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.