L1 Capital

L1 Capital takes board-level positions in portfolio companies, filing shareholder requisitions and engaging directly with management — a style more typical of US activist hedge funds but less common in Australia (per The Australian Financial Review, 2020).

The firm employs fundamental bottom-up research on ASX-listed companies, targeting those with perceived undervaluation or operational inefficiencies. It typically holds 10–20 long positions alongside short positions, with an event-driven catalyst thesis for each holding (per the firm's marketing materials).

L1 Capital charges a management fee typical of Australian hedge funds, with a performance fee tied to the fund's absolute return. Exact terms are disclosed in the fund's PDS and vary by vehicle (per the firm's official documents).

The L1 Capital Long Short Fund has historically reported net returns that have outperformed the S&P/ASX 200 in certain years, though absolute returns vary. No official long-term track record is publicly compiled (per fund reports).

Yes, the L1 Capital International Fund targets global equities, primarily developed markets, with a similarly concentrated long/short approach. The bulk of the firm's AUM, however, remains in Australian strategies (per the firm's website).

Investors include high-net-worth individuals, family offices, and institutional allocators such as superannuation funds. The firm had historically been open to wholesale investors only (per the firm's investor documentation).

The firm employs a concentrated portfolio with stop-loss limits and short positions to hedge market risk. It uses fundamental research to size positions based on conviction levels, rather than quant models (per the firm's investor presentations).