| Fund Type: | Single | Discretionary/Quantitative: |
Discretionary |
| Strategy: | Equity Long/Short | FUM (millions): | AU$1,780m |
| Style: | Blend | Fund Inception Date: | Since 24 April 2018 |
| Geographic Mandate: | Australia/Global | Latest Return Date: | March 2024 |
| Fund Domicile: | Australia | Investor Type: | Wholesale & Retail |
| Status: | Open | Reporting Status: | Current |
| Manager: | L1 Capital | Total FUM for all funds: | AU$7,118m |
|
Manager Overview:
L1 Capital is a global investment manager founded L1 Capital in Melbourne in 2007 by Raphael Lamm and Mark Landau. The founders have grown the firm through the selective cultivation of new strategies, adding the Long Short equities in 2014, then adding Global Opportunities (multi-strategy hedge Strategy managed from Miami) in 2015, UK Residential Property (managed from London) in 2017, International Equities (managed from Sydney) in 2019, and Catalyst equities (best ideas, concentrated Australian equities with an activist overlay managed from Melbourne) in 2021. Today, the firm manages assets for a range of investors including large superannuation funds, pension funds, asset consultants, private wealth firms, financial planning groups, family offices, high net worth investors and retail investors. The firm remains owned by its senior staff. |
Fund/Strategy Overview:
L1 Capital Long Short Fund is an absolute return strategy launched in 2014 that offers investors a highly flexible, absolute return-orientated portfolio of long and short positions based on L1 Capital's fundamental bottom-up research process. The Fund's objective is to deliver a net return of at least 10% p.a. to investors with considerably less market risk and volatility (on average) and invests primarily in Australian equities with up to 30% in international shares. The portfolio typically comprises 50-100 positions across a wide range of sectors and themes. The investment team, led by L1 Capital Co-Founders/co-CIOs, Mark Landau and Raphael Lamm, combines valuation (primarily discounted cash flow) with qualitative considerations (management quality, long-term industry and company structure and business trends) to identify attractive investment opportunities. The core of the investment approach is a high level of interaction with a wide range of market participants. Investors can access the strategy through an Australian Listed Investment Company, Australian Unit Trust or a Cayman vehicle.
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| Other funds operated by manager: | |||
| L1 Capital Catalyst Fund, L1 Capital Global Opportunities Fund(Soft closed), L1 Capital International Fund, L1 Capital Long Short Fund (Daily Class), L1 Capital Long Short Fund (Monthly Class) | |||
| Minimum Investment: | Minimum Additional Investment: | Minimum Term: | Investment Frequency: |
| Daily | |||
| Regular Savings Option: | Regular Savings Min. Amount : |
Regular Savings Max. Amount : |
Regular Savings Freq.: |
| N/A | |||
| Redemption Notice: | Redemption Frequency: | Notes: | |
| Daily |
|||
| Distributions: | Distribution Frequency: | Last Distribution Date: | Last Distribution Amount: |
| Yes | 6 Monthly | 15 March 2022 | AU$0.04 |
| Offshore/Onshore: | Fund Structure: | Share Classes: |
Trustee/Responsible Entity: |
| Onshore | LIC | AU$ | N/A |
| Administrator: | Prime Broker: | Custodian: | Legal: |
| Mainstream Fund Services | Morgan Stanley, Credit Suisse | Mainstream Fund Services | Hall & Wilcox |
| Management Fee: |
Performance Fee: |
High Water Mark: |
Hurdle: |
| 1.44% | 20% | Yes | N/A |
| Buy Spread: | Sell spread: | Early Redemption Fee: | Fees Notes: |
| % | % | No |
| Latest Return Date: | Latest Result: | Fund Inception Date: | Annualised Return: |
| March 2024 | 8.11% | 24 April 2018 | 11.92% |
| Latest 3 Months: | Latest 6 Months: | Latest 12 Months: | Latest 2 Years p.a.: |
| 7.38% | 10.48% | 11.72% | 6.59% |
| Latest 3 Years p.a.: |
Latest 4 Years p.a.: |
Latest 5 Years p.a.: |
Latest 7 Years p.a.: |
| 14.89% | 33.98% | 19.52% | N/A |
| % Positive Months (S.I.): |
Average Return: | Average +ve Return: | Average -ve Return: |
| 62.50% | 1.18% | 4.64% | -4.60% |
| Best Month: | Worst Month: | Up Capture Ratio (S.I.): |
Down Capture Ratio (S.I.): |
| 31.94% | -22.93% | 81.54% | 79.35% |
| Largest Drawdown (S.I.): |
Longest Drawdown (S.I.): |
Current Drawdown (%): |
Current Drawdown (Months): |
| -39.02% | 31 months | 0.00% | N/A |
| Annualised Standard Deviation (S.I.): |
Downside Deviation (S.I.): |
Sortino Ratio (S.I.): |
- |
| 24.03% | 14.00% | 0.70 | - |
| Sharpe Ratio (12 months): |
Sharpe Ratio (3 years): |
Sharpe Ratio (5 years): |
Sharpe Ratio (S.I.): |
| 0.64 | 0.84 | 0.77 | 0.52 |
| Please note, Sharpe and Sortino ratios are calculated using the Australian Risk Free Rate | |||
AFM's Quintile Rankings show performance and Key Performance Indicators (KPI's) of L1 Long Short Fund Limited (ASX: LSF) compared to a peer group of funds with a similar strategy and geographic mandate. Each green square places a fund in one quintile (or 20%) of its peer group - five indicating that the fund is in the top (best) quintile for the corresponding KPI.
