Fund & Manager Details

Key Facts

Fund Type:	Single	Discretionary/Quantitative:	Discretionary
Strategy:	Real Estate	FUM (millions):
Style:	N/A	Fund Inception Date:	Since 06 July 2020
Geographic Mandate:	UK	Latest Return Date:
Fund Domicile:	Australia	Investor Type:	Wholesale & Retail
Status:	Hard closed	Reporting Status:

Manager Details and Fund Description

Manager:	L1 Capital	Total FUM for all funds:	AU$8,154m
Manager Overview: L1 Capital is a global investment manager founded L1 Capital in Melbourne in 2007 by Raphael Lamm and Mark Landau. The founders have grown the firm through the selective cultivation of new strategies, adding the Long Short equities in 2014, then adding Global Opportunities (multi-strategy hedge Strategy managed from Miami) in 2015, UK Residential Property (managed from London) in 2017, International Equities (managed from Sydney) in 2019, and Catalyst equities (best ideas, concentrated Australian equities with an activist overlay managed from Melbourne) in 2021. Today, the firm manages assets for a range of investors including large superannuation funds, pension funds, asset consultants, private wealth firms, financial planning groups, family offices, high net worth investors and retail investors. The firm remains owned by its senior staff.		Fund/Strategy Overview: This is a closed ended fund. Applications close 30/09/2020. The Fund's strategy is focused on investing in existing and fully tenanted modern residential property in major U.K. cities (excluding London) that provide an attractive and reliable income stream with the potential for capital growth. The Fund typically purchases in bulk and is able to transact at a significant discount to open market values (~20% discount) and rebuild costs (~35%). The objective of the Fund is to deliver clients a minimum net return of 10% p.a., including a dividend yield of 6% p.a. (after fees and expenses, before tax).
Other funds operated by manager:
L1 Capital Catalyst Fund, L1 Capital Global Opportunities Fund(Soft closed), L1 Capital International Fund, L1 Capital Long Short Fund (Daily Class), L1 Capital Long Short Fund (Monthly Class), L1 Long Short Fund Limited (ASX: LSF)

Investment Details

Investment Terms

Minimum Investment:	Minimum Additional Investment:	Minimum Term:	Investment Frequency:
AU$50,000			Daily
Regular Savings Option:	Regular Savings Min. Amount :	Regular Savings Max. Amount :	Regular Savings Freq.:
No			N/A
Redemption Notice:	Redemption Frequency:		Notes:
			Closed ended - 7 years term (no early r...
Distributions:	Distribution Frequency:	Last Distribution Date:	Last Distribution Amount:
Yes	6 Monthly		AU$

Structure

Offshore/Onshore:	Fund Structure:	Share Classes:	Trustee/Responsible Entity:
Onshore	Unit Trust	AU$	Equity Trustees
Administrator:	Prime Broker:	Custodian:	Legal:
Apex Fund Services	N/A	Apex Fund Services	Norton Rose Fullbright, Corrs Chamber Wesgarth

Fund Fees

Management Fee:	Performance Fee:	High Water Mark:	Hurdle:
0.5%	15%	Yes	IRR of 7.5% per annum
Buy Spread:	Sell spread:	Early Redemption Fee:	Fees Notes:
%	%	No

Performance & Risk

Returns

Latest Return Date:	Latest Result:	Fund Inception Date:	Annualised Return:
	N/A	06 July 2020	N/A
Latest 3 Months:	Latest 6 Months:	Latest 12 Months:	Latest 2 Years p.a.:
N/A	N/A	N/A	N/A
Latest 3 Years p.a.:	Latest 4 Years p.a.:	Latest 5 Years p.a.:	Latest 7 Years p.a.:
N/A	N/A	N/A	N/A

Performance Statistics

% Positive Months (S.I.):	Average Return:	Average +ve Return:	Average -ve Return:
N/A	N/A	N/A	N/A
Best Month:	Worst Month:	Up Capture Ratio (S.I.):	Down Capture Ratio (S.I.):
N/A	N/A	N/A	N/A
Largest Drawdown (S.I.):	Longest Drawdown (S.I.):	Current Drawdown (%):	Current Drawdown (Months):
N/A	months	N/A	N/A

Risk

Annualised Standard Deviation (S.I.):	Downside Deviation (S.I.):	Sortino Ratio (S.I.):	-
N/A	N/A	N/A	-
Sharpe Ratio (12 months):	Sharpe Ratio (3 years):	Sharpe Ratio (5 years):	Sharpe Ratio (S.I.):
N/A	N/A	N/A	N/A
Please note, Sharpe and Sortino ratios are calculated using the Australian Risk Free Rate

Ranking, Research & Availability

Fund Quintile in its Peer Group (Property)

AFM's Quintile Rankings show performance and Key Performance Indicators (KPI's) of L1 Capital U.K. Residential Property Fund IV compared to a peer group of funds with a similar strategy and geographic mandate. Each green square places a fund in one quintile (or 20%) of its peer group - five indicating that the fund is in the top (best) quintile for the corresponding KPI.

As a reference point the equivalent "quintile" performance of the peer group's underlying market index is also indicated by the red dot.

Quintile data is pending for L1 Capital U.K. Residential Property Fund IV.

External Research and Ratings: As reported by each Fund Manager.

SQM:	Superior: 4 stars, February 2020

Availability:As reported by each Fund Manager.

Available on Investment Platforms:

HUB24, Macquarie Wrap, Netwealth

News & Insights

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Webinar Replay: Catalyst Fund

27 Sep 2022 - L1 Capital

Watch L1 Capital's webinar replay for an update on their L1 Capital Catalyst Fund.

Fund Documents

Product disclosure/IM

AFM Fund Profile — L1 Capital U.K. Residential Property Fund IV