L1 Global Long Short Fund (GLS) Investor presentation summary

Business overview and investment approach

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

• Proven, stable team with majority staff ownership and strong alignment with clients.

• Focus on ethical, professional conduct and investment excellence across diverse client base.

Fund performance and market context

• Global Long Short Fund delivered 53.9% net return p.a. since inception, outperforming MSCI World at 13.2%.

• March quarter marked by Iran War, causing a risk-off environment and broad market sell-off.

• 84% of S&P500 stocks fell in March, with energy as the only sector posting positive returns.

• Fund has a track record of capitalizing on volatile periods, with broad-based returns across 51 stocks.

Macroeconomic and market observations

• Iran War led to a ~50% spike in Brent crude oil prices and significant energy shock.

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

• Inflation shocks have overwhelmed safe-haven demand, driving rapid repricing in bond markets.