L1 Long Short Fund (LSF) investor relations material

Business overview and investment approach

• Specialist investment manager with $17.0 billion FUM as of March 2026, operating globally since 2007.

• Diverse client base includes super funds, pension funds, asset consultants, and high net worth individuals.

• Majority staff ownership and alignment through co-investment alongside clients.

• Offices in Melbourne, Sydney, London, New York, and Miami, managing multiple equity and property strategies.

Fund performance and strategy

• Long Short Fund delivered 19.5% p.a. net return since inception, outperforming ASX200AI at 7.8% p.a.

• Global Long Short Fund achieved 53.9% p.a. net return since inception, far exceeding MSCI World at 13.2% p.a.

• Consistent double-digit returns across 1, 3, 5, and 7-year periods, with strong downside protection in market downturns.

• Positive absolute returns in 10 out of 11 years, with best-in-class performance among Australian long short funds.

Market environment and macro observations

• Iran War in 2026 caused the largest oil supply shock in modern history, spiking Brent crude by ~50% in weeks.

• Central banks shifted from expected rate cuts to hikes, with bond yields rising 35-70bps rapidly.

• Aggressive sell-off in gold, cyclicals, and rate-sensitive sectors; energy stocks were the only sector with positive returns.