L1 Long Short Fund Ltd. · ASX:LSF
L1 Long Short Fund — Investor webinar June 2025
25 slides from L1 Long Short Fund's conference presentation, Jun 13, 2025
Slide 1: L1 Long Short Fund Limited (ASX:LSF) Investor webinar
Investor webinar L1 Long Short Fund Limited (ASX:LSF) 13 June 2025
Slide 2: Business Update
1 Business Update
Slide 3: Potential merger of L1 Capital and Platinum Asset Management
Potential merger of L1 Capital and Platinum Asset Management We are currently undergoing mutual due diligence and there is no certainty that a deal will complete In the event that it does complete, the Managing Directors of L1 Capital: • Will not be involved in managing any Platinum Funds • Will not
Slide 4: Portfolio performance
2 ~17% p.a. s Portfolio performance
Slide 5: Best performing Australian long short strategy since inception
Best performing Australian long short strategy since inception 19% p.a. over past 5 years and ~18% p.a. since inception despite a major factor headwind Period January February March April May June July August September October November December Year 2014 – – – – – – – – (2.4) 3.0 2.8 1.6 5.1 2015 0.
Slide 6: Very strong capital protection in down markets
Very strong capital protection in down markets L1 Capital Long Short Fund Performance in "ASX Down Market" Months Performance in "ASX Up Market" Months (Average of 49 months) (Average of 80 months) 5.0% 3.1% 2.7% 2.5% 0.0% -0.5% -2.5% -3.1% -5.0% Long Short Strategy Return S&P / ASX 200 AI Return Lo
Slide 7: Market observations
3 Market observations
Slide 8: Market observations: rebound after tariff turbulence
Market observations Strong rebound in global markets following April’s tariff turbulence Change in U.S. imposed tariff rates (by country) Performance of major markets, 2025 CYTD (%) 160% 15% 145 Liberation day MSCI 120% 5% ASX200 S&P500 Nasdaq 80% -5% 50 46 40% 30 26 -15% 25 25 25 25 18 20 15 10 10
Slide 9: Market observations: growth and momentum factors lead
Market observations Growth and momentum factors continue to lead markets higher Australia – Relative factors returns, 2025 CYTD (%) United States – Relative factors returns, 2025 CYTD (%) 4% 10% 8.0 2.3 8% 2% 6% 0.6 0.5 4% 0% 2% (0.7) 0.1 0.1 0% -2% -2% (0.9) (2.8) -4% -4% (3.1) Momentum Growth Qual
Slide 10: Market observations: rising bond yields
Market observations Rising bond yields are flashing red, threatening U.S. debt sustainability Interest expense on U.S. public debt ($b) U.S. 30-year treasury yields (%) $1,400 6% $1.19t Highest since 2007 $1,200 4.9% $1,000 4% $800 $600 $584b $482b 2% $400 $419b $200 $0 0% • Interest costs now secon
Slide 11: Market observations: earnings growth slowing
Market observations Earnings growth is slowing given economic uncertainty 12-month forward EPS (Local currency) CY26 EPS growth forecasts (consensus est.) 12m fwd P/E 150 NASDAQ Nasdaq 14.6% 29.6x 140 Japan Japan 13.0% 18.3x 130 Euro S&P 500 12.0% 22.9x S&P 500 China 11.9% 13.0x 120 U.K. Canada MSCI
Slide 12: Portfolio positioning & key themes
4 Portfolio positioning & key themes
Slide 13: Portfolio positioning
Portfolio positioning Solid portfolio performance despite continued factor headwinds and macro volatility 2025 CYTD performance drivers LSF CYTD 2025 returns vs. major indices 8% • Gold 7.4% • U.K. Financials 6% 5.0% 4.9% • Industrials 4% • Infrastructure • Travel 2% 1.1% 0% Key long book contributo
Slide 14: Portfolio positioning: quality, lower P/E stocks
Portfolio positioning Focused on quality, lower P/E stocks with strong cash flow and earnings growth Portfolio metrics (Median FY26) MSCI Australia – Value and Growth P/E 40x AI Boom 35x Post Dot-com COVID Longs Shorts Boom 30x Boom 25x Earnings Yield 9.4% 5.0% 20x 15x EPS Growth YoY 18.7% 9.4% 10x
Slide 15: Portfolio themes: Summary
Portfolio themes: Summary We are invested in five key themes that we believe offer compelling, asymmetric risk-reward Construction U.K. Quality Infrastructure Mining materials Value Energy • Regulated assets • Gold equities • Exposure to resilient • Dominant, high-quality • O&G exposure over- with s
Slide 16: Theme: Infrastructure
Theme: Infrastructure • Regulated airport infrastructure asset • Leading E.U./U.K. cell tower operator • Inflection as key projects complete in 2025: Frankfurt T3, • High quality, long-life infrastructure with predictable forward Lima and Antalya cashflows • International concessions performing well
Slide 17: Theme: Infrastructure
Theme: Infrastructure • Eurotunnel operator (U.K.-France rail link) • High-speed fibre broadband infrastructure owner in N.Z. • Improving competitive dynamic vs. ferries to drive yield and • One of very few regulated digital infrastructure assets remaining market share gains in public ownership • Po
Slide 18: Theme: Mining – Gold companies
Theme: Mining – Gold companies • Gold has rallied from ~US$2,000/oz (early 2024) to Gold price and gold equities valuation c.US$3,400/oz currently 3,500 26 Gold (US$/oz) P/E (x) 3,000 22 • Significant increase in central bank buying since start of Russia/Ukraine war, accelerated by recent trade conf
Slide 19: Theme: Mining – Copper
Theme: Mining – Copper • Targeting Santo Domingo minority partner and FID in calendar • Strong cashflow growth from existing Canadian gold assets year 2026 • Copper World project in Arizona to increase copper production • Pathway to more than double copper production and materially by +50% improve u
Slide 20: Theme: Construction materials
Theme: Construction materials • Largest building products company in • Leader in light and sustainable solutions • Leading siding (fibre-cement) and building North America (aggregates, cement, (insulation, roofing, plasterboard, etc.) products solutions provider concrete, asphalt, paving) • Business
Slide 21: Theme: U.K. Quality Value
Theme: U.K. Quality Value • #1 player in U.S. online sports • Dominant U.K. mortgage lender (~19% • Global sportswear business with >4,500 betting/iGaming share) stores mainly in U.S., Europe and U.K. • Company aiming to more than double • Sector leading 3-year EPS CAGR to FY27 • Strong brands, diff
Slide 22: Theme: Energy
Theme: Energy • Primarily a producer and supplier of LNG to Asia • Largest uranium development asset globally • Exiting a period of significant capex with Barossa and Pikka • In final stages of approvals and financing, expected to projects due to come online in 2026 commence major works early 2026 •
Slide 23: Important information
Important information L1 Long Short Fund Limited 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
Slide 24: Contact us
Contact us Head of Distribution Chris Clayton [email protected] +61 3 9286 7021 For more Researchers Aman Kashyap [email protected] +61 477 341 403 insights, visit Allan Evans [email protected] +61 400 993 597 L1.com.au Bryce Leyden [email protected] +61 407 876 532 Advisers Clifford Fernandes cfer
Slide 25: L1 Capital
[a] L1 CAPITAL Please contact us with any questions. Level 45, 101 Collins Street, Melbourne, VIC 3000 Phone +61 3 9286 7000 Web L1.com.au ABN 21 125 378 145 | AFSL 314302 25