L1 Capital Pty Ltd

CIK 0001817646 · Q1 2026

13F Equity AUM

$2.5B

+32.8% QoQ

Positions

+2 QoQ

AUM Rank

#1,564

Top 13%

Skill Alpha (FF)

+12.0%/yr^ns

No Clear Edge

Rank #220 · Top 3%

vs S&P +18.8%/yr (unadj.)

Quarters Tracked

~6 years

Portfolio Concentration

Top 5: 60.5%Top 10: 86.1%Top 20: 98.7%

NXE16.0%

ELD14.1%

EQX13.8%

TGB8.9%

CRH.L7.6%

FLUTTER ENTMT PLC7.1%

AMCOR PLC6.9%

CG4.9%

NWS4.7%

Z2.1%

Others (12)13.9%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Basic Materials33.2%

Financial Services23.1%

Energy16.0%

Consumer Cyclical8.5%

Unclassified7.5%

Communication Services6.8%

Healthcare2.7%

Other2.1%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 22Median: 1.70%Avg: 4.55%

0–0.5%

0(0.0%)

0.5–1%

4(3.0%)

1–3%

9(12.9%)

3–5%

2(9.7%)

5%+

7(74.4%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 22Unique: 0vs 20 funds

0.3%Low

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

0.4%

JPMORGAN CHASE & CO

0.4%

BANK OF AMERICA CORP /DE/

0.4%

VANGUARD CAPITAL MANAGEMENT LLC

0.5%

GEODE CAPITAL MANAGEMENT, LLC

0.5%

BlackRock, Inc.

0.4%

FMR LLC

0.6%

STATE STREET CORP

0.4%

VANGUARD PORTFOLIO MANAGEMENT LLC

0.4%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New9Increased9Decreased4Exited7

New Positions

CRH.L7.6%

+1.9M

AMCOR PLC6.9%

+4.4M

CG4.9%

+7.1M

SCO1.7%

+5.2M

TECK/B1.3%

+635K

NU1.2%

+2.1M

BLDR0.9%

+293K

CCL0.7%

+716K

NCLH0.7%

+911K

Increased

AVR1.7%

+5.0M(+177%)

EQX13.8%

+4.2M(+21%)

ISO1.0%

+1.7M(+233%)

FLUTTER ENTMT PLC7.1%

+1.6M(+1174%)

NXE16.0%

+1.6M(+5%)

ELD14.1%

+800K(+8%)

HDB1.2%

+765K(+152%)

IMG1.1%

+258K(+21%)

EXP1.6%

+94K(+79%)

Decreased

SLS0.7%

-1,261,997(-39%)

Z2.1%

-459,985(-27%)

TGB8.9%

-435,043(-1%)

NWS4.7%

-38,736(-1%)

Exited

ICE

-679,203

CVE

-5,655,769

-1,545,476

AAUC

-1,476,184

NUE

-203,632

-730,264

AMRZ

-305,255

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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