L1 Capital
L1 Capital Catalyst Fund
Dec 2024 → Sep 2026
Our archive holds 3 letters from this strategy, behind 6 investment theses and positions in 9 companies. Every quote below is copied verbatim from the letter it came from.
3 letters in 3 years — follow all of L1 Capital for every strategy.
Performance
as of Sep 30, 2026 · net of fees · AUD
- 1Y+13.1%index +2.7%
- 3Y · /yr+9.8%index +11.4%
- Inception · /yr+10.3%index +7.6%
Index: S&P/ASX 200 AI
| 1Y | 3Yper year | Since inceptionper year | |
|---|---|---|---|
| L1 Capital Catalyst Fund | +13.1% | +9.8% | +10.3% |
| S&P/ASX 200 AI | +2.7% | +11.4% | +7.6% |
Disclaimer
These figures are copied from the manager’s latest letter, as of Sep 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 it bought and sold
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.
The Catalyst Fund was previously invested in James Hardie from July 2022 to August 2023, over which period the stock appreciated close to 50%.
Also held
Its investment theses
- Qantas AirwaysSep 2026Qantas has a resilient competitive position and medium-term earnings upside from fleet renewal, pricing power and Project Sunrise despite near-term fuel volatility.
- Downer GroupSep 2026Downer is a stronger business with improved contract discipline, a substantial order book and medium-term earnings growth potential.
- Mineral ResourcesSep 2026Mineral Resources is benefiting from Onslow Iron, improving lithium profitability, deleveraging and an attractive medium-term risk-reward.
- The Lottery CorporationSep 2026The Lottery Corporation offers long-duration licences, resilient demand, jackpot normalisation and self-help initiatives that can drive medium-term upside.
- James Hardie IndustriesJun 2026James Hardie Industries has upside from a depressed housing cycle, AZEK synergies, return-to-growth in fibre cement, deleveraging and a still-favourable valuation.
- Mineral ResourcesJun 2026Mineral Resources offers lithium volume growth, higher-grade production expansion, normalising leverage and attractive risk-reward.