13F
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L1 Capital Pty Ltd

13F equity value
$2.5B
Positions
22
Top 10 concentration
86.1%
Quarters / total new picks
18 / 64
13F equity value over time
$0M$1B$3B2020202120222023202420252026

"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.

Not significant Verdict

13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.

We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 18 quarters, returned +0.4% per quarter — versus +1.0% per quarter from simply owning every 13F stock. It beat that baseline in only 61.1% of quarters (excess t = 1.39, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
+5.7%
t-stat
1.39
Quarterly win rate
61%
Annualized excess
-6.5%
$1 → follow vs universe
$0.85 vs $1.14
Cumulative return: $1 invested in new picks vs universe
1.00 20201231: universe 1.04620210630: universe 1.12920210930: universe 1.01420211231: universe 0.86320220331: universe 0.92620220630: universe 0.85820221231: universe 0.79720230331: universe 0.84020230630: universe 0.80920231231: universe 0.84620240331: universe 0.86520240630: universe 0.94320240930: universe 0.93520241231: universe 0.87320250331: universe 0.95220250630: universe 0.98120250930: universe 1.10420251231: universe 1.142 20201231: follow 1.05720210630: follow 1.40520210930: follow 1.41120211231: follow 0.91220220331: follow 0.74720220630: follow 0.69320221231: follow 0.60220230331: follow 0.51320230630: follow 0.50920231231: follow 0.57920240331: follow 0.55020240630: follow 0.63220240930: follow 0.58820241231: follow 0.62220250331: follow 0.69420250630: follow 0.74120250930: follow 0.90520251231: follow 0.853 0.47 1.00 1.52 202020212022202320242025 Follow Universe

Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)

Listed as facts. See the verdict above before treating this as signal.

Top 20 holdings of 22 · 2026 Q1

Ticker Value Weight QoQ
NXE $408M
16.0%
ADD
EGO $358M
14.1%
ADD
EQX $352M
13.8%
ADD
TGB $227M
8.9%
HOLD
CRH $195M
7.6%
NEW
FLUT $180M
7.1%
ADD
AMCR $175M
6.9%
NEW
CGAU $125M
4.9%
NEW
NWS $121M
4.7%
HOLD
Z $53M
2.1%
TRIM
AVR $43M
1.7%
ADD
EXP $41M
1.6%
ADD
TECK $33M
1.3%
NEW
HDB $32M
1.2%
ADD
NU $31M
1.2%
NEW
IAG $28M
1.1%
ADD
ISOU $26M
1.0%
ADD
BLDR $24M
0.9%
NEW
CCL $19M
0.7%
NEW
NCLH $17M
0.7%
NEW

QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.

Listed as facts. See the verdict above before treating this as signal.

New positions in 2026 Q1

AMCRBLDRCCLCGAUCRHNCLHNUTECK

Method & Limitations

Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.