L1 Capital is committed to offering clients best of breed investment products that can deliver exceptional risk adjusted returns. The entire investment team is significantly invested across L1 Capital products.
L1 Capital investment products:
01
L1 Capital Long Short Fund is an absolute return fund that offers investors a highly diversified portfolio of long and short positions based on our fundamental bottom-up research process. The Fund’s objective is to deliver a net return of at least 10% p.a. to investors with considerably less market risk (on average).
More Information02
L1 Capital Catalyst Fund is a high conviction, long-only equities fund focused on unlocking company value through shareholder activism. The Catalyst Fund invests in a concentrated portfolio of stocks that offer a compelling combination of value and quality with a major positive catalyst to drive investor returns.
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L1 Capital Global Opportunities Fund (USD) applies rigorous fundamental analysis to invest in small to mid-capitalisation securities around the world across the capital structure. It uses macro themes to identify its investment targets then structures its portfolio to have low correlation to common equity and bond benchmarks and downside protection through multi layered risk management.
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L1 Capital International Fund was launched in March 2019 and aims to deliver attractive risk-adjusted returns over a long-term investment horizon by investing in high quality companies that have favourable cashflow-based valuations. The portfolio is concentrated with between 20-40 high conviction positions.
From 22 November 2023, the Fund is available as ‘dual registry’ structure that allows investors to buy and sell shares in the Fund both on-market via the ASX and off-market via the registry.
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L1 Capital U.K. Residential Property Fund invests in high-yielding residential assets that can deliver strong and growing income, along with significant capital appreciation. It does this by acquiring underperforming or undermanaged UK property assets outside of London, at a discount, repositioning these assets and/or managing the assets more actively. At the appropriate time, the Fund will then sell these assets whether via break up to the retail market or as a portfolio to an institutional investor.
More InformationL1 Capital Long Short Fund
- Australia’s best performing long short fund (since inception in 2014)*
- 18.6% net return p.a. since inception
- Strong positive returns across a wide range of sectors.
Note: Performance data current as at 31 October 2023. *Ranking in FE Analytics Australian Shares universe.
Fund Overview
Fund inception date 1 September 2014
Type of investments Australian shares, international shares, index futures, equity derivatives
Investment objective 10% p.a. net return over the long term
Time horizon At least 5 years
Investor type Retail/sophisticated/wholesale
Benchmark None
Shorting Yes
Positions (typical) 50-100 positions
International exposure 10-30%
Typical net exposure 30-100%
Max net exposure 150%
Max gross exposure 300%
Winner | Zenith Fund Awards ‘Australian Equities – Alternative Strategies’ 2022
Winner | Alt. Inv. Manager of the Year 2021 & Best Listed Alt. Inv. Product (ASX:LSF) 2021 & 2022
‘Best Performing Hedge Fund Globally’ in 2015 and ‘Top 20 Hedge Fund Globally’ in 2016, 2017 and 2021
Winner | ‘Best Asian Long/Short Equity Fund’ in 2017, Ranked Top 5 for returns in 2020 for large APAC-based HFs
Monthly Performance (Net)
| Period | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year |
| 2014 | - | - | - | - | - | - | - | - | (2.4) | 3.0 | 2.9 | 1.6 | 5.1 |
| 2015 | 0.6 | 9.1 | 2.4 | 1.7 | 3.7 | (0.9) | 3.3 | 2.1 | 5.5 | 8.5 | 8.1 | 4.6 | 60.5 |
| 2016 | 5.8 | 0.6 | 5.5 | 2.5 | 2.8 | (0.9) | 3.2 | 3.9 | 0.5 | (0.2) | 0.6 | 2.1 | 29.4 |
| 2017 | 2.5 | 1.8 | 2.8 | 1.0 | 4.1 | 1.7 | 2.6 | 1.7 | 1.9 | 2.5 | 0.8 | 3.5 | 30.5 |
| 2018 | 0.5 | (0.5) | (1.7) | 1.6 | (3.8) | (6.3) | 0.8 | (5.9) | (2.1) | (4.0) | (2.6) | (6.1) | (26.6) |
