James Hawkins is a Partner and Head of the L1 Capital Catalyst Fund. James has run the Catalyst Fund since its inception in 2021. He is on the Investment Committee for the Fund and oversees all activist initiatives. 
 
Prior to joining L1 Capital, James spent nearly 10 years at Flagstaff Partners, where he was a Managing Director and Equity Partner who 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 a number of successful principal investments and a wide range of investment banking transactions after beginning his career at Clayton Utz as a solicitor. 
 
James holds a double degree in Law and Commerce from Monash University, with Honours in Law.

James Hawkins | L1 Capital

Partner and Head of the L1 Capital Catalyst Fund 

James Hawkins

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Webinar | L1 Capital Catalyst Fund | November 2024

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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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Webinar | L1 Capital Catalyst Fund | November 2024

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