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Raphael Lamm and Amar Naik discuss portfolio performance, provide observations on current markets, set out how the portfolio is positioned and outline a few of our key stock picks.
Released: May 30, 2024

More on L1IF

The L1 Capital International Fund aims to deliver attractive risk-adjusted returns with capital preservation over a long-term investment horizon. The Fund invests in 20-40 high quality companies in well-structured industries that have aligned management and favourable cashflow-based valuations. The Fund focuses on capital preservation and minimising the downside risk, viewing risk as a permanent loss of capital as opposed to volatility in share prices.
The L1 Capital International Fund has a ‘dual registry’ structure that allows investors to buy and sell shares in the Fund both off-market via the registry and on-market via the ASX, under the ticker L1IF.
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KH 018 L1 Capital 260723

Recent legislative changes to the Corporations Act 2001 effective 1 April 2022 mean there are new options available to you as a securityholder as to how you elect to receive your communications. We will no longer send you physical copies of documents unless you request to receive hard copies.
We encourage you to provide your email address so we can communicate with you electronically when securityholder notices become available online for such items as notice of meetings, dividend statements, annual reports as well as monthly and quarterly reporting. You can make a standing election to receive some or all of your securityholder communications in physical or electronic form.
To review or update your current communication preference simply log on to the share registry’s website. You will need your portfolio log in details or your Securityholder Reference Number (SRN) or Holder Identification Number (HIN) and select the Communications tab at the top of the page. Alternatively, please email the share registry, MUFG Corporate Markets or contact us for other ways to get in touch.
 Registered Office 
Level 45, 101 Collins Street Melbourne VIC 3000
+61 (3) 9286 7000
LGF@L1Group.com.au
Share Registry | MUFG Corporate Markets
A division of MUFG Pension &amp; Market Services
Tower 4, 727 Collins Street Melbourne VIC 3008
1800 129 431
support@cm.mpms.mufg.com
https://www.mpms.mufg.com/en/mufg-corporate-markets/
When you visit the MUFG Corporate Markets investor centre, you will need your Security Reference Number (SRN) or Holder Identification Number (HIN) to verify your identity.
Your SRN/HIN is available on your holding/transaction and distribution statements.


L1 Gold Fund Limited (ASX:LGF)

L1 Capital Global Long Short (Offshore Feeder) Fund

Launched in 2025, the strategy draws on more than a decade of investment experience, combining rigorous bottom-up research, disciplined portfolio construction and an extensive global research network to identify compelling opportunities across international markets. The L1 Capital Global Long Short Fund (GLSF) is a global investment strategy that applies L1 Capital&#8217;s disciplined investment philosophy, rigorous fundamental research and active portfolio management approach across international markets.
GLSF targets high-quality, undervalued companies across developed markets using a differentiated &#8220;Quality Value&#8221; investment approach. Managed by L1 Capital Co-Founders and Co-Chief Investment Officers Mark Landau and Rafi Lamm, and backed by more than $70 million of founder capital, GLSF is designed for investors seeking strong risk-adjusted returns, capital preservation and true alignment of interests.
 In this video, Mark Landau, Co-Founder and Co-Chief Investment Officer, provides an in-depth overview of the L1 Capital Global Long Short Strategy (GLSF). Specifically, he discusses:

Introduction to GLSF (starts at 0:18 minutes)
GLSF | Same investment process, team and objectives as LSF (2:17 minutes)
GLSF performance (3:16 minutes)
GLSF | Protecting capital in down markets (4:16 minutes)
Leveraging the expertise of L1 Capital investment team (4:25 minutes)
GLSF | Examples of current investments (4:40 minutes)
GLSF portfolio positioning (10:55 minutes)
Alignment of interests (11:44 minutes)
Why invest in L1 Capital Global Long Short Fund? (12:52 minutes)

