L1 Capital International Fund’s Q2 2023 Investor Letter

L1 Capital, an investment management firm, released its “L1 Capital International Fund” second quarter 2023 investor letter, a copy of the same can be downloaded here. In the June 2023 quarter, the fund returned 9.0% (net of fees) outperforming the benchmark’s (MSCI World Net Total Return Index in AUD) 7.5% return. The Fund and Benchmark’s Australian dollar reported quarterly returns increased as AUD depreciated 1.0% against the U.S. dollar and depreciated 0.9% against the Euro. The Fund returned 25.5% (net of fees), outperforming the Benchmark’s return of 22.4% by 3.1% (all in Australian dollars) for the year ended 30 June 2023. Please check the top five holdings of the fund to know its best picks in 2023.