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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
+14.02%
1 Year Est. Return
+80.12%
3 Year Est. Return
+138.64%
5 Year Est. Return
+244.92%
10 Year Est. Return
–
AUM
$1.92B
AUM Growth
+$333M
Cap. Flow
+$94.3M
Cap. Flow %
4.92%
Top 10 Hldgs %
88.99%
Holding
27
New
8
Increased
8
Reduced
4
Closed
7

Top Buys

Rank Stock Value
1
Z icon
Zillow
Z
+$125M
2
ICE icon
Intercontinental Exchange
ICE
+$106M
3
EGO icon
Eldorado Gold
EGO
+$75.2M
4
TGB
Trekor Metals
TGB
+$52.1M
5
EQX icon
Equinox Gold
EQX
+$34.9M

Top Sells

Rank Stock Value
1
AA icon
Alcoa
AA
+$178M
2
HBM icon
Hudbay
HBM
+$134M
3
CHTR icon
Charter Communications
CHTR
+$63.7M
4
DNN icon
Denison Mines
DNN
+$44.4M
5
CRH icon
CRH
CRH
+$40.3M

Sector Composition

Rank Sector Weight
1 Materials 55.69%
2 Energy 21.47%
3 Communication Services 12.76%
4 Financials 6.7%
5 Consumer Discretionary 2.65%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
EGO icon
1
Eldorado Gold
EGO
$8.48B
$346M 18.06%
9,640,407
+2,512,168
+35% +$75.2M
NXE icon
2
NexGen Energy
NXE
$6.17B
$309M 16.13%
33,642,681
+2,804,090
+9% +$24.8M
EQX icon
3
Equinox Gold
EQX
$7.51B
$283M 14.77%
20,164,556
+2,768,141
+16% +$34.9M
TGB
4
Trekor Metals
TGB
$2.6B
$201M 10.49%
35,545,632
+11,066,233
+45% +$52.1M
NWS icon
5
News Corp Class B
NWS
$16.8B
$127M 6.61%
4,273,704
+886,156
+26% +$26.4M
Z icon
6
Zillow
Z
$7.32B
$118M 6.15%
1,729,313
+1,722,369
+24,804% +$125M
ICE icon
7
Intercontinental Exchange
ICE
$84.1B
$110M 5.74%
+679,203
New +$106M
CVE icon
8
Cenovus Energy
CVE
$52.3B
$95.7M 4.99%
5,655,769
-861,710
-13% -$15M
AA icon
9
Alcoa
AA
$11.6B
$82.1M 4.28%
1,545,476
-4,342,223
-74% -$178M
AAUC
10
Allied Gold Corp
AAUC
$2.64B
$33.8M 1.76%
+1,476,184
New +$28.4M
NUE icon
11
Nucor
NUE
$56.4B
$33.2M 1.73%
203,632
+192,246
+1,688% +$28.9M
FLUT icon
12
Flutter Entertainment
FLUT
$18.4B
$29.9M 1.56%
+138,851
New +$31.2M
SLSR
13
Solaris Resources
SLSR
$1.3B
$25.9M 1.35%
3,229,384
-1,700,239
-34% -$11.8M
EXP icon
14
Eagle Materials
EXP
$6.69B
$24.8M 1.3%
+120,143
New +$26.5M
JD icon
15
JD.com
JD
$41.8B
$21M 1.09%
+730,264
New +$22.8M
IAG icon
16
IAMGOLD
IAG
$8.5B
$20.6M 1.08%
1,252,077
+1,134,119
+961% +$16M
HDB icon
17
HDFC Bank
HDB
$119B
$18.4M 0.96%
+503,481
New +$18.1M
AMRZ
18
Amrize Ltd
AMRZ
$27.7B
$16.5M 0.86%
+305,255
New +$15.6M
AVR
19
Anteris Technologies
AVR
$795M
$14M 0.73%
2,812,000
-4,026,136
-59% -$18.5M
ISOU
20
IsoEnergy Ltd
ISOU
$627M
$6.79M 0.35%
+746,588
New +$6.74M
AER icon
21
AerCap
AER
$23.9B
– –
-6,272
Closed -$834K
CHTR icon
22
Charter Communications
CHTR
$15.7B
– –
-289,544
Closed -$63.7M
CRH icon
23
CRH
CRH
$68.7B
– –
-356,888
Closed -$40.3M
DNN icon
24
Denison Mines
DNN
$2.64B
– –
-14,007,218
Closed -$44.4M
FCX icon
25
Freeport-McMoran
FCX
$90.2B
– –
-25,475
Closed -$1.01M
1
2

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L1 Capital's Q4 2025 Portfolio in Review

As of Q4 2025, L1 Capital held 27 positions worth $1.92B, up 21% from $1.58B the previous quarter. Its ten largest holdings account for 89% of the portfolio.

L1 Capital deployed $94.3M of net new capital in Q4 2025, opening 8 new positions and adding to 8 existing holdings. Its largest new stake was Intercontinental Exchange: 679,203 shares worth $110M.

By sector, the portfolio is most concentrated in Materials at 56% of assets, down from 61% a quarter earlier, followed by Energy and Communication Services.

On the sell side, the largest reduction was Alcoa, an estimated $178M trimmed.

  • L1 Capital's largest Q4 2025 buy was Intercontinental Exchange: 679,203 shares worth $110M.
  • L1 Capital added most to Zillow in Q4 2025, an estimated $125M increase.
  • L1 Capital's biggest Q4 2025 reduction was Alcoa, cutting an estimated $178M.
  • L1 Capital fully exited Hudbay in Q4 2025, selling an estimated $134M.
  • L1 Capital's ten largest holdings make up 89% of its $1.92B portfolio in Q4 2025.
  • L1 Capital opened 8 new positions and closed 7 in Q4 2025.
  • L1 Capital's portfolio value rose 21% quarter-over-quarter to $1.92B.

Based on L1 Capital's 13F filing for Q4 2025, filed 13 Feb 2026.