L1 Long Short Fund Ltd. · ASX:LSF
L1 Long Short Fund — Investor Presentation (June 2025)
26 slides from L1 Long Short Fund's investor presentation, Jun 13, 2025
Slide 1: Investor webinar invitation
For personal use only We are pleased to invite all investors and interested parties to join L1 Capital’s Joint Managing Director and Co-Chief Investment Officer, Mark Landau and Head of Research, Amar Naik for a L1 Long Short Fund Limited (ASX:LSF) Investor Webinar on Friday, June 13 at 11am (AEST).
Slide 2: Investor webinar
For personal use only Investor webinar L1 Long Short Fund Limited (ASX:LSF) 13 June 2025
Slide 3: Business Update
For personal use only 1 Business Update
Slide 4: 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 For personal use only In the event that it does complete, the Managing Directors of L1 Capital: • Will not be involved in managing any Pla
Slide 5: Portfolio performance
For personal use only 2 ~17% p.a. s Portfolio performance
Slide 6: 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 For personal use only Period January February March April May June July August September October November December Year 2014 – – – – – – – – (2.4) 3
Slide 7: Very strong capital protection in down markets
Very strong capital protection in down markets L1 Capital Long Short Fund For personal use only 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
Slide 8: Market observations
For personal use only 3 Market observations
Slide 9: Strong rebound in global markets following April's 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 (%) For personal use only 160% 15% 145 Liberation day MSCI 120% 5% ASX200 S&P500 Nasdaq 80% -5% 50 46 40% 30 26 -15% 25 25
Slide 10: Growth and momentum factors continue to lead markets higher
Market observations Growth and momentum factors continue to lead markets higher Australia – Relative factors returns, 2025 CYTD (%) United States – Relative factors returns, 2025 CYTD (%) For personal use only 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
Slide 11: Rising bond yields are flashing red, threatening U.S. debt sustainability
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 (%) For personal use only $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% • In
Slide 12: Earnings growth is slowing given economic uncertainty
Market observations Earnings growth is slowing given economic uncertainty 12-month forward EPS (Local currency) CY26 EPS growth forecasts (consensus est.) For personal use only 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% 13.0
Slide 13: Portfolio positioning & key themes
For personal use only 4 Portfolio positioning & key themes
Slide 14: Solid portfolio performance despite factor headwinds and macro volatility
Portfolio positioning Solid portfolio performance despite continued factor headwinds and macro volatility For personal use only 2025 CYTD performance drivers LSF CYTD 2025 returns vs. major indices • Gold 8% 7.4% • U.K. Financials 6% 5.0% 4.9% • Industrials 4% • Infrastructure • Travel 2% 1.1% 0% Ke
Slide 15: Focused on quality, lower P/E stocks with strong cash flow
Portfolio positioning Focused on quality, lower P/E stocks with strong cash flow and earnings growth For personal use only 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 Grow
Slide 16: 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 For personal use only Infrastructure Mining materials Value Energy • Regulated assets • Gold equities • Exposure to resilient • Dominant, high-quality • O&G
Slide 17: Theme: Infrastructure
Theme: Infrastructure • Regulated airport infrastructure asset • Leading E.U./U.K. cell tower operator For personal use only • Inflection as key projects complete in 2025: Frankfurt T3, • High quality, long-life infrastructure with predictable forward Lima and Antalya cashflows • International conce
Slide 18: Theme: Infrastructure
Theme: Infrastructure • Eurotunnel operator (U.K.-France rail link) • High-speed fibre broadband infrastructure owner in N.Z. For personal use only • Improving competitive dynamic vs. ferries to drive yield and • One of very few regulated digital infrastructure assets remaining market share gains in
Slide 19: 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) For personal use only 3,000 22 • Significant increase in central bank buying since start of Russia/Ukraine war, accelerate
Slide 20: Theme: Mining – Copper
Theme: Mining – Copper For personal use only • 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 materi
Slide 21: Theme: Construction materials
Theme: Construction materials • Largest building products company in • Leader in light and sustainable solutions • Leading siding (fibre-cement) and building For personal use only North America (aggregates, cement, (insulation, roofing, plasterboard, etc.) products solutions provider concrete, aspha
Slide 22: 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 For personal use only 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
Slide 23: Theme: Energy
Theme: Energy • Primarily a producer and supplier of LNG to Asia • Largest uranium development asset globally For personal use only • 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 ma
Slide 24: Important information
Important information L1 Long Short Fund Limited For personal use only 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 publ
Slide 25: Contact us
Contact us For personal use only 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 C
Slide 26: Please contact us with any questions
[] 11 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 26
L1 Long Short Fund — Investor Presentation (June 2025) on 6ix