L1 International Capital’s Q3 2026 Investor Letter

L1 Capital, an investment management firm, released its “L1 Capital International Fund” (unhedged) third-quarter 2026 investor letter. This Quarterly Report covers the unusually complex investment environment, AI’s opportunities and challenges, portfolio strategy, September 2026 performance, and recent adjustments. The Fund returned +3.5% net of fees in the September 2026 quarter, outperforming its benchmark’s 1.5% gain, despite a stronger Australian dollar. Energy, Information...