Released: November 2025.
This video and the information contained within it is intended solely for wholesale clients and is not intended to be delivered or made available, or relied upon or distributed by, retail clients. You should not view unless you are a wholesale client. To the extent permitted by law, L1 does not accept any responsibility arising in any way relating to the distribution or delivery of the video to retail clients.
 Investment philosophy
Both valuation and qualitative factors are the ultimate determinant of share price performance. Both factors are of critical importance. We believe that pure &#8216;value&#8217; managers may overemphasize valuation metrics and buy ‘value traps’. Conversely, &#8216;growth&#8217; managers may overemphasise growth or business quality and underestimate the importance of valuation and cashflows. Finally, the emotional, short term and backward-looking nature of markets presents opportunities for investors who are unemotional, long term and highly disciplined to avoid many typical behavioural biases (confirmation bias, loss aversion, herding bias and optimism bias) common among investors.
Investment process
The L1 Capital Long Short Equities Team combines valuation (primarily discounted cash flow) with qualitative considerations (management quality, long-term industry and company structure and business trends) to identify attractive investment opportunities. Given the strict valuation criteria in the process, there tends to be a slight value and contrarian bias.
The investment process is based on detailed fundamental stock research. The 12-person team&#8217;s comprehensive company visitation programme of several thousand company meetings a year includes one-on-one visits with company management, listed and unlisted competitors, customers, suppliers, operational personnel, regulators, consultants, unions and other parties that can help provide a deeper insight. The team have incorporated a bespoke research database and ranking tool (developed in 2007) which has been instrumental to the firm’s success and consistency.
This intensive, bottom-up stock selection has been a defining feature of L1 Capital’s approach since inception. It enables the L1 Capital team to put into context their detailed analysis of annual reports, company announcements, industry publications, broker reports and other relevant material, which, when combined with their financial modelling, allow them to form views on management quality, company structure and business trends.
Portfolio Construction and risk management
The portfolio typically comprises 70-130 positions across a wide range of sectors and themes. The Co-CIOs must each independently approve of each new position, long or short, for it to enter the portfolio.
Long positions reflect the stocks with the highest combined valuation and qualitative rankings from L1 Capital’s proprietary research, overlaid with consideration of asymmetry of likely returns, liquidity characteristics, individual stock contribution to risk and correlation between positions. Short positions typically are the lowest ranked stocks, reflecting being overvalued and exhibiting weak management, industry structure and operating trends, and, importantly, must have a clear catalyst for a share price fall. Shorts are held at a lower weight in the portfolio than an equivalent long to provide a buffer in case the shares rally in the meantime until the catalyst arrives.


L1 Capital Global Long Short Strategy

An absolute return fund that offers investors a highly diversified portfolio of long and short positions based on rigorous, fundamental research process The L1 Capital Long Short Strategy has three enduring advantages:

Market exposure: Ability and willingness to adjust the portfolio net long to reflect the risk/reward of the market.
Shorting: Portfolio is able to profit from falling share prices (as well as rising).
International exposure: Able to exploit research insights offshore, not just domestically, broadening the opportunity set beyond the Australian market.

Together, these three levers, which the Investment Team uses actively and with conviction, are tools for generating returns from all of the team’s investment and market insights.
The L1 Capital Long Short Fund’s competitive edge comes from:

L1’s investment process that combines valuation with qualitative considerations to identify attractive investment opportunities. The approach’s strict valuation criteria tends to produce a slight value and contrarian bias. At the core of the bottom-up, fundamental, research-driven approach is the team conducting several thousand company meetings each year.
Extensive network of contacts throughout corporate Australia and overseas that provides a more complete and up-to-date perspective on industry trends, inflection points, risks, etc. Many fund managers purely meet with company management and sell-side analysts, which the Australian Equities team believe provides a biased and narrow perspective on a company/industry.
Contrarian approach which has generated alpha from buying cyclical stocks at a low point in their cycle (and shorting at a high point) and overcoming behavioural biases that tend to promote momentum investing.



L1 Capital Long Short Fund

L1 Global Long Short Fund Limited (ASX:GLS)

L1 Long Short Fund Limited (ASX:LSF)

View current and historical unit pricing here.


L1 Capital Long Short Fund – Daily Class

View current and historical unit pricing here.


L1 Capital Long Short Fund – Monthly Class

L1 Capital Long Short (Offshore Feeder) Fund

Past performance should not be taken as an indicator of future performance.
 View current and historical unit pricing here.


L1 Capital International (Unhedged) Active ETF (ASX:L1IF)

Explore the L1 Capital Global Long Short Strategy

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Access to this information is provided on the condition that it is not passed on to any person who is a retail client within the meaning of Section 761G of the Corporations Act 2001. The information contained on this website is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation, or which would subject L1 Capital to any registration or other requirement within such jurisdiction or country.

Jurisdiction / Wholesale Investor

This website has been prepared by L1 Capital Pty Ltd (ABN 21 125 378 145 and AFS Licence 314302) on behalf of the L1 Capital Group 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 Capital Pty Ltd 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. Past performance should not be taken as an indicator of future performance. You should obtain a copy of the Product Disclosure Statement and the Target Market Determination (if applicable) before making a decision about whether to invest in any of the products included in this document.
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