; proceeds and new capital to be redeployed into the new strategy by 31 December 2025, subject to market conditions.
L1 Global Long Short Strategy focuses on long and short positions in global equities, aiming for positive absolute returns and capital preservation.
No management fee for 12 months from 28 November 2025; performance fees still apply.
Capital raising and offer details
Pro-rata non-renounceable entitlement offer of 1 new share for every existing share at $1.63 per share, targeting up to $415 million.
Eligible shareholders can apply for additional shares via a Top-Up Facility; shortfall may be offered to wholesale/institutional investors.
Offer is not underwritten; L1 Capital to bear approximately $8 million in offer-related fees and costs.
L1 Group and founders committed to invest ~$90 million, with cornerstone partners adding ~$72 million, totaling ~$162 million.
New shares will rank equally with existing shares and be entitled to future distributions.
Investment strategy and performance
L1 Global Long Short Strategy launched January 2025, delivered +67.5% net return YTD to 30 November 2025.
Strategy removes previous 30% global cap, enabling unconstrained global equity investing.
Portfolio typically holds 40–80 positions, with a net long exposure of 30–100%.
Focus on high-quality, lower P/E stocks with strong cash flow and earnings growth; median FY26 P/E for longs is 9.9x.
Demonstrated downside protection, preserving over 85% of capital in down markets.
What market downturn triggers offer termination?
How does GLSF's strategy differ from LSF?
Describe GLSF's long vs short portfolio metrics
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Next L1 Global Long Short Fund earnings date
H1 202624 Feb, 2026
Next L1 Global Long Short Fund earnings date
H1 202624 Feb, 2026
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Frequently asked questions
Platinum Capital Limited is an Australian investment company that provides shareholders with access to an actively managed portfolio of international equities. The company’s investment strategy focuses on identifying undervalued companies across global markets, aiming for long-term capital growth. Managed by Platinum Asset Management, Platinum Capital emphasizes an approach to uncover investment opportunities outside of Australia, particularly in sectors and regions with high growth potential. The company is headquartered in Sydney, Australia, and its shares are listed on the ASX.
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