L1 Capital Pty Ltd
Long book
$2.55B
Q1 2026
Positions
22
Top-10 weight
86%
concentration
Last quarter
-5.4%
SPY +14.8%
Turnover
55%
of book per quarter
Strategy in plain words
auto-generated from filingsL1 Capital Pty Ltd is a concentrated fundamental stock-picker, specialised in materials (64% of the long book), running a $2.55B US long book across 22 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is high — positions rotate quickly, so individual names matter less than the process. Current anchor positions: NEXGEN ENERGY LTD, ELDORADO GOLD CORP, EQUINOX GOLD CORP, TASEKO MINES LTD, CRH PLC.
Over the last 9 quarters its long book ran on average 3pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+3.2%
Q2 2024
-0.7%
Q3 2024
-3.6%
Q4 2024
-3.2%
Q1 2025
+18.6%
Q2 2025
+32.7%
Q3 2025
+18.9%
Q4 2025
+6.6%
Q1 2026
-5.4%
Sector allocation
Materials 55%
Other 28%
Industrials 11%
Services media 2%
Healthcare 2%
Financials 1%
Consumer discretionary 1%
Long book by quarter
What does L1 Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NXE NEXGEN ENERGY LTD | Materials | 35.2M | $408.3M | 16.0% | +4.7% |
| EGO ELDORADO GOLD CORP | Materials | 10.4M | $358.4M | 14.1% | +8.3% |
| EQX EQUINOX GOLD CORP | Materials | 24.3M | $351.8M | 13.8% | +20.7% |
| UDM TASEKO MINES LTD | — | 35.1M | $226.5M | 8.9% | -1.2% |
| CRH CRH PLC | Industrials | 1.9M | $194.5M | 7.6% | New |
| PPB FLUTTER ENTERTAINMENT PLC-DI | — | 1.8M | $180.4M | 7.1% | +1174.2% |
| AMCR AMCOR PLC | Other | 4.4M | $174.9M | 6.9% | New |
| CGAU CENTERRA GOLD INC | Materials | 7.1M | $125.0M | 4.9% | New |
| NWS NEWS CORP - CLASS B | Other | 4.2M | $120.7M | 4.7% | -0.9% |
| Z ZILLOW GROUP INC - C | Services media | 1.3M | $52.5M | 2.1% | -26.6% |
| AVR ANTERIS TECHNOLOGIES GLOBAL | Healthcare | 7.8M | $43.2M | 1.7% | +177.0% |
| EXP EAGLE MATERIALS INC | Industrials | 214.5K | $40.6M | 1.6% | +78.6% |
| TECK TECK RESOURCES LTD-CLS B | Materials | 634.5K | $32.8M | 1.3% | New |
| NU NU HOLDINGS LTD/CAYMAN ISL-A | Financials | 2.1M | $30.6M | 1.2% | New |
| IAG IAMGOLD CORP | Materials | 1.5M | $28.4M | 1.1% | +20.6% |
| ISOU ISOENERGY LTD | Materials | 2.5M | $26.3M | 1.0% | +232.9% |
| BLDR BUILDERS FIRSTSOURCE INC | Consumer discretionary | 292.5K | $24.1M | 0.9% | New |
| CCL CARNIVAL CORP LTD | Industrials | 716.0K | $18.5M | 0.7% | New |
| NCLH NORWEGIAN CRUISE LINE HOLDIN | Industrials | 911.3K | $17.0M | 0.7% | New |
| SLSR SOLARIS RESOURCES INC | Materials | 2.0M | $17.0M | 0.7% | -39.1% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 22 | $2.55B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 20 | $1.92B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 19 | $1.58B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR/ARESTATEMENT | Sep 11, 2025 | 30 | $1.65B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR/ARESTATEMENT | Aug 19, 2025 | 30 | $1.59B | SEC ↗ | |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 30 | $1.36B | SEC ↗ | |
| Q1 2025 | 13F-HR | May 15, 2025 | 14 | $1.07B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 14 | $1.17B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 11 | $1.16B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 9 | $1.09B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 10 | $1.20B | canonical | SEC ↗ |
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