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L1 Capital Portfolio holdings

AUM $2.97B
1-Year Est. Return 43.46%
This Fund
S&P 500
This Quarter Est. Return
-5.21%
1 Year Est. Return
+43.46%
3 Year Est. Return
+126.51%
5 Year Est. Return
+187.16%
10 Year Est. Return
–
AUM
$2.97B
AUM Growth
+$428M
Cap. Flow
+$731M
Cap. Flow %
24.56%
Top 10 Hldgs %
82.73%
Holding
31
New
9
Increased
9
Reduced
5
Closed
7

Top Buys

Rank Stock Value
1
HBM icon
Hudbay
HBM
+$252M
2
BTG icon
B2Gold
BTG
+$224M
3
CGAU
Centerra Gold
CGAU
+$163M
4
EGO icon
Eldorado Gold
EGO
+$129M
5
AA icon
Alcoa
AA
+$96.1M

Top Sells

Rank Stock Value
1
FLUT icon
Flutter Entertainment
FLUT
+$180M
2
NWS icon
News Corp Class B
NWS
+$66.5M
3
CRH icon
CRH
CRH
+$64.4M
4
SCO icon
ProShares UltraShort Bloomberg Crude Oil
SCO
+$43.2M
5
EXP icon
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
EGO icon
1
Eldorado Gold
EGO
$11.4B
$448M 15.07%
14,417,557
+3,977,224
+38% +$129M
NXE icon
2
NexGen Energy
NXE
$6.35B
$329M 11.05%
34,992,263
-228,546
-0.6% -$2.6M
AMCR icon
3
Amcor
AMCR
$19.6B
$291M 9.78%
6,710,648
+2,310,434
+53% +$91.7M
EQX icon
4
Equinox Gold
EQX
$13.8B
$263M 8.84%
27,055,865
+2,724,700
+11% +$35.1M
CGAU
5
Centerra Gold
CGAU
$4.26B
$259M 8.7%
16,337,154
+9,285,471
+132% +$163M
TGB
6
Trekor Metals
TGB
$2.98B
$239M 8.02%
34,687,011
-423,578
-1% -$3.03M
HBM icon
7
Hudbay
HBM
$11.8B
$236M 7.92%
+9,977,133
New +$252M
BTG icon
8
B2Gold
BTG
$6.9B
$183M 6.14%
+48,837,914
New +$224M
CRH icon
9
CRH
CRH
$58.9B
$135M 4.55%
1,264,527
-585,804
-32% -$64.4M
OGC
10
OceanaGold Corp
OGC
$6.72B
$79.1M 2.66%
+3,157,907
New +$94.4M
AVR
11
Anteris Technologies
AVR
$814M
$76.7M 2.58%
7,789,000
– –
AA icon
12
Alcoa
AA
$12.4B
$74.9M 2.52%
+1,435,645
New +$96.1M
HDB icon
13
HDFC Bank
HDB
$118B
$56.7M 1.91%
2,194,495
+925,605
+73% +$23.2M
NWS icon
14
News Corp Class B
NWS
$17.5B
$56M 1.88%
1,995,900
-2,239,068
-53% -$66.5M
BLDR icon
15
Builders FirstSource
BLDR
$6.48B
$53.7M 1.81%
600,269
+307,766
+105% +$24.6M
AYA
16
Aya Gold & Silver Inc
AYA
$4.03B
$39.3M 1.32%
+2,074,017
New +$39.2M
NU icon
17
Nu Holdings
NU
$69.6B
$35.2M 1.18%
2,634,319
+504,153
+24% +$6.8M
ISOU
18
IsoEnergy Ltd
ISOU
$694M
$27.7M 0.93%
2,778,857
+293,780
+12% +$3.3M
IAG icon
19
IAMGOLD
IAG
$11.3B
$24M 0.81%
1,512,374
+2,632
+0.2% +$46K
FERG icon
20
Ferguson
FERG
$43.1B
$20M 0.67%
+84,104
New +$20.3M
Z icon
21
Zillow
Z
$7.31B
$15.7M 0.53%
499,342
-769,986
-61% -$29.6M
INTU icon
22
Intuit
INTU
$90.6B
$13M 0.44%
+49,972
New +$17.4M
LAR
23
Lithium Argentina AG
LAR
$960M
$11.3M 0.38%
+1,369,956
New +$12.7M
SGML icon
24
Sigma Lithium
SGML
$1B
$9.71M 0.33%
+767,428
New +$12.9M
CCL icon
25
Carnival Corporation Ltd
CCL
$30.9B
– –
-715,980
Closed -$18.5M
1
2

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GI
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ACIM
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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.