L1 Capital International’s Q2 2026 Investor Letter

L1 Capital, an investment management firm, released its “L1 Capital International Fund” (unhedged) second-quarter 2026 investor letter. The letter discusses the current investment environment as a ‘two-speed’ but resilient global economy, accompanied by an uncertain future. The letter explores the potential of an AI bubble, distinguishing between strong fundamentals and speculative momentum. Additionally, the market displays a ‘narrow’ character, marked by high exuberance and...