L1 Capital
Our archive holds 3 letters from L1 Capital, behind 6 investment theses and positions in 6 companies. Every quote below is copied verbatim from the letter it came from.
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Performance
as of Jun 30, 2026 · net of fees · AUD
- 1Y+38.3%index +6.1%
- 3Y · /yr+12.4%index +10.6%
- Inception · /yr+13.1%index +7.8%
Index: S&P/ASX 200AI
| 1Y | 3Yper year | Since inceptionper year | |
|---|---|---|---|
| L1 Capital Catalyst Fund | +38.3% | +12.4% | +13.1% |
| S&P/ASX 200AI | +6.1% | +10.6% | +7.8% |
These figures are copied from the manager’s latest letter, as of Jun 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.
Read full disclosures →What they bought and sold · 2 moves
- September 2026
“Accordingly, the de-rating has created an opportunity for the Catalyst Fund to acquire a high-quality, cash-generative business with a growing earnings profile at an attractive valuation, with several medium-term catalysts for earnings recovery.”
Read the letter - June 2026
“The Catalyst Fund was previously invested in James Hardie from July 2022 to August 2023, over which period the stock appreciated close to 50%.”
Read the letter
Companies held · 6
Every company L1 Capital has disclosed a position in across our archive, with the letter that last mentioned it.
- BlueScope SteelJun 2026
- DownerSep 2026
- James Hardie IndustriesJun 2026
- Mineral ResourcesSep 2026
- QantasSep 2026
- The Lottery CorporationSep 2026
Theses · 6
- September 2026
Qantas has a resilient competitive position and medium-term earnings upside from fleet renewal, pricing power and Project Sunrise despite near-term fuel volatility.
Read the full thesis - September 2026
Downer is a stronger business with improved contract discipline, a substantial order book and medium-term earnings growth potential.
Read the full thesis - September 2026
Mineral Resources is benefiting from Onslow Iron, improving lithium profitability, deleveraging and an attractive medium-term risk-reward.
Read the full thesis - September 2026
The Lottery Corporation offers long-duration licences, resilient demand, jackpot normalisation and self-help initiatives that can drive medium-term upside.
Read the full thesis - June 2026
James Hardie Industries has upside from a depressed housing cycle, AZEK synergies, return-to-growth in fibre cement, deleveraging and a still-favourable valuation.
Read the full thesis - June 2026
Mineral Resources offers lithium volume growth, higher-grade production expansion, normalising leverage and attractive risk-reward.
Read the full thesis
Letter archive · 3
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