| 2019 | 4.3 | 5.1 | 0.2 | 2.8 | (2.8) | 3.8 | 1.2 | 0.4 | 2.6 | 3.3 | 0.3 | 2.2 | 25.9 |
| 2020 | (7.8) | (7.1) | (23.0) | 22.9 | 11.0 | (2.2) | (2.0) | 10.0 | 0.5 | (2.6) | 30.8 | 4.3 | 26.5 |
| 2021 | (0.1) | 9.1 | (0.1) | 5.0 | 4.1 | (0.6) | 1.8 | 5.2 | 4.8 | 2.3 | (7.2) | 3.6 | 30.4 |
| 2022 | 2.7 | 7.0 | 1.4 | 3.3 | 0.1 | (13.7) | (4.7) | 5.9 | (8.0) | 5.1 | 8.1 | 4.2 | 9.4 |
| 2023 | 3.7 | (2.0) | 0.6 | 1.8 | (3.4) | 1.8 | 5.4 | (4.7) | 0.9 | (3.1) | 0.4 |
Fund Performance vs Global Indices (Net)
| Period | Cumulative Return | Annualised Return (p.a.) |
| L1 Capital Long Short Fund (Net) | 376.8 | 18.6 |
| S&P/ASX 200 Accumulation Index | 76.0 | 6.4 |
| MSCI World Net Total Return Index (USD) | 86.3 | 7.0 |
| HFRX Global Hedge Fund Index | 10.1 | 1.1 |
Monthly Class
Fund inception date 1 September 2014
Minimum investment AUD$500,000
Subscription Monthly
Management fee 1.28% p.a. including GST less RITCs
Performance fee 20.5%
Daily Class
Fund inception date 3 October 2016
Minimum investment AUD$25,000
Subscription Daily
Management fee 1.54% p.a. including GST less RITCs
Performance fee 20.5%
Listed Investment Company (LIC)
Fund inception date 24 April 2018
Subscription Listed on ASX
Website www.L1longshort.com
Management fee 1.44% p.a. including GST less RITCs
Performance fee 20.0%
Cayman - Offshore Feeder (USD denominated)
Fund inception date 5 January 2017
Minimum investment USD$250,000
Subscription Monthly
Management fee 1.25% p.a.
Performance fee 20.0%
How to invest
To invest in the L1 Capital Long Short Fund please download and read the appropriate PDS (above) and complete the application form.
You can also contact us for further assistance.
L1 Capital Catalyst Fund
The Catalyst Fund:
- is a high conviction, activist fund that seeks to deliver positive catalysts that unlock major share price upside for investors.
- invests in a small number of companies at any one time, ensuring the team has market-leading company and industry knowledge and is fully focused on providing value-adding opportunities to company boards and management teams.
- is able to leverage the knowledge, experience and relationships of L1 Capital’s Australian equities investment team.
- is focused on delivering improved ESG outcomes at ASX200 corporates. The Fund uses shareholder activism to enhance corporate governance and protect the interests of shareholders.
The Catalyst Fund is truly unique:
- Track record – One of the most respected and best performing hedge fund managers in Australia. The L1 Capital Long Short Fund has returned more than 25% p.a. (net) in 6 out of the last 8 calendar years.
- Scale – Successful activist investing generally requires the fund to have sufficient scale to build a meaningful stake, have access to management, board and other institutional shareholders and the resources to dedicate to an activist campaign. L1 Capital’s scale enables the Group to be a significant shareholder and have access to all relevant stakeholders.
- Resourcing – Fully resourced investment team with deep experience, knowledge and relationships across the entire Australian market.
- Alignment – Total alignment with investors. The investment team has invested significant personal wealth into the Fund alongside investors.
Note: Performance data current as at 30 September 2023.
L1 Capital Catalyst Fund Team
Partner & Head of Catalyst Fund
B.Laws (Hons)/ B.Comm (Finance)
James is a Partner and Head of the Catalyst Fund. Prior to joining L1 Capital in 2021 James spent nearly ten years at Flagstaff Partners, where he was a Managing Director and Equity Partner that 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 several successful principal investments and a wide range of investment banking transactions after beginning his career at Clayton Utz as a solicitor. James is a generalist with experience covering a wide range of sectors including industrials, gaming, infrastructure, retail, education and mining services. James holds a double degree in Law and Commerce from Monash University, with Honours in Law.
