L1 Long Short Fund Ltd. · ASX:LSF
L1 Long Short Fund — Investor Presentation (April 2026)
25 slides from L1 Long Short Fund's investor presentation, Apr 21, 2026
Slide 1: Fund update
For personal use only Fund update L1 Long Short Fund Limited (ASX:LSF) April 2026
Slide 2: L1 Capital Funds | Business overview
L1 Capital Funds | Business overview L1 Capital is a specialist investment manager founded in 2007 by Mark Landau and Rafi Lamm For personal use only London Since 2017 New York and U.K. Residential Property • ‘L’ – Derived from the surnames of the founders (Lamm and Landau) Miami Since 2015 • ‘1’ –
Slide 3: L1 Capital Funds | Investment-led culture
L1 Capital Funds | Investment-led culture Long Short Fund (LSF) Global Long Short Fund (GLSF) Global Opportunities International Equities For personal use only 19.5% p.a. net return S.I.1 (ASX200AI 7.8% p.a.) 53.9% p.a. net return S.I.3 (MSCI World 13.2% p.a.) 26.8% p.a. net return S.I. 12.1%
Slide 4: Equity market observations
For personal use only 1 Equity market observations L1 Long Short Fund Limited (ASX:LSF) 4
Slide 5: Iran War has led to the worst oil supply shock in modern history
Iran War has led to the worst oil supply shock in modern history Scale of net supply loss (million barrels/day) Movement in oil prices (US$/oil barrel) 150 For personal use only 2026 Iran War (Estimated) ~8-9 WTI Brent 130 1978-79 Iran Revolution 5.0 1973-74 Arab oil embargo 4.5 110 1990-91 Gulf War
Slide 6: Long-term yields have surged and interest rate expectations reset
Long-term yields have surged and interest rate expectations reset Expected Central Bank interest rate path 10-year bond yields (%) For personal use only 0.80 5.25 Solid line: 0.60 Current pricing 5.00 Rate cuts / Hikes (basis points) 0.40 Rate hikes 4.75 0.20 0.00 4.50 -0.20 4.25 -0.40 Rate cuts 4.0
Slide 7: Aggressive sell-off in gold, cyclicals and rate-sensitive sectors
Aggressive sell-off in gold, cyclicals and rate-sensitive sectors Index moves understate the extent and breadth of the correction For personal use only ASX200 sector returns – March 2026 ASX200 Stock performance – March 2026 60% No. of stocks (% of index) 49% 50% Gold (23.5%) 40% Building Materials
Slide 8: Portfolio performance
For personal use only 2 Portfolio performance L1 Long Short Fund Limited (ASX:LSF) 8
Slide 9: Best performing Australian long short strategy since inception
Best performing Australian long short strategy since inception1 Strong absolute & relative performance For personal use only S&P/ASX 200 Pre-tax NTA Net Performance L1 Long Short Accum. Index Outperformance March quarter dominated by the War in Iran to 31 March 2026 Portfolio (AUD) • Strong start in
Slide 10: Portfolio positioning
For personal use only 3 Portfolio positioning L1 Long Short Fund Limited (ASX:LSF) 10
Slide 11: Key portfolio adjustments
Key portfolio adjustments Major portfolio rotation designed to benefit from recent market volatility For personal use only Change in sector positioning vs. before the Iran War (arrow = change in portfolio net exposure over past month) Copper ~20-25% sell-off, long-term supply/demand fundamentals rem
Slide 12: Navigating AI disruption risk
Portfolio positioning Navigating AI disruption risk For personal use only Software / Mag-7 share price performance (March quarter) $105 Portfolio positioning $100 (5%) Long book: $95 • No meaningful exposure to software sector $90 (12%) • No meaningful exposure to Mag-7 / hyper-scalers $85 • Long ex
Slide 13: Focused on high quality, lower P/E stocks with strong cash flow and earnings growth
Portfolio positioning Focused on high quality, lower P/E stocks with strong cash flow and earnings growth For personal use only Portfolio metrics (Median FY27) Longs Portfolio Metrics P/E 9.1x • Low P/E multiples EPS Growth YoY 12.7% • Strong earnings growth Free cash flow yield 8.3% • Large FCF gen
