L1 Capital
L1 Capital Long Short Fund
Sep 2026 → Sep 2026
Our archive holds 1 letter from this strategy, behind 4 investment theses and positions in 7 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
- YTD+16.4%
- 1Y+32.8%index +2.7%
- 3Y · /yr+21.5%index +11.4%
- 5Y · /yr+15.0%index +7.7%
- Inception · /yr+14.7%index +8.9%
Index: S&P/ASX 200 AI
| YTD | 1Y | 3Yper year | 5Yper year | Since inceptionper year | |
|---|---|---|---|---|---|
| L1 Capital Long Short Fund | +16.4% | +32.8% | +21.5% | +15.0% | +14.7% |
| S&P/ASX 200 AI | — | +2.7% | +11.4% | +7.7% | +8.9% |
Calendar years
- 2025+46.8%
- 2024+2.0%
- 2023+6.2%
- 2022+10.7%
- 2021+30.3%
- 2020+29.5%
- 2019+25.5%
- 2018−27.7%
- 2017+31.4%
- 2016+29.6%
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
Fraport (Long -15%) shares declined with investor sentiment weakening as sustained higher jet fuel prices drove capacity cuts by airlines, including its largest customer at Frankfurt airport, Lufthansa.
Also held
Its investment theses
- The Lottery CorporationSep 2026The Lottery Corporation is Australia’s leading lotteries and Keno operator with long-dated licences, strong brands and cash-generative, infrastructure-like earnings that the fund believes are temporarily depressed by weak jackpots and higher bond yields.
- FraportSep 2026Fraport is an airport operator whose resilience, new terminal capacity and international assets support continued growth in earnings, cash flow and dividends despite a difficult airline backdrop.
- TasekoSep 2026Taseko is ramping up its Florence copper project and also owns early-stage copper assets that the fund believes are economical and underappreciated.
- Commonwealth Bank of AustraliaSep 2026Commonwealth Bank of Australia is facing slowing earnings growth due to weaker mortgage demand, tighter competition and rising costs, which has put pressure on its valuation.