L1 Long Short Fund (LSF) AGM 2024 summary

Opening remarks and agenda

• Chairman welcomed attendees, introduced directors, company secretary, and auditors, and confirmed quorum for the meeting.

• Notice of meeting and explanatory memorandum were taken as read before proceeding to the chairman's address.

Financial performance review

• Achieved a 12.5% net return for the 2023-24 financial year, with a three-year annualized net return of 11.9%.

• Outperformed the ASX 200 Accumulation Index by 0.3% over one year and 5.5% per annum over three years.

• Navigated market volatility, interest rate speculation, and commodity swings, capitalizing on opportunities in copper and commodity-exposed equities.

• Maintained a disciplined, bottom-up investment approach focused on undervalued companies and emerging themes.

Dividend announcements

• Paid an interim dividend of AUD 5.75 per share fully franked in March 2024 and a final dividend of AUD 0.06 per share fully franked in September 2024.

• Total dividends for the year reached AUD 11.75 per share fully franked, a 12% increase from the prior year.

• Expectation for total dividends to continue increasing in 2025.