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 Australian Equities Fund is a large cap, long only Australian equities fund. The Fund typically invests in 25-35 high quality companies that are fundamentally undervalued and have a positive outlook. The Fund’s objective is to outperform the S&P / ASX200 Accumulation Index by at least 3% p.a. over the long term.
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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 and volatility (on average).
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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 it understands well and that have favourable cashflow-based valuations. The portfolio is concentrated with between 20-40 high conviction positions.
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L1 Capital U.K. Residential Property Fund invests in high-yielding residential properties that can deliver strong and growing dividends, along with significant capital appreciation. The Fund aims to deliver investors a total return of at least 10% p.a., (after fees) with a large proportion of the returns paid out in regular dividends.
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L1 Capital Global Opportunities Fund (USD) invests in structured investments, such as convertible bonds, along with primary market transactions to deliver strong positive returns to investors. The Fund has an absolute return approach with a strong focus on capital preservation and multi-layered risk management.
L1 Capital Australian Equities Fund
- 3.2% alpha p.a. (net return since inception) 8.6% versus 5.4% for the S&P / ASX200 Accumulation Index
- One of the best performing large cap, long only funds in Australia.
Note: Performance data current as at 31 December, 2019.
Fund Overview
Fund inception date 23 August 2007
Type of investments Australian shares
Large/small cap Large 70-90%, small 10-30%
Time Horizon At least 5 years
Investor type Retail/sophisticated/wholesale
Positions (typical) 25-35 positions
Cash levels (typical) 0-5%
Investment objective Outperform benchmark by 3% p.a. over rolling three year periods
Benchmark S&P ASX 200 Accum. Index
Tracking error (typical) 4-6%
Gearing No
Shorting No
Minimum investment AUD$25,000
Subscription Daily
Management Fee 0.77% inclusive of GST and RITC
Performance Fee 15.38% above ASX200AI
Fund Performance (%)
| Period | L1 Capital | S&P/ASX200AI | Outperformance |
| One Year | 22.4% | 23.4% | -1.0% |
| Three Years (p.a) | 9.3% | 10.3% | -1.0% |
| Five Years (p.a) | 10.8% | 9.0% | 1.8% |
| Ten Years (p.a.) | 8.5% | 7.9% | 0.6% |
| Since Inception (p.a) | 8.6% | 5.4% | 3.2% |
| Since Inception (cumulative) | 178.4% | 92.7% | 85.8% |
Monthly Performance (Growth of $10,000 invested since inception - Net)
How to invest
To invest in the L1 Capital Australian Equities 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.
L1 Capital Long Short Fund
- 163.2% net return since inception; 19.9% net return p.a. since inception
- 70 individual positions added +1% to performance
- Strong positive returns across a wide range of sectors
- Sharpe Ratio 1.7, Sortino Ratio 3.4
Note: Performance data current as at 31 December, 2019.
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
Gearing Yes
Shorting Yes
Positions (typical) 50-100 positions
International exposure 10-30%
Typical net exposure 30-100%
Max net exposure 150%
Max gross exposure 300%
‘Best Performing Hedge Fund Globally’ in 2015 and ‘Top 20 Hedge Fund Globally’ in 2016, 2017
Winner ‘Best Asian Long/Short Equity Fund’ 2017
Winner Professional Planner | Zenith Fund Awards ‘Australian Equities – Alternative Strategies’ 2017
Monthly Performance (Net)
| Period | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year |
| 2014 | - | - | - | - | - | - | - | - | (2.42) | 3.03 | 2.85 | 1.61 | 5.07 |
| 2015 | 0.59 | 9.14 | 2.42 | 1.71 | 3.73 | (0.86) | 3.30 | 2.06 | 5.51 | 8.49 | 8.11 | 4.61 | 60.52 |
| 2016 | 5.81 | 0.59 | 5.47 | 2.46 | 2.78 | (0.89) | 3.22 | 3.92 | 0.46 | (0.18) | 0.55 | 2.13 | 29.43 |
