Fund

L1 Capital International Fund

We are a long-only investment manager. We do not use leverage and we do not short. Since we only invest when we have high conviction, we manage a concentrated portfolio (comprising typically 20 to 40 companies). We look for investment opportunities all around the world and are unconstrained by region or sector. We simply focus on identifying businesses which we assess to be high quality on a bottom-up basis, are well managed, conservatively financed, and will increase shareholder value over time. We construct a portfolio to maximize risk-adjusted returns and reduce the risk of permanent capital loss. While we expect some clients to measure our performance against a benchmark, we invest with an absolute return mindset.

We do not attempt to ‘time’ the market. Cash levels are an output of how much conviction we have in investment opportunities given our assessment of risk and expected returns. We have the f­lexibility to hold up to 25% of the portfolio in cash.

Type of investments Listed securities globally, developed market focus
Long only, no shorting, no leverage
Number of investments 20 to 40, typical position size 3% to 5%
Cash weighting 0% to 25%
Time horizon 5+ years
Hedging Unhedged
Benchmark MSCI World Net Total Return Index in AUD
Investment objective

Deliver attractive risk-adjusted returns over a medium to long term investment horizon whilst lowering the risk of a permanent loss of capital

To outperform the benchmark over rolling 5 year periods (net of all fees and expenses before tax)

Fee structure

Management fee:  1.2% p.a. of the net asset value of the Fund (including GST and RITC).

Performance fee: 15% over benchmark, subject to any underperformance being recouped.

There must be positive absolute performance (adjusted for distributions) in the Performance Period (otherwise positive relative performance is carried forward to the next Performance Period)

Minimum investment $25,000
Liquidity Daily

Forms

To invest in the L1 Capital International Fund please download and read the PDS and complete the application form. Please read the Reference Guide which forms part of the PDS. You can also contact us for further assistance.