L1 Long Short Fund (LSF) Q1 2027 TU earnings summary

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.