L1 Capital Portfolio holdings
L1 Capital is an independent Australian investment manager founded in 2007 by Raphael Lamm and Mark Landau, who started out managing Australian shares. In 2014 it launched the L1 Capital Long Short Fund, which holds long and short positions chosen through its own bottom-up company research and is open to investors through an ASX-listed company or an unlisted fund. The International fund, launched in 2019, holds 20 to 40 companies, and the Catalyst Fund, launched in 2021, takes an activist approach to unlocking value in Australian companies. Its clients range from large superannuation and pension funds to family offices and retail investors.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Hudbay
HBM
|
+$252M |
| 2 |
B2Gold
BTG
|
+$224M |
| 3 |
Centerra Gold
CGAU
|
+$163M |
| 4 |
Eldorado Gold
EGO
|
+$129M |
| 5 |
Alcoa
AA
|
+$96.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Flutter Entertainment
FLUT
|
+$180M |
| 2 |
News Corp Class B
NWS
|
+$66.5M |
| 3 |
CRH
CRH
|
+$64.4M |
| 4 |
ProShares UltraShort Bloomberg Crude Oil
SCO
|
+$43.2M |
| 5 |
Eagle Materials
EXP
|
+$40.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Materials | 67.25% |
| 2 | Energy | 11.98% |
| 3 | Consumer Discretionary | 9.78% |
| 4 | Financials | 3.09% |
| 5 | Healthcare | 2.58% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Eldorado Gold
EGO
$8.45B
| $448M | 15.07% |
14,417,557
+3,977,224
| +38% | +$129M |
2024 Q3
7 quarters
|
|
2
NexGen Energy
NXE
$5.8B
| $329M | 11.05% |
34,992,263
-228,546
| -0.6% | -$2.6M |
2021 Q2
20 quarters
|
|
3
Amcor
AMCR
$21.8B
| $291M | 9.78% |
6,710,648
+2,310,434
| +53% | +$91.7M |
2026 Q1
1 quarter
|
|
4
Equinox Gold
EQX
$11.9B
| $263M | 8.84% |
27,055,865
+2,724,700
| +11% | +$35.1M |
2024 Q4
6 quarters
|
|
|
5
Centerra Gold
CGAU
$4.14B
| $259M | 8.7% |
16,337,154
+9,285,471
| +132% | +$163M |
2026 Q1
1 quarter
|
|
|
TGB
6
Trekor Metals
TGB
$2.88B
| $239M | 8.02% |
34,687,011
-423,578
| -1% | -$3.03M |
2025 Q1
5 quarters
|
|
|
7
Hudbay
HBM
$10.4B
| $236M | 7.92% |
+9,977,133
| New | +$252M |
2026 Q2
0 quarters
|
|
|
8
B2Gold
BTG
$6.59B
| $183M | 6.14% |
+48,837,914
| New | +$224M |
2026 Q2
0 quarters
|
|
|
9
CRH
CRH
$60.3B
| $135M | 4.55% |
1,264,527
-585,804
| -32% | -$64.4M |
2026 Q1
1 quarter
|
|
10
OceanaGold Corp
OGC
$5.62B
| $79.1M | 2.66% |
+3,157,907
| New | +$94.4M |
2026 Q2
0 quarters
|
|
11
Anteris Technologies
AVR
$626M
| $76.7M | 2.58% |
7,789,000
| – | – |
2024 Q4
6 quarters
|
|
|
12
Alcoa
AA
$10.5B
| $74.9M | 2.52% |
+1,435,645
| New | +$96.1M |
2026 Q2
0 quarters
|
|
13
HDFC Bank
HDB
$112B
| $56.7M | 1.91% |
2,194,495
+925,605
| +73% | +$23.2M |
2025 Q4
2 quarters
|
|
|
14
News Corp Class B
NWS
$17.3B
| $56M | 1.88% |
1,995,900
-2,239,068
| -53% | -$66.5M |
2025 Q3
3 quarters
|
|
15
Builders FirstSource
BLDR
$6.79B
| $53.7M | 1.81% |
600,269
+307,766
| +105% | +$24.6M |
2026 Q1
1 quarter
|
|
16
Aya Gold & Silver Inc
AYA
$3.52B
| $39.3M | 1.32% |
+2,074,017
| New | +$39.2M |
2026 Q2
0 quarters
|
|
17
Nu Holdings
NU
$58.2B
| $35.2M | 1.18% |
2,634,319
+504,153
| +24% | +$6.8M |
2026 Q1
1 quarter
|
|
18
IsoEnergy Ltd
ISOU
$576M
| $27.7M | 0.93% |
2,778,857
+293,780
| +12% | +$3.3M |
2025 Q4
2 quarters
|
|
19
IAMGOLD
IAG
$9.6B
| $24M | 0.81% |
1,512,374
+2,632
| +0.2% | +$46K |
2025 Q2
4 quarters
|
|
20
Ferguson
FERG
$46.5B
| $20M | 0.67% |
+84,104
| New | +$20.3M |
2026 Q2
0 quarters
|
|
21
Zillow
Z
$6.97B
| $15.7M | 0.53% |
499,342
-769,986
| -61% | -$29.6M |
2025 Q2
4 quarters
|
|
22
Intuit
INTU
$88.5B
| $13M | 0.44% |
+49,972
| New | +$17.4M |
2026 Q2
0 quarters
|
|
23
Lithium Argentina AG
LAR
$730M
| $11.3M | 0.38% |
+1,369,956
| New | +$12.7M |
2026 Q2
0 quarters
|
|
24
Sigma Lithium
SGML
$862M
| $9.7M | 0.33% |
+767,428
| New | +$12.9M |
2026 Q2
0 quarters
|
|
25
Carnival Corporation Ltd
CCL
$38.8B
| – | – |
-715,980
| Closed | -$18.5M | – |
|
Similar funds
L1 Capital's Q2 2026 Portfolio in Review
As of Q2 2026, L1 Capital held 31 positions worth $2.97B, up 17% from $2.55B the previous quarter. Its ten largest holdings account for 83% of the portfolio.
L1 Capital deployed $731M of net new capital in Q2 2026, opening 9 new positions and adding to 9 existing holdings. Its largest new stake was Hudbay: 9,977,133 shares worth $236M.
By sector, the portfolio is most concentrated in Materials at 67% of assets, up from 54% a quarter earlier, followed by Energy and Consumer Discretionary.
On the sell side, the largest reduction was News Corp Class B, an estimated $66.5M trimmed.
- L1 Capital's largest Q2 2026 buy was Hudbay: 9,977,133 shares worth $236M.
- L1 Capital added most to Centerra Gold in Q2 2026, an estimated $163M increase.
- L1 Capital's biggest Q2 2026 reduction was News Corp Class B, cutting an estimated $66.5M.
- L1 Capital fully exited Flutter Entertainment in Q2 2026, selling an estimated $180M.
- L1 Capital's ten largest holdings make up 83% of its $2.97B portfolio in Q2 2026.
- L1 Capital opened 9 new positions and closed 7 in Q2 2026.
- L1 Capital's portfolio value rose 17% quarter-over-quarter to $2.97B.
Based on L1 Capital's 13F filing for Q2 2026, filed 13 Aug 2026.