L1 Capital Long Short Fund’s Q3 2023 Investor Letter

L1 Capital, an investment management firm, released its “L1 Long Short Fund” third quarter 2023 investor letter, a copy of the same can be downloaded here. Equity markets across the globe had a promising start in July as constructive economic data strengthened investor hopes for a smooth landing in the US. However, the markets took a sharp dive in August and September, more than negating the positive early start to the quarter. The surge in long-term bond yields affected investor sentiment, while weaker Chinese economic data also weighed heavily on the markets. Against this backdrop, the portfolio returned 1.0% (ASX200AI -0.8%) for the September quarter and 21.9% (ASX200AI 13.5%) over the past year. Please check the top five holdings of the fund to know its best picks in 2023.