Index Used: | ASX 200 Total Return | Discretionary/Quantitative: | Combination |
Peer Group: | Equity Alternative - Australia | FUM (millions): | AU$ 1,630m |
Investment Style: | Blend | Fund Inception Date: | September 2014 |
Geographic Mandate: | Australia/Global | Latest Return Date: | May 2024 |
Investor Type: | Wholesale | Status: | Open |
Minimum Investment: | AU$ 500,000 | Investment Frequency: | Monthly |
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.
L1 Capital is a global investment manager with offices in Melbourne, Sydney, Miami and London. The business was established in 2007 and is owned by its senior staff, led by founders Raphael Lamm and Mark Landau. The team is committed to offering clients best of breed investment products through strategies that include long only Australian equities, long short equities, international equities, activist equities