L1 Long Short Fund Limited’s Q3 2025 Investor Letter

L1 Capital, an investment management firm, released its “L1 Long Short Fund” (unhedged) third-quarter 2025 investor letter. The L1 Long Short Fund (LSF) portfolio generated a return of 13.3% in the September quarter, bringing the calendar-year performance to 28.7%.  Dovish Fed commentary, robust U.S. earnings, and a continued momentum in A.I. investment lifted global equities higher in the quarter. The portfolio performed well this quarter, with 19 stocks contributing over 0.5% to returns, and also benefited from rising Gold and Copper prices. In addition, you can check the fund’s top 5 holdings to find out its best picks for 2025.

A copy of L1 Long Short Fund Limited’s Q3 2025 investor letter can be downloaded here.