Senior Investment Analyst
B.Com & Info Sys, (Accounting and Finance), MBA
Benjamin is a Senior Investment Analyst within the L1 Capital Catalyst Team. Prior to joining L1, Benjamin spent 10 years at management consultancy Bain & Company, where he was as an Associate Partner based in Melbourne and London. Prior to that Benjamin spent nearly 4 years in investment banking at J.P. Morgan in Melbourne. He holds a Bachelor of Commerce and Information Systems, Accounting and Finance from the University of Melbourne and an MBA from the London Business School.
Investment Analyst
B.Com (Finance and Economics)
Mihali is an Investment Analyst within the L1 Capital Catalyst Team. Prior to joining L1, Mihali worked in public equities for Ontario Teachers’ Pension Plan in London and in the Investment Banking Group of Goldman Sachs in the Consumer, Retail & Healthcare team in London and the Natural Resources team in Perth. He holds a Bachelor of Commerce, Finance and Economics, from the University of Western Australia.
Investment Analyst
B.Com (Fin and Econ), MEng (Mech Eng)
Tom is an Investment Analyst within the L1 Capital Catalyst Team. Prior to joining L1, Tom worked at BGH Capital in Melbourne and in the Investment Banking Group of Goldman Sachs in the Natural Resources team and the Consumer, Retail, Healthcare and Technology, Media & Telecommunications team in Melbourne. He holds a Bachelor of Commerce, Finance and Economics, and a Master of Mechanical Engineering, both from the University of Melbourne.
Monthly Net Performance (%)
| Period | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year |
| 2021 | - | - | - | - | - | - | 2.2 | 9.3 | 3.9 | (2.5) | (2.4) | 5.6 | 16.7 |
| 2022 | (4.2) | 2.7 | 5.9 | 4.1 | (2.6) | (10.3) | 2.4 | 4.2 | (7.0) | 7.7 | 4.8 | (3.8) | 2.1 |
| 2023 | 6.2 | (1.2) | 1.9 | 1.8 | (2.1) | 2.9 | 3.6 | (2.8) | (3.6) | (5.3) | 0.7 |
Fund Performance* (%)
| Fund (%) | Index**(%) | Excess (%) | |
| 1 month | (5.3) | (3.8) | (1.5) |
| 3 months | (11.3) | (7.2) | (4.1) |
| 6 months | (7.5) | (5.3) | (2.2) |
| 1 year | 1.4 | 3.0 | (1.5) |
| 2 years | 3.0 | 0.4 | +2.5 |
| Since Inception p.a. - 01 July 2021 | 8.1 | 1.1 | +7.0 |
| Since Inception cumulative - 01 July 2021 | 20.0 | 2.5 | +17.5 |
How to invest
To invest in the L1 Capital Catalyst Fund please download and read the appropriate PDS (above) and complete the application form.
You can also contact us for further assistance.
L1 Capital Global Opportunities Fund
L1 Capital Global Opportunities Fund (USD) applies rigorous fundamental analysis to invest in small to mid-capitalisation securities around the world across the capital structure. It uses macro themes to identify its investment targets then structures its portfolio to have low correlation to common equity and bond benchmarks and downside protection through multi layered risk management. The fund is also known for its investments in listed Special Purpose Acquisition Companies (“SPACs”) through which it backs management teams with the potential to make accretive acquisitions.
How to invest
This Fund is currently closed to new investors.
Please contact us for further assistance.
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 |
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.
L1 Capital U.K. Residential Property Fund
- The objective of the Fund is to deliver clients a net return of at least 10% p.a., including a dividend yield of 6% p.a. (after fees and expenses, before tax).
- The team now manages over 40 residential buildings, comprising approximately 2,500 units, valued at approximately A$200m.
- An attractive asset class delivering a strong and defensive income yield with further upside from capital growth.
- High calibre investment team with seeking to add significant value regardless of general property market trends.
All comments as of 30 June 2022.
Please click here if you would like more information.
How to invest
This Fund is currently closed to new investors.
Please contact us for further assistance.
- T +61 3 9286 7000
- F +61 3 9286 7099
- E info@L1.com.au
- Level 45, 101 Collins Street
Melbourne Victoria 3000
Australia
