Wealth Accumulation and Adviser Independence Fuel LPL Financial’s (LPLA) Long-Term Thesis

L1 Capital, an investment management firm, released its “L1 Capital International Fund” (unhedged) third-quarter 2026 investor letter. A copy of the letter can be downloaded here. 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...