L1 Long Short Fund reports 3.4 percent return and what it means for L1 Long Short Fund stock

Published on 10/20/2026 at 01:34 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

The September quarter returned 3.4 percent net against 1.3 percent for the ASX 200 AI in 2026. L1 Long Short Fund stock targets 10 percent annually over five to seven years.

Quarterly performance and objective

The September quarter produced a 3.4 percent net portfolio return on October 18, 2026.
Since 2014, annualized returns have reached 20.1 percent against 8.0 percent for the ASX 200 AI.
The fund targets a net return of 10 percent annually over a five-to-seven-year period.

L1 Long Short Fund, AU0000002339, Illustration mit AI erstellt.

L1 Long Short Fund reported a 3.4 percent net portfolio return for the September quarter on October 18, 2026, versus 1.3 percent for the ASX 200 AI. The result gives investors a fresh measure of the fund's performance and answers what the return means for L1 Long Short Fund stock. Quartr reported the figures in its summary dated October 18, 2026.

What does the return mean?

The September result extends a longer performance record. Since the strategy began in 2014, annualized returns were 20.1 percent, compared with 8.0 percent for the ASX 200 AI, according to Quartr. The one-year return stood at 32.8 percent against 2.7 percent for the same benchmark.

The comparison matters because the fund's mandate is absolute return rather than simple market participation. L1 Capital describes the strategy as a diversified portfolio of long and short positions built through fundamental, bottom-up research, with a target net return of at least 10 percent annually over a five-to-seven-year period. L1 Capital also emphasizes downside protection relative to the stock market.

Portfolio positioning adds context

At September 30, 2026, the fund's net tangible asset value was AUD 4.25 before tax and AUD 4.02 after tax, while market capitalization was AUD 3.06 billion. The September-quarter portfolio return therefore came alongside a tangible-asset base that remained below the reported share price of AUD 4.82 on that date, as stated by Quartr.

Management highlighted gold, construction materials, infrastructure and uranium among the portfolio's long exposures. It also said higher market dispersion was creating opportunities in companies sold down by broad positioning despite intact fundamentals, pointing to stock selection rather than index direction as the central performance driver.

Market value and investor perspective

The fund was last at AUD 4.35 on October 20, 2026 at 10:10 a.m. AEDT on the ASX, while its market capitalization stood at AUD 2.8 billion and its 52-week range was AUD 3.35 to AUD 5.09. Those market figures place the latest quote below the September 30 reported share price and below the year's high, adding a valuation counterpoint to the strong return record.