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L1 Capital Portfolio holdings

AUM $2.55B
1-Year Est. Return 80.12%
This Fund
S&P 500
This Quarter Est. Return
-1.28%
1 Year Est. Return
+80.12%
3 Year Est. Return
+138.64%
5 Year Est. Return
+244.92%
10 Year Est. Return
–
AUM
$2.55B
AUM Growth
+$629M
Cap. Flow
+$765M
Cap. Flow %
30.03%
Top 10 Hldgs %
86.12%
Holding
29
New
9
Increased
9
Reduced
4
Closed
7

Top Buys

Rank Stock Value
1
FLUT icon
Flutter Entertainment
FLUT
+$235M
2
CRH icon
CRH
CRH
+$217M
3
AMCR icon
Amcor
AMCR
+$195M
4
CGAU
Centerra Gold
CGAU
+$125M
5
SCO icon
ProShares UltraShort Bloomberg Crude Oil
SCO
+$72.8M

Top Sells

Rank Stock Value
1
ICE icon
Intercontinental Exchange
ICE
+$110M
2
CVE icon
Cenovus Energy
CVE
+$95.7M
3
AA icon
Alcoa
AA
+$82.1M
4
AAUC
Allied Gold Corp
AAUC
+$33.8M
5
NUE icon
Nucor
NUE
+$33.2M

Sector Composition

Rank Sector Weight
1 Materials 54%
2 Energy 17.07%
3 Consumer Discretionary 15.35%
4 Communication Services 6.8%
5 Financials 2.44%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NXE icon
1
NexGen Energy
NXE
$6.13B
$408M 16.04%
35,220,809
+1,578,128
+5% +$18.8M
EGO icon
2
Eldorado Gold
EGO
$7.96B
$358M 14.07%
10,440,333
+799,926
+8% +$32.6M
EQX icon
3
Equinox Gold
EQX
$7.15B
$352M 13.82%
24,331,165
+4,166,609
+21% +$63.7M
TGB
4
Trekor Metals
TGB
$2.48B
$227M 8.9%
35,110,589
-435,043
-1% -$3.16M
CRH icon
5
CRH
CRH
$63.7B
$195M 7.64%
+1,850,331
New +$217M
FLUT icon
6
Flutter Entertainment
FLUT
$18B
$180M 7.08%
1,769,255
+1,630,404
+1,174% +$235M
AMCR icon
7
Amcor
AMCR
$20.7B
$175M 6.87%
+4,400,214
New +$195M
CGAU
8
Centerra Gold
CGAU
$3.42B
$125M 4.91%
+7,051,683
New +$125M
NWS icon
9
News Corp Class B
NWS
$17B
$121M 4.74%
4,234,968
-38,736
-0.9% -$1.09M
Z icon
10
Zillow
Z
$7.79B
$52.5M 2.06%
1,269,328
-459,985
-27% -$24.5M
AVR
11
Anteris Technologies
AVR
$773M
$43.2M 1.7%
7,789,000
+4,977,000
+177% +$28.6M
SCO icon
12
ProShares UltraShort Bloomberg Crude Oil
SCO
$672M
$43.2M 1.7%
+1,296,999
New +$72.8M
EXP icon
13
Eagle Materials
EXP
$6.32B
$40.6M 1.6%
214,538
+94,395
+79% +$20.1M
TECK icon
14
Teck Resources
TECK
$29.6B
$32.8M 1.29%
+634,547
New +$34M
HDB icon
15
HDFC Bank
HDB
$123B
$31.6M 1.24%
1,268,890
+765,409
+152% +$23.8M
NU icon
16
Nu Holdings
NU
$70B
$30.6M 1.2%
+2,130,166
New +$34.5M
IAG icon
17
IAMGOLD
IAG
$8.24B
$28.4M 1.12%
1,509,742
+257,665
+21% +$5.11M
ISOU
18
IsoEnergy Ltd
ISOU
$610M
$26.3M 1.03%
2,485,077
+1,738,489
+233% +$19M
BLDR icon
19
Builders FirstSource
BLDR
$7.08B
$24.1M 0.95%
+292,503
New +$31.2M
CCL icon
20
Carnival Corporation Ltd
CCL
$38.2B
$18.5M 0.73%
+715,980
New +$20.9M
NCLH icon
21
Norwegian Cruise Line
NCLH
$8.56B
$17M 0.67%
+911,342
New +$19.9M
SLSR
22
Solaris Resources
SLSR
$1.27B
$17M 0.67%
1,967,387
-1,261,997
-39% -$11.6M
AA icon
23
Alcoa
AA
$12B
– –
-1,545,476
Closed -$82.1M
CVE icon
24
Cenovus Energy
CVE
$55.6B
– –
-5,655,769
Closed -$95.7M
ICE icon
25
Intercontinental Exchange
ICE
$85.3B
– –
-679,203
Closed -$110M
1
2

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L1 Capital's Q1 2026 Portfolio in Review

As of Q1 2026, L1 Capital held 29 positions worth $2.55B, up 33% from $1.92B the previous quarter. Its ten largest holdings account for 86% of the portfolio.

L1 Capital deployed $765M of net new capital in Q1 2026, opening 9 new positions and adding to 9 existing holdings. Its largest new stake was CRH: 1,850,331 shares worth $195M.

By sector, the portfolio is most concentrated in Materials at 54% of assets, down from 56% a quarter earlier, followed by Energy and Consumer Discretionary.

On the sell side, the largest reduction was Zillow, an estimated $24.5M trimmed.

  • L1 Capital's largest Q1 2026 buy was CRH: 1,850,331 shares worth $195M.
  • L1 Capital added most to Flutter Entertainment in Q1 2026, an estimated $235M increase.
  • L1 Capital's biggest Q1 2026 reduction was Zillow, cutting an estimated $24.5M.
  • L1 Capital fully exited Intercontinental Exchange in Q1 2026, selling an estimated $110M.
  • L1 Capital's ten largest holdings make up 86% of its $2.55B portfolio in Q1 2026.
  • L1 Capital opened 9 new positions and closed 7 in Q1 2026.
  • L1 Capital's portfolio value rose 33% quarter-over-quarter to $2.55B.

Based on L1 Capital's 13F filing for Q1 2026, filed 15 May 2026.