L1 Capital - Independent Global Fund Manager

L1 Capital International Fund

L1 Capital International believes that quality and value are the key drivers of long-term shareholder returns and applies a detailed fundamental investment process.
Capital preservation over the investment horizon is central to our investment philosophy and process.
Please visit www.L1International.com for additional information on this Fund.

Fund Overview

Fund inception date 1 March 2019

Type of investments High quality global leading companies

Investor type Retail/sophisticated/wholesale

Benchmark MSCI World Net Total Return Index in AUD

Minimum investment AUD$25,000

Subscription Daily

Investment objectives Outperform Benchmark over rolling five year periods (net of fees) and deliver attractive risk-adjusted returns over a medium to long term investment horizon whilst lowering the risk of a permanent loss of capital

Positions 20-40

Cash levels 0-25%, typically around 10%

Gearing No

Shorting No

FX Exposure Unhedged

Management Fee 1.2% inclusive of GST and RITC

Performance Fee 15% above MSCI World Net Total Return Index in AUD subject to any underperformance being recouped. There must be positive absolute performance (adjusted for distributions) in the Performance Period (otherwise positive relative performance is carried forward to the next Performance Period)

Monthly Net Performance (%)

Period	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year
2019	-	-	0.8	5.8	(2.7)	4.4	2.8	1.5	(0.5)	(0.8)	4.9	(1.4)	15.4
2020	6.0	(2.6)	(8.9)	2.0	3.6	(2.6)	1.5	3.8	(0.3)	(1.1)	3.5	(0.3)	3.8
2021	6.1	2.9	5.4	5.9	(0.2)	5.5	3.4	4.6	(4.1)	1.1	3.8	1.1	41.1
2022	(4.1)	(5.6)	(4.3)	(3.6)	(0.4)	(6.4)	10.2	(4.3)	(5.5)	7.1	1.3	(6.3)	(21.1)
2023	5.4	1.4	6.4	1.9	3.0	3.8	2.2	4.6	(3.1)	(1.1)			26.9

Fund Performance* (%)

	Fund (%)	Index**(%)	Excess (%)
1 Month	(1.1)	(1.0)	(0.1)
3 Months	0.2	(3.5)	+3.7
Calendar YTD	26.9	15.5	+11.4
1 Year	20.5	11.6	+8.9
3 Years p.a.	13.4	11.9	+1.5
Since Inception p.a. - 1 March 2019	11.9	10.6	+1.4
Since Inception Cumulative - 1 March 2019	69.3	59.8	+9.4

Numbers may not add due to rounding. Past performance should not be taken as an indicator of future performance.

** MSCI World Net Total Return Index in AUD. Returns measured from Index close on 1 March 2019 to 31 October 2023.

How to invest

To invest in the L1 Capital International Fund (Managed Fund) please download and read the PDS and complete the application form.

Please read the Reference Guide which forms part of the PDS.

You can also contact us for further assistance. Further information is available at www.L1International.com.

Download PDS Download TMD Additional application form Redemption request form October Monthly Report September Quarterly Report

Information contained in this publication
Equity Trustees Limited (“Equity Trustees”) (ABN 46 004 031 298), AFSL 240975, is the Responsible Entity for the L1 Capital International Fund (Managed Fund) ARSN 631 094 141 (ASX:L1IF). 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 International Pty Limited (ACN 628 068 717), (an authorised representative (no. 1273764) of L1 Capital Pty Ltd (ACN 125 378 145, AFSL 314 302)) and its officers and employees (collectively “L1 International”), 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 International, 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. 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 International Fund (Managed Fund)’s Target Market Determination is available at https://bit.ly/3loIVkt. 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 publication is owned by L1 International. You may use this information in this publication for your own personal use, but you must not (without L1 International’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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