Overview
- L1 Capital International Fund returned 2.6% in Q3 2025 versus 6.1% for its MSCI World benchmark, acknowledging narrow market leadership.
- The International strategy trimmed HCA Healthcare after strong gains, removing it from the top 10, and added to Intuit, Danaher, TSMC, and Uber with Intuit returning to top holdings.
- The firm initiated a position in Nvidia after reassessing AI growth and profitability, saying a brief price pullback offered an acceptable entry point.
- The L1 Long Short Fund rose 13.3% in Q3 and 28.7% year to date, supported by cyclicals and higher gold and copper prices, with Hudbay noted as a beneficiary of tighter copper supply.
- The Long Short Fund highlighted NexGen’s Rook I Arrow project with a Canadian federal commission hearing expected to conclude in H1 2026 and pointed to CRH’s upgraded EBITDA guidance and U.S. infrastructure tailwinds.