L1 Long Short Fund Limited
LSF.AX
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- L1 Long Short Fund Limited (ASX:LSF) is a listed investment company that provides investors with access to an actively managed long/short equity portfolio focused on generating strong, positive, risk-adjusted returns over the long term through bottom-up fundamental research to identify mispriced securities. The fund primarily invests in Australian and New Zealand listed equities, with additional exposure to global developed markets; it employs a long/short strategy using stocks, derivatives, and other instruments to profit from both undervalued long positions and overvalued short positions, targeting high-quality companies via a disciplined quality value approach. L1 Capital Pty Ltd serves as the investment manager, overseeing portfolio construction with a track record since 2014, and offers features such as a Dividend Reinvestment Plan (DRP) allowing shareholders to reinvest dividends into additional shares at a discount without brokerage fees. Established in 2018 and listed on the ASX, the company is headquartered at Level 45, 101 Collins Street, Melbourne, Victoria 3000, Australia, with its investment manager L1 Capital operating from offices in Melbourne, Sydney, Australia; Miami, USA; and London, UK. In recent developments, L1 Capital, the fund's manager, announced a strategic merger with Platinum Asset Management Limited in July 2025, creating a combined platform with approximately A$16.5 billion in assets under management, enhancing distribution channels and alternative investment capabilities including expansion of the L1 Long Short strategy into Platinum's retail base. The firm launched the L1 Capital Global Long Short Strategy in 2025, a geographically unconstrained extension of its flagship approach, with L1 Global Long Short Fund Limited (ASX:GLS) providing listed access to this global iteration; additionally, L1 Group pursued a $330 million equity raising to support this strategy, new affiliates, and joint ventures. Director interests saw updates in late 2025, including acquisitions of shares under the DRP by figures such as John Macfarlane and Harry Kingsley, signaling ongoing alignment with shareholders.