Fund overview

Fund launch date
1 September 2014
Investment approach
Absolute return, bottom-up stock picking. Rigorous, independent research with a contrarian bias.
Investment objective
10% net return p.a. (on average) over a 5-7 year period
Typical holdings
50-100 positions (combined longs and shorts)
Typical position sizes
• Range: 1-5%
• Typical Size: 3%
• Exceptional risk/reward: >5%

• Range: 1-3%
• Typical Size: 2%
• Exceptional risk/reward: >3%
Australia, with up to 30% international (gross)
Net/gross exposure
30-100% net long (typically). Expect to average 60-70% over the cycle.
Structure / Currency
Australian Unit Trust / AUD
Australian Unit Trust
Minimum investment
Management fee 1.28% p.a.
Performance fee 20.5%
High watermark Yes
Buy / Sell spread
15bps / 15bps
ETL4912AU / AU60ETL49128
Subscription / Redemption frequency
Zenith rating^
Platform availability
• Australian Money Markets
• HUB24*
• Mason Stevens
• Xpand
• Netwealth
• Powerwrap
• Praemium

* Administration only.
Investment manager
L1 Capital Pty Ltd
ACN 125 378 145
AFSL 314 302

Fund performance

Net performance as at **DATE**. Past performance should not be taken as an indicator of future performance.

Fund reports

May 2024
April 2024
March 2024
February 2024
January 2024
December 2023
November 2023
October 2023
September 2023
August 2023
July 2023
June 2023

Invest now

Invest now in the L1 Capital Long Short Fund – Monthly Class

Additional Resources
Product Disclosure Statement (PDS)
Target Market Determination (TMD)
Additional Application Form
Redemption Form
Latest Investor webinar (November 2023)
More on the L1 Capital Long Short Strategy

Please contact us for further assistance.

Information contained on this page
Equity Trustees Limited (“Equity Trustees”) (ABN 46 004 031 298), AFSL 240975, is the Responsible Entity for the L1 Capital Long Short Fund. 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 page has been prepared by L1 Capital Pty Ltd (ACN 125 378 145, AFSL 314 302), 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, 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 Long Short Fund’s Target Market Determination is available here. 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 in this page is owned by L1 Capital. You may use this information in this publication for your own personal use, but you must not (without L1 Capital’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
The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (Zenith) rating assigned to L1 Capital Long Short Fund – Monthly Class (June 2024) 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.

Contact us

Can we assist with your investment or provide information about our Funds?