| 2017 | 2.48 | 1.79 | 2.83 | 1.01 | 4.14 | 1.68 | 2.61 | 1.67 | 1.91 | 2.50 | 0.80 | 3.50 | 30.50 |
| 2018 | 0.54 | (0.49) | (1.68) | 1.59 | (3.77) | (6.31) | 0.79 | (5.93) | (2.13) | (4.01) | (2.62) | (6.07) | (26.60) |
| 2019 | 4.33 | 5.14 | 0.19 | 2.82 | (2.80 | 3.84 | 1.16 | 0.41 | 2.59 | 3.34 | 0.30 | 2.19 | 25.87 |
Monthly Performance (Net)
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%
Cayman Fund (USD)
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 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$25,000
Subscription Daily
Investment objectives Outperform Benchmark over rolling five year periods (net of fees) and deliver attractive risk-adjusted returns over a medium to long term investment horizon whilst lowering the risk of a permanent loss of capital
Positions 20-40
Cash levels 0-25%, typically around 10%
Gearing No
Shorting No
FX Exposure Unhedged
Management Fee 1.2% inclusive of GST and RITC
Performance Fee 15% above MSCI World Net Total Return Index in AUD subject to any underperformance being recouped. There must be positive absolute performance (adjusted for distributions) in the Performance Period (otherwise positive relative performance is carried forward to the next Performance Period)
Sector Exposure
Revenue Exposure by Region
Market Capitalisation Exposure (in US$)
How to invest
To invest in the L1 Capital International 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
Fund Overview
Fund inception date Fund I 31 August 2017; Fund II 31 July 2018; Fund III 16 August 2019
Type of investments Bulk purchase of U.K. residential property outside of London
Structure Closed end fund, 7 year maturity
Investor type Sophisticated/wholesale/retail investors
Investment objective 10% p.a. net return over the long term
Subscription The closed-end Fund III closed for applications 16 August 2019
Management fee 0.5% excl GST p.a. on gross asset value
Performance fee 15% excl GST performance fee (7.5% IRR hurdle, with catch up)
Hurdle rate First year: AUD 3 month BBSW +1.0%, 7.5% IRR thereafter
Purchase/Sale fee 1% excl GST on purchase price. 1% excl GST on sale price.
Hedging Hedged or unhedged class available at investor’s discretion
Distributions Paid half yearly
Investment manager L1 U.K. Property Investments Pty Ltd
Responsible Entity Equity Trustees
Auditors EY
Administrator Apex Fund Services
Currency of units AUD
U.K. Residential house prices over 2004–19 (indexed to market peak Oct-07 = 100)
How to invest
The L1 Capital U.K. Residential Property Fund III closed for applications on 16 August 2019.
Please contact us if you would like more information or would like to be informed of the launch of another closed end fund.
L1 Capital Global Opportunities Fund
- Convertibles and deal structuring fund. Managed by David Feldman in New York
- 30.9% net return p.a. since inception
- No negative months since inception
Note: Performance data current as at 31 October, 2017.
Fund Overview
Fund closed Fund closed
Fund inception date 1 June 2015
Geographic exposure Global
Investment objective 10% p.a. net return over the long term
Benchmark None
Investment Focus Primary market transactions including events, convertibles and new issues
Time Horizon At least 5 years
Minimum investment Fund closed
Subscription Fund closed
Management Fee 2%
Performance Fee 20%
Finalist ‘Best Asian Multi-Strategy Fund’ 2017
Monthly Performance (Net)
| Period | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year |
| 2015 | 6.30% | 1.13% | 1.36% | 0.16% | 9.90% | 10.47% | 2.54% | 35.84% | |||||
| 2016 | 1.43% | 0.71% | 1.26% | 1.25% | 0.72% | 0.78% | 2.21% | 1.54% | 0.83% | 1.47% | 2.59% | 2.14% | 18.28% |
| 2017 | 1.88% | 2.56% | 0.86% | 0.48% | 0.72% | 1.14% | 0.95% | 2.14% | 2.76% | 4.33% | 19.25% |
Monthly Performance (Net)
How to invest
Please note this Fund is currently closed to new and additional investments.
Please contact us if you would like to be informed if/when the fund reopens.
