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L1 Long Short Fund
L1 Long Short Fund (LSF) investor relations material
L1 Long Short Fund H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary19 Feb, 2026
Executive summary
Achieved a net profit after tax of $414.9 million for the half-year ended 31 December 2025, reversing a prior year loss of $75.0 million, driven by strong absolute returns and outperformance of the Australian equity market.
Investment strategy focused on long and short positions in predominantly Australian securities, with additional global exposure, aiming for positive absolute returns and capital preservation.
Financial highlights
Operating profit before tax was $587.0 million, compared to a loss of $111.5 million in the same period last year.
Net tangible asset (NTA) backing before tax per share rose to $3.9987 from $2.9417 year-over-year; after tax NTA per share was $3.6755.
Total income for the half-year was $823.8 million, with basic and diluted earnings per share of 65.80 cents, up from a loss per share of 12.02 cents last year.
Performance fee of $151.1 million was accrued, reflecting outperformance above the high watermark.
Outlook and guidance
No specific forward-looking financial guidance provided, but the company continues to focus on delivering positive absolute returns and capital preservation.
Performance fee share reinvestment status
Rationale for no share buy-backs
Dividend profit reserve strategy
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Latest events from L1 Long Short Fund
- Portfolio outperforms with disciplined valuation, global themes, and focus on absolute returns.LSF
Status Update17 Jan 2026 - Achieved 12.5% net return, raised dividends, and reinforced board commitment amid market challenges.LSFAGM 202415 Jan 2026
- Robust outperformance through quality stock selection and sector-driven strategies.LSFStatus Update20 Nov 2025
- AGM highlighted robust returns, higher dividends, and enhanced board-shareholder alignment.LSFAGM 202511 Nov 2025
- Quarterly return of 13.3% driven by broad gains in gold, copper, and uranium equities.LSFQ1 2026 TU16 Oct 2025
- Net profit after tax declined to $99.52 million, with EPS at 15.91 cents and strong dividend support.LSFH2 202526 Aug 2025
- Net profit after tax increased 4% to $170.29 million, with NTA per share up 8%.LSFH2 202413 Jun 2025
- LSF delivered solid outperformance in Q2, emphasizing value and risk management amid market headwinds.LSFQ4 2024 TU13 Jun 2025
- Net loss of $74.97M driven by tough markets; dividends maintained, no performance fee paid.LSFH1 20255 Jun 2025
Next L1 Long Short Fund earnings date
H2 202625 Aug, 2026
L1 Long Short Fund
Next L1 Long Short Fund earnings date
H2 202625 Aug, 2026
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