Slide 14: Portfolio themes
For personal use only 4 Portfolio themes L1 Long Short Fund Limited (ASX:LSF) 14
Slide 15: Portfolio themes | Summary
Portfolio themes | Summary We are invested in five key themes that we believe offer compelling, asymmetric risk-reward For personal use only Copper Gold Infrastructure Building products Banking • Strong underlying • Despite recent pull • Regulated assets with • Pull back on higher • Dominant, high-q
Slide 16: Portfolio themes | Copper: supportive long-term backdrop despite de-rating
Portfolio themes | Copper Long-term fundamental backdrop remains supportive despite recent equities de-rating For personal use only Copper supply & demand outlook Copper miners EV / NTM EBITDA (x)1 30 8.0x Iran War Sell-Off 25 Market deficit 7.0x ‘Liberation Day’ 20 Sell-Off Copper (Mt) 6.0x 15 EV/E
Slide 17: Portfolio themes | Copper
Portfolio themes | Copper • Two producing assets in Canada and US, with production outlook • Americas based assets with strong production growth For personal use only of c.100ktpa copper • Targeting Santo Domingo FID in 2H’26 • Ramping up its low-cost Florence project in Arizona • Pathway to grow pr
Slide 18: Portfolio themes | Gold
Portfolio themes | Gold Gold Performance during major regional military conflicts 15% Unusual gold price pullback in March (-12%): For personal use only 10% • ETF outflows of >$12bn, largest monthly outflow in 5 yrs 5% • Large scale profit taking & technical-driven selling 0% • Physical gold ETF flo
Slide 19: Portfolio themes | Gold
Portfolio themes | Gold • 100% West Australian underground gold miner • Assets diversified across Greece, Canada & Turkey For personal use only • Transforming portfolio to greater scale and quality • First production from $1bn Skouries project expected in 2026, • Expected to increase production by a
Slide 20: Portfolio themes | Infrastructure
Portfolio themes | Infrastructure • Broad portfolio of regulated airport infrastructure assets • National rail operator with >5,000kms of network assets and For personal use only • Improving traffic growth as Boeing deliveries improve and largest haulage operations in Australia Condor (#2 player) in
Slide 21: Portfolio themes | Building products
Portfolio themes | Building products • Largest building products company in North America • Leading siding (fiber-cement), composite decking and building For personal use only solutions provider • Significant beneficiary of U.S. infra & on-shoring spend • No direct impacts from the Iran War– ~80% of
Slide 22: Portfolio themes | Banking
Portfolio themes | Banking • Largest U.K. mortgage lender Major banks’ valuation vs. EPS growth For personal use only • Earnings growing at 20%+ p.a. from FY25-28 LSF short 30.0x • Shares fell in March due to fears of higher inflation and CBA, 26.0x higher interest rates impacting U.K. economy. • 7.
Slide 23: Important information
Important information L1 Capital Pty Ltd Disclaimer This communication has been prepared for L1 Long Short Fund Limited (ACN 623 418 539) by its investment manager, L1 Capital Pty Ltd (ABN 21 125 378 145 and AFS Licence 314302). L1 Capital Pty Ltd has prepared this publication in good faith in relat
Slide 24: Contact us
Contact us Head of Distribution Chris Clayton [email protected] +61 (0)3 9286 7021 For personal use only Researchers Aman Kashyap [email protected] +61 477 341 403 Advisers Allan Evans [email protected] +61 400 993 597 Bryce Leyden [email protected] +61 407 876 532 For more insights, visit Clifford
Slide 25: Please contact us with any questions
For personal use only Please contact us with any questions. Level 45, 101 Collins Street, Melbourne VIC 3000 Phone +61 3 9286 7000 Web www.L1.com.au ABN 21 125 378 145 | AFSL 314302
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