L1 Long Short Fund (LSF) AGM 2026 summary

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.