L1 Capital International Fund’s Q4 2021 Investor Letter

L1 Capital, an investment management firm, published its ‘L1 Capital International Fund’ fourth quarter 2021 investor letter – a copy of which can be downloaded here. A quarterly net return of 6.2 % was recorded by the fund for the fourth quarter of 2021, underperforming its benchmark by -0.9%. The benchmark meanwhile had a 7.1% gain for the same period. The Australian dollar appreciated 0.5% against the U.S. dollar and 2.4% against the Euro, detracting from reported Fund and benchmark returns. For the 2021 calendar year, the Fund returned 41.1% (net of fees), outperforming the benchmark by 11.9%. Spare some time to check the fund’s top 5 holdings to have a clue about their top bets for 2022.