L1 Capital - Independent Global Fund Manager

L1 Capital Catalyst Fund

The Catalyst Fund:

is a high conviction, activist fund that seeks to deliver positive catalysts that unlock major share price upside for investors.
invests in a small number of companies at any one time, ensuring the team has market-leading company and industry knowledge and is fully focused on providing value-adding opportunities to company boards and management teams.
is able to leverage the knowledge, experience and relationships of L1 Capital’s Australian equities investment team.
is focused on delivering improved ESG outcomes at ASX200 corporates. The Fund uses shareholder activism to enhance corporate governance and protect the interests of shareholders.

The Catalyst Fund is truly unique:

Track record – One of the most respected and best performing hedge fund managers in Australia. The L1 Capital Long Short Fund has returned more than 25% p.a. (net) in 6 out of the last 8 calendar years.
Scale – Successful activist investing generally requires the fund to have sufficient scale to build a meaningful stake, have access to management, board and other institutional shareholders and the resources to dedicate to an activist campaign. L1 Capital’s scale enables the Group to be a significant shareholder and have access to all relevant stakeholders.
Resourcing – Fully resourced investment team with deep experience, knowledge and relationships across the entire Australian market.
Alignment – Total alignment with investors. The investment team has invested significant personal wealth into the Fund alongside investors.

Note: Performance data current as at 30 September 2023.

L1 Capital Catalyst Fund Team

James Hawkins
Partner & Head of Catalyst Fund
B.Laws (Hons)/ B.Comm (Finance)

James is a Partner and Head of the Catalyst Fund. Prior to joining L1 Capital in 2021 James spent nearly ten years at Flagstaff Partners, where he was a Managing Director and Equity Partner that originated and executed M&A, equity and debt transactions. Previously, he worked at Macquarie Capital in Melbourne and New York where he was involved in several successful principal investments and a wide range of investment banking transactions after beginning his career at Clayton Utz as a solicitor. James is a generalist with experience covering a wide range of sectors including industrials, gaming, infrastructure, retail, education and mining services. James holds a double degree in Law and Commerce from Monash University, with Honours in Law.

Benjamin Ng
Senior Investment Analyst
B.Com & Info Sys, (Accounting and Finance), MBA

Benjamin is a Senior Investment Analyst within the L1 Capital Catalyst Team. Prior to joining L1, Benjamin spent 10 years at management consultancy Bain & Company, where he was as an Associate Partner based in Melbourne and London. Prior to that Benjamin spent nearly 4 years in investment banking at J.P. Morgan in Melbourne. He holds a Bachelor of Commerce and Information Systems, Accounting and Finance from the University of Melbourne and an MBA from the London Business School.

Mihali Stamatis
Investment Analyst
B.Com (Finance and Economics)

Mihali is an Investment Analyst within the L1 Capital Catalyst Team. Prior to joining L1, Mihali worked in public equities for Ontario Teachers’ Pension Plan in London and in the Investment Banking Group of Goldman Sachs in the Consumer, Retail & Healthcare team in London and the Natural Resources team in Perth. He holds a Bachelor of Commerce, Finance and Economics, from the University of Western Australia.

Tom Crowhurst
Investment Analyst
B.Com (Fin and Econ), MEng (Mech Eng)

Tom is an Investment Analyst within the L1 Capital Catalyst Team. Prior to joining L1, Tom worked at BGH Capital in Melbourne and in the Investment Banking Group of Goldman Sachs in the Natural Resources team and the Consumer, Retail, Healthcare and Technology, Media & Telecommunications team in Melbourne. He holds a Bachelor of Commerce, Finance and Economics, and a Master of Mechanical Engineering, both from the University of Melbourne.

Monthly Net Performance (%)

Period	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year
2021	-	-	-	-	-	-	2.2	9.3	3.9	(2.5)	(2.4)	5.6	16.7
2022	(4.2)	2.7	5.9	4.1	(2.6)	(10.3)	2.4	4.2	(7.0)	7.7	4.8	(3.8)	2.1
2023	6.2	(1.2)	1.9	1.8	(2.1)	2.9	3.6	(2.8)	(3.6)	(5.3)			0.7

Net performance as at 31 October 2023. Inception Date 1 July 2021. Figures may not sum exactly due to rounding. Past performance should not be taken as an indicator of future performance.

Fund Performance* (%)

	Fund (%)	Index**(%)	Excess (%)
1 month	(5.3)	(3.8)	(1.5)
3 months	(11.3)	(7.2)	(4.1)
6 months	(7.5)	(5.3)	(2.2)
1 year	1.4	3.0	(1.5)
2 years	3.0	0.4	+2.5
Since Inception p.a. - 01 July 2021	8.1	1.1	+7.0
Since Inception cumulative - 01 July 2021	20.0	2.5	+17.5

Net performance as at 31 October 2023. Inception Date 1 July 2021. Figures may not sum exactly due to rounding. Past performance should not be taken as an indicator of future performance.

How to invest

To invest in the L1 Capital Catalyst Fund please download and read the appropriate PDS (above) and complete the application form.

You can also contact us for further assistance.

Download PDS Download RG Additional application form Download TMD Redemption request form September Quarterly Report Fund Payment Notice – Retail Class (ETL1293AU) Fund Payment Notice – Founders Class (ETL0511AU)

Information contained in this page
Equity Trustees Limited (“Equity Trustees”) (ABN 46 004 031 298), AFSL 240975, is the Responsible Entity for the L1 Capital Catalyst Fund ARSN 650 484 263. Equity Trustees is a subsidiary of EQT Holdings Limited (ABN 22 607 797 615), a publicly listed company on the Australian Securities Exchange (ASX: EQT).
This publication has been prepared by L1 Capital Strategic Equity Management Pty Limited (ACN 648 751 928), (an authorised representative (no. 1286013) of L1 Capital Pty Ltd (ACN 125 378 145, AFSL 314 302)) and its officers and employees (collectively “L1 Strategic”), to provide you with general information only. In preparing it, we did not take into account the investment objectives, financial situation or particular needs of any particular person. It is not intended to take the place of professional advice and you should not take action on specific issues in reliance on this information. Neither L1 Strategic, Equity Trustees nor any of its related parties, their employees or directors, provide any warranty of accuracy or reliability in relation to such information or accepts any liability to any person who relies on it. All performance numbers are quoted after fees. Please note the Fund has less than 12 month’s performance history and this track record may not be representative of longer term returns. Past performance should not be taken as an indicator of future performance. You should obtain a copy of the Product Disclosure Statement before making a decision about whether to invest in this product.
The L1 Capital Catalyst Fund’s Target Market Determination is available at https://bit.ly/3Fmonkr. A Target Market Determination is a document which was required to be made available from 5 October 2021. It describes who this financial product is likely to be appropriate for (i.e. the target market), and any conditions around how the product can be distributed to investors. It also describes the events or circumstances where the Target Market Determination for this financial product may need to be reviewed.
Copyright
Copyright in this page is owned by L1 Strategic. You may use this information in this publication for your own personal use, but you must not (without L1 Strategic’s consent) alter, reproduce or distribute any part of this publication, transmit it to any other person or incorporate the information into any other document.

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