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 | |
|---|---|---|---|---|---|---|---|
|
26
Eagle Materials
EXP
$5.63B
| – | – |
-214,538
| Closed | -$40.6M | – |
|
27
Norwegian Cruise Line
NCLH
$8.07B
| – | – |
-911,342
| Closed | -$17M | – |
|
|
28
ProShares UltraShort Bloomberg Crude Oil
SCO
$827M
| – | – |
-1,296,999
| Closed | -$43.2M | – |
|
29
Teck Resources
TECK
$29.8B
| – | – |
-634,547
| Closed | -$32.8M | – |
|
|
30
Flutter Entertainment
FLUT
$14.3B
| – | – |
-1,769,255
| Closed | -$180M | – |
|
31
Solaris Resources
SLSR
$1.09B
| – | – |
-1,967,387
| Closed | -$17M | – |
|
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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.