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L1 Capital PTY LTD
L1 Capital Pty Ltd is an independent, global investment manager founded in Melbourne, Australia in 2007 by Raphael Lamm and Mark Landau. The firm is majority owned by its founders and staff and is dedicated to providing exceptional risk-adjusted returns through a range of investment products including equities, alternatives, and property strategies. L1 Capital manages vehicles such as the Long Short Fund, Catalyst Fund, International Fund, Global Opportunities Fund, and UK Residential Property Fund. Their client base includes superannuation funds, pensions, wealth management firms, family offices, and retail investors. The business operates globally with offices in Melbourne, Sydney, Miami, and London, and employs approximately 34 staff.
Investment Strategy
L1 Capital employs a fundamental, research-driven approach that incorporates rigorous valuation, qualitative analysis, and extensive direct engagement with industry participants and management teams. Their flagship strategies focus on long/short equities, global opportunities, and activist/value investing, with a consistent emphasis on preserving capital, delivering exceptional risk-adjusted returns, and maintaining flexibility to exploit market inefficiencies both in Australia and internationally. The approach is characterized by high conviction positions, a strong contrarian element, and the willingness to operate independently of market consensus. Specialized strategies include bottom-up security selection, activist overlays, and opportunistic property investments.
Latest 13F Filing Activity
L1 Capital PTY LTD filed their most recent 13F report on Jun 30, 2025 disclosing 30 equity positions with a total 13F market value of $2B. The fund increased holdings in Lloyds Banking Group PLC, Nexgen Energy LTD, Alcoa Corp. among other positions. L1 Capital PTY LTD reduced exposure to Ryanair Holdings PLC, Graphic Packaging HLDG Co., Cenovus Energy Inc. among others.
Top Holdings
Equity Positions (30)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
N NXE | NEXGEN ENERGY LTD | 14.18% | $234.7M | 33,816,063 | $5.47 | $6.94 | +$97.3M |
H HBM | HUDBAY MINERALS INC | 9.66% | $159.9M | 15,054,087 | $6.86 | $10.61 | +$50.5M |
E EGO | ELDORADO GOLD CORP NEW | 9.21% | $152.4M | 7,493,579 | $16.94 | $20.34 | +$4.8M |
A AA | ALCOA CORP | 8.59% | $142.1M | 4,814,342 | $29.87 | $29.51 | +$89.4M |
E EQX | EQUINOX GOLD CORP | 8.31% | $137.5M | 23,908,865 | $5.86 | $5.75 | +$62.8M |
Industry Allocation
Investment Team (3)
| Name | Role | Location | |
|---|---|---|---|
 | Senior Investment Analyst | New York, NY , United States | |
 | Investment Analyst | Miami, FL , United States | |
 | Analyst | United States |
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