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.
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 |