L1 Capital International
High conviction international equities fund investing with industry leaders across all market capsA fundamental, bottom-up, independent research process centred around quality and value
Fund manager
David Steinthal
Chief Investment Officer | L1 Capital InternationalView bioInvestment philosophy
L1 Capital International believes that quality and value are key drivers of long-term total shareholder returns.
The Fund will generally invest in businesses that demonstrate:
- Durable business models
- Well structured, growing industries
- Aligned management with a strong capital allocation track record
- Growing free cashflow
- An ability to sustain high returns on invested capital
- An ability to reinvest capital at attractive incremental returns and/or return excess capital efficiently to shareholders
- A conservative balance sheet and funding structure
- Proactive, favourable ESG policies and practices
Strategy overview
• To outperform the benchmark over rolling 5 year periods (net of all fees and expenses before tax).
• Typical 3 – 7%
• Maximum 10% (at initial investment)
• Performance fee 15.38% over Benchmark*
• High watermark Yes
*There must be positive absolute performance (adjusted for distributions) in the performance period. Otherwise, positive relative performance carries forward to next Period.
Fund performance
Net performance as at **DATE**. Past performance should not be taken as an indicator of future performance. Unit Trust Inception is 1 March 2019 (returns measured from Index close). ETMF Inception is 22 November 2023. Numbers rounded to one decimal place and may not add due to rounding.
*MSCI World Net Total Return Index in A$.
Fund reports
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Fund insights
ESG approach
L1 Capital International integrates ESG considerations into its investment diligence and decision-making alongside qualitative and financial considerations. Businesses in which we invest must have sustainable policies and practices which address and improve ESG issues over the medium to long term. Our approach can be summarised in three ESG principles.
L1 Capital International:
- is a long-term, responsible investor, investing in listed companies which meet our strict quality requirements based on our rigorous, proprietary research-driven investment process.
- espouses a strong culture of compliance, risk management and ethics.
- seeks to ensure the Board and Management of portfolio companies actively promote a similar culture.
We consider the governance of a company and any material social and environmental impacts when forming our view of each company’s potential for long-term success. We focus on identifying any areas of potential concern and, where appropriate, discussing these with company management and monitoring their progress over time. We have developed our own qualitative ESG ratings which capture our assessment of each businesses across six key areas:
- Environment
- Management
- Governance
- Safety
- Taxation
- Public Policies and Community Support
Please see our ESG & Responsible Investment Policy to learn more about how we integrate ESG considerations into our investment thinking.
How to Invest
The L1 Capital International Funds have 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.
L1 Capital International Fund (Managed Fund) – (ASX:L1IF)
On-market | Investors can buy and sell units in this vehicle on the ASX via their stockbroker, share trading account or other securities trading platform.L1 Capital International (Hedged) Active ETF – (ASX:L1HI)
On-market | Investors can buy and sell units in this vehicle on the ASX via their stockbroker, share trading account or other securities trading platform.Please contact us for further assistance.
* Net performance as at **DATE**. Past performance should not be taken as an indicator of future performance.
Information contained on this page
This publication has been prepared by L1 Capital International Pty Limited (ACN 628 068 717) (“L1 Capital International”), 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.
Disclaimer and limitation of liability
To the maximum extent permitted by law, L1 Capital International will not be liable in any way for any loss or damage suffered by you through use or reliance on this information. L1 Capital International’s liability for negligence, breach of contract or contravention of any law, which cannot be lawfully excluded, is limited, at L1 Capital International’s option and to the maximum extent permitted by law, to resupplying this information or any part of it to you, or to paying for the resupply of this information or any part of it to you.
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.
^ Zenith Investment Partners disclaimer
The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (Zenith) rating assigned to L1 Capital International Fund (Managed Fund) (November 2023) referred to in this document is limited to General Advice (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith methodology, ratings definitions and regulatory compliance are available on our Product Assessments and here.
† Lonsec Research disclaimer
The rating issued for L1 Capital International Fund (Managed Fund) (May 2024) is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec). Ratings are general advice only and have been prepared without taking account of your objectives, financial situation or needs. Consider your personal circumstances, read the product disclosure statement and seek independent financial advice before investing. The rating is not a recommendation to purchase, sell or hold any product. Past performance information is not indicative of future performance. Ratings are subject to change without notice and Lonsec assumes no obligation to update. Lonsec uses objective criteria and receives a fee from the Fund Manager. Visit lonsec.com.au for ratings information and to access the full report. Copyright 2023 Lonsec. All rights reserved.
‡ Genium disclaimer
The Genium rating (assigned August 2024) presented in this document is issued by Genium Investment Partners Pty Ltd ABN 13 165 099 785, which is a Corporate Authorised Representative of Genium Advisory Services Pty Ltd ABN 94 304 403 582, AFSL 246580. The Rating is limited to “General Advice” (s766B Corporations Act 2001 (Cth)) and has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without notice. Past performance information is for illustrative purposes only and is not indicative of future performance. It is not a recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision in relation to this financial product(s). Genium receives a fee from the Fund Manager for researching and rating the product(s). Visit Geniumip.com.au for information regarding Genium’s Ratings methodology.