L1 Long Short Fund Ltd. · ASX:LSF

L1 Long Short Fund — Shareholder Meeting (November 2018)

14 slides from L1 Long Short Fund's shareholder meeting presentation, Nov 29, 2018

  1. Slide 1: 2018 Annual General Meeting – Investment Manager's Address and Presentation

    29 November 2018 For personal use only The Manager ASX Market Announcements L1 Long Short Fund Limited – 2018 Annual General Meeting – Investment Manager’s Address and Presentation Thank you very much Andrew and thank you to all our shareholders for your support and to those of you who are in attend

  2. Slide 2: Investment Manager's address: sector returns and research process

    Please refer to Slide 3 of the IM Presentation For personal use only While market returns for the past year have been heavily influenced by specific factors, such as ‘momentum’ or ‘growth’, we have found L1’s fund performance long-term has primarily been a factor of stock specific analysis. We have

  3. Slide 3: Investment Manager's address: market valuations and global exposure

    Please refer to Slide 6 of the IM Presentation We believe the Australian stockmarket is expensive by historical standards. As you can see in this chart, the ASX200 Industrials index is trading at an average P/E of around 19.1x, compared For personal use only to its average over the past decade of 16

  4. Slide 4: Investment Manager's address: top portfolio holdings

    HeidelbergCement is a German listed company that is one of the world’s largest construction materials businesses. It operates in 55 countries, typically in oligopoly markets. Rising spending globally on infrastructure provides a multi-year tailwind for HeidelbergCement and we believe the company can

  5. Slide 5: Investment Manager's AGM Report November 2018

    For personal use only L1 Long Short Fund Limited Investment Manager’s AGM Report 29 November 2018

  6. Slide 6: Investment Excellence Across All Products

    Investment Excellence Across All Products For personal use only ZENITH AWARD Launched L1 Capital Long Short Fund (unlisted fund since inception) Sep 2014  128.6% net return since inception; 21.9% net return p.a. since inception Best ‘Australian Equities – Alternative Strategies’ 2017.  68 individu

  7. Slide 7: Contribution to return generated by sector since inception

    Contribution to return generated by sector (since inception) For personal use only Strong positive returns across every sector Materials 32.1% Industrials 26.9% Telco Services 17.4% Utilities 12.3% Energy 11.1% Consumer Disc 9.9% Consumer Staples 7.0% Div Financials 5.0% Healthcare 4.8% REITs 3.7% B

  8. Slide 8: L1 Capital Research Process

    L1 Capital Research Process For personal use only We invest in high quality businesses trading well below their valuation: Upside / Downside VALUE Valuation to share price 50%  DCF, Historical & Peer Multiples, Sum of Parts Management  Broad evaluation of entire organization – not just CEO/CFO  S

  9. Slide 9: High P/E stocks have dramatically outperformed low P/E stocks

    High P/E stocks have dramatically outperformed low P/E stocks For personal use only 12 Month Forward PEs for Industrials (25th percentile & 75th percentile vs median) Sources: Thomson Reuters, Macquarie Research, as at 31 October 2018 L1 Long Short Fund Limited 5

  10. Slide 10: The ASX200 Industrials Index is trading well above its long term average P/E

    The ASX200 Industrials Index is trading well above its long term average P/E For personal use only L1 Long Short Fund Limited 6

  11. Slide 11: Portfolio net exposure in Europe & HK rather than the U.S.

    Over the past 6 months, the Portfolio has had more of its net exposure in Europe & HK rather than the U.S. For personal use only Source: Bloomberg L1 Long Short Fund Limited 7

  12. Slide 12: Portfolio Positioning – Top long holdings & geographic exposure

    Portfolio Positioning – Top 5 long holdings & geographic exposure For personal use only Top 5 long holdings:  Chorus  CK Hutchison  Mineral Resources  HeidelbergCement  News Corp Net Exposure Gross Exposure Australia/New Zealand 26% 116% North America 3% 15% Europe 17% 17% Asia 8% 13% Total 53%

  13. Slide 13: Legal Disclaimer

    Legal Disclaimer For personal use only  This presentation is prepared for L1 Long Short Fund Limited (the Company) by its investment manager (together L1).  Information in this presentation is for general information purposes only, and is not an offer or invitation for subscription, purchase, or r

  14. Slide 14: For personal use only

    For personal use only ABN 21 125 378 145 | AFSL 314 302 Level 28, 101 Collins Street Melbourne Victoria 3000 Australia Phone +61 3 9286 7000 Fax +61 3 9286 7099 Web L1.com.au

L1 Long Short Fund — Shareholder Meeting (November 2018) on 6ix