L1 Capital International Pty Ltd
Long book
$1.68B
Q1 2026
Positions
23
Top-10 weight
69%
concentration
Last quarter
+5.4%
SPY +14.8%
Turnover
9%
of book per quarter
Strategy in plain words
auto-generated from filingsL1 Capital International Pty Ltd is a concentrated fundamental stock-picker, running a $1.68B US long book across 23 positions.
The portfolio is concentrated: the top 10 names carry 69% of the portfolio. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: AERCAP HOLDINGS NV, AMAZON.COM INC, MICROSOFT CORP, CRH PLC, MASTERCARD INC - A.
Over the last 9 quarters its long book ran on average 2.3pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-0.6%
Q2 2024
+8.8%
Q3 2024
+0.6%
Q4 2024
+0.4%
Q1 2025
+9.4%
Q2 2025
+5.7%
Q3 2025
+3.3%
Q4 2025
-13.0%
Q1 2026
+5.4%
Sector allocation
Services media 28%
Technology 26%
Industrials 19%
Financials 14%
Consumer discretionary 12%
Healthcare 1%
Long book by quarter
What does L1 Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| AER AERCAP HOLDINGS NV | Services media | 1.3M | $184.5M | 11.0% | -11.9% |
| AMZN AMAZON.COM INC | Consumer discretionary | 743.5K | $154.8M | 9.2% | -1.3% |
| MSFT MICROSOFT CORP | Technology | 338.0K | $125.1M | 7.5% | -1.3% |
| CRH CRH PLC | Industrials | 1.2M | $122.7M | 7.3% | -1.3% |
| MA MASTERCARD INC - A | Services media | 202.3K | $101.1M | 6.0% | +4.5% |
| V VISA INC-CLASS A SHARES | Services media | 330.4K | $99.8M | 6.0% | +3.3% |
| BKNG BOOKING HOLDINGS INC | Industrials | 23.7K | $99.6M | 5.9% | -0.1% |
| ICE INTERCONTINENTAL EXCHANGE IN | Financials | 616.7K | $97.0M | 5.8% | -6.2% |
| J JACOBS SOLUTIONS INC | Industrials | 714.3K | $90.9M | 5.4% | -1.3% |
| DHR DANAHER CORP | Technology | 395.9K | $75.1M | 4.5% | -1.1% |
| NVDA NVIDIA CORP | Technology | 390.4K | $68.1M | 4.1% | -0.8% |
| INTU INTUIT INC | Technology | 154.4K | $66.7M | 4.0% | +5.4% |
| MRSH MARSH & MCLENNAN COS | Financials | 352.8K | $61.2M | 3.6% | -1.3% |
| CDW CDW CORP/DE | Consumer discretionary | 411.0K | $49.7M | 3.0% | +45.7% |
| CRM SALESFORCE INC | Technology | 258.2K | $48.2M | 2.9% | +1.0% |
| UBER UBER TECHNOLOGIES INC | Services media | 656.5K | $47.2M | 2.8% | -1.4% |
| GOOGL ALPHABET INC-CL A | Technology | 142.2K | $40.9M | 2.4% | -31.7% |
| AXP AMERICAN EXPRESS CO | Financials | 126.4K | $38.2M | 2.3% | -1.9% |
| APO APOLLO GLOBAL MANAGEMENT INC | Financials | 263.5K | $29.4M | 1.7% | New |
| TTEK TETRA TECH INC | Services media | 956.2K | $28.8M | 1.7% | New |
| HCA HCA HEALTHCARE INC | Healthcare | 37.8K | $17.9M | 1.1% | -58.9% |
| GOOG ALPHABET INC-CL C | Technology | 52.9K | $15.2M | 0.9% | -9.6% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 23 | $1.68B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 21 | $1.93B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 19 | $479.1M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 19 | $407.5M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 19 | $363.4M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 18 | $325.5M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 19 | $312.6M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 19 | $249.8M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 20 | $224.8M | canonical | SEC ↗ |
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