L1 Capital, an investment management firm, released its “L1 Capital International Fund” (unhedged) first quarter 2025 investor letter. A copy of the letter can be downloaded here. The fund returned 0.1% (net of fees) in the March quarter surpassing the benchmark return by 2.6% (all in Australian dollars). The Australian dollar appreciated 1.0% against the U.S. dollar in the quarter and 3.4% against the Euro. During the first quarter of 2025, the market performance by sector was mixed. In addition, the letter discussed on trade deficits, Trump administration’s Reciprocal Tariffs,...
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