L1 Long Short Fund Ltd. · ASX:LSF
L1 Long Short Fund — Investor Presentation (November 2025)
14 slides from L1 Long Short Fund's investor presentation, Nov 20, 2025
Slide 1: Webinar invitation
For personal use only We are pleased to invite all investors and interested parties to join L1 Capital’s Co-Chief Investment Officers Mark Landau and Rafi Lamm, together with Head of Research Amar Naik, for the final L1 Long Short Fund Limited (ASX: LSF) Investor Webinar for 2025, which will provide
Slide 2: Investor Webinar November 2025
For personal use only Investor Webinar L1 Long Short Fund Limited (ASX:LSF) November 2025
Slide 3: ASX200: weak FY25 reporting season and declining EPS outlook
ASX200: weak FY25 reporting season and declining EPS outlook ASX200 12m forward EPS and price index ASX200 next 12m P/E For personal use only 700 9,000 20x 8,000 600 15x 7,000 500 10x 6,000 400 5,000 5x Consensus ASX200 NTM earnings (LHS) ASX200 index (RHS) Source: MST Marquee L1 Long Short Fund Lim
Slide 4: Portfolio positioning: solid performance despite factor headwinds
Portfolio positioning Solid portfolio performance despite continued factor headwinds and macro volatility For personal use only 2025 CYTD performance drivers LSF CYTD returns vs. major indices • Gold • Financials 35% 31.4% • Copper • Travel 30% • Industrials • Infrastructure 25% 19.8% 20% Key long b
Slide 5: Best performing Australian long short strategy since inception
Best performing Australian long short strategy since inception1 Strong long-term performance For personal use only Pre-tax NTA Net Performance to L1 Long Short Portfolio S&P/ASX 200 Accum. Index (AUD) Outperformance 31 October 2025 3 months 13.2 2.7 +10.5 1 year 23.0 12.5 +10.5 3 years p.a. 17.0 13.
Slide 6: Mineral Resources share price
Mineral Resources (ASX:MIN) For personal use only Mineral Resources share price November 2025 Announces sale of 30% of lithium 60 assets to Poso for A$1.2bn February 2025 July 2025 +$230m capex to Malcolm Bundey becomes Chair repair haul road Two new NED appointments 45 Shar rce($ p/sh) 30 15 Septem
Slide 7: 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 Net and gross exposure (%) Portfolio metrics (Median FY26) Gross long Gross short Net exposure Longs Shorts Australia/NZ 89 (77) 12 P/E 10.3x 20.0x North America 32 (1) 31 Free
Slide 8: Theme: Mining | Gold companies
Theme: Mining | Gold companies For personal use only Gold price and gold equities valuation Our mid-cap gold equities offer strong production growth 5,000 24 4,500 22 4,000 3,500 20 230koz 520koz 800koz 150koz 2024 production Gold (US$/oz) 3,000 18 P/E (x) 2,500 New projects and ramp-up of existing
Slide 9: U.S. inflation could remain sticky limiting rate cuts
U.S. inflation could remain sticky limiting rate cuts For personal use only World uranium production vs. requirements Uranium price (US$/lb U3O8) 80,000 120 Fukushima 100 60,000 80 40,000 60 40 20,000 20 - 0 Uranium production Reactor requirements Source: LH chart – OECD-NEA, IAEA, WNA RH chart – Fa
Slide 10: Uranium: NexGen Energy
Uranium: NexGen Energy For personal use only Tier-one asset, strong balance sheet and direct leverage to a tightening uranium market NexGen share price over time (C$/sh) ASX-listed uranium developers 15 35 12 30 29.0 Uranium production (U3O3 Mlb) 25 9 20 15 6 10 3 5 L1 LSF began buying position 0 0
Slide 11: L1 Capital Global Long Short Fund (GLSF) performance
L1 Capital Global Long Short Fund (GLSF) performance Broad based returns across stocks and sectors For personal use only GLSF returns from inception on 1 January 2025 to 30 September 2025 (net, %) 50% 45.4% Since launch: 40% • 40 stocks each contributed >1.0% to 30% returns 19.8% 20% • No benefit fr
Slide 12: 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 For personal use only prepared this publ
Slide 13: Contact us
Contact us For personal use only Head of Distribution Chris Clayton [email protected] +61 (0)3 9286 7021 Researchers Aman Kashyap [email protected] +61 477 341 403 For more Advisers Allan Evans [email protected] +61 400 993 597 insights, visit Bryce Leyden [email protected] +61 407 876 532 L1.com.a
Slide 14: 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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