L1 Capital
L1 Capital Gold Fund Limited
Sep 2026 → Sep 2026
Our archive holds 1 letter from this strategy, behind 3 investment theses and positions in 12 companies. Every quote below is copied verbatim from the letter it came from.
1 letter in a year — follow all of L1 Capital for every strategy.
Performance
as of Sep 30, 2026 · net of fees · AUD
- Inception · total+14.4%
| Since inceptiontotal | |
|---|---|
| L1 Capital Gold Fund Limited | +14.4% |
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
L1 first accumulated a stake in their February 2026 capital raise at C$2.40/sh.
L1 first accumulated a stake in Ausgold in their July 2025 capital raise at A$0.57/sh.
Also held
Its investment theses
- L1 Gold Fund LimitedSep 2026L1 Gold Fund Limited believes gold equities and mid-cap gold miners are attractive because of supportive gold drivers, strong cash flow, undervalued valuations, and consolidation opportunities.
- AusgoldSep 2026Ausgold is a Western Australia gold developer with a 150koz p.a. project and takeover appeal, which the fund sees as benefiting from de-risked assets and substantial re-rating potential.
- RoxmoreSep 2026Roxmore is a Nevada gold developer with a >200koz p.a. project that the fund expects to benefit from takeout interest, de-risking, and re-rating potential.