As a reference point the equivalent "quintile" performance of the peer group's underlying market index is also indicated by the red dot.
| Zenith: | Recommended, June 2022 |
Historical Performance (all figures shown here are net of fees unless otherwise stated)
| Year | Jan % | Feb % | Mar % | Apr % | May % | Jun % | Jul % | Aug % | Sep % | Oct % | Nov % | Dec % | YTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 0.30 | -0.97 | 8.11 | N/R | N/R | N/R | N/R | N/R | N/R | N/R | N/R | N/R | 7.38 |
| 2023 | 3.65 | -2.04 | 0.54 | 1.64 | -3.19 | 1.70 | 5.25 | -4.89 | 0.94 | -3.07 | 2.39 | 3.67 | 6.20 |
| 2022 | 2.79 | 6.87 | 1.34 | 3.44 | 0.06 | -13.39 | -3.34 | 5.37 | -7.60 | 5.24 | 7.52 | 4.36 | 10.90 |
| 2021 | -0.17 | 9.01 | -0.14 | 5.11 | 4.07 | -0.52 | 1.75 | 5.10 | 4.86 | 2.32 | -7.36 | 3.66 | 30.29 |
| 2020 | -7.75 | -6.85 | -22.93 | 23.16 | 10.94 | -2.12 | -1.69 | 9.99 | 0.63 | -2.37 | 31.94 | 4.29 | 29.50 |
| 2019 | 4.26 | 5.11 | 0.16 | 3.05 | -2.73 | 3.87 | 0.63 | 0.40 | 2.54 | 3.46 | 0.36 | 2.06 | 25.46 |
| 2018 | N/R | N/R | N/R | -1.32 | -4.05 | -5.96 | 1.01 | -5.34 | -2.06 | -3.90 | -2.60 | -5.95 | -26.61 |
Historical Financial Year Performance (all figures shown here are are percentage per month net of fees unless otherwise stated)
| Year | Jul % | Aug % | Sep % | Oct % | Nov % | Dec % | Jan % | Feb % | Mar % | Apr % | May % | Jun % | FYTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023/2024 | 5.25 | -4.89 | 0.94 | -3.07 | 2.39 | 3.67 | 0.30 | -0.97 | 8.11 | N/A | N/A | N/A | 11.64 |
| 2022/2023 | -3.34 | 5.37 | -7.60 | 5.24 | 7.52 | 4.36 | 3.65 | -2.04 | 0.54 | 1.64 | -3.19 | 1.70 | 13.53 |
| 2021/2022 | 1.75 | 5.10 | 4.86 | 2.32 | -7.36 | 3.66 | 2.79 | 6.87 | 1.34 | 3.44 | 0.06 | -13.39 | 9.96 |
| 2020/2021 | -1.69 | 9.99 | 0.63 | -2.37 | 31.94 | 4.29 | -0.17 | 9.01 | -0.14 | 5.11 | 4.07 | -0.52 | 72.88 |
| 2019/2020 | 0.63 | 0.40 | 2.54 | 3.46 | 0.36 | 2.06 | -7.75 | -6.85 | -22.93 | 23.16 | 10.94 | -2.12 | -2.77 |
| 2018/2019 | 1.01 | -5.34 | -2.06 | -3.90 | -2.60 | -5.95 | 4.26 | 5.11 | 0.16 | 3.05 | -2.73 | 3.87 | -5.79 |
| 2017/2018 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -1.32 | -4.05 | -5.96 | -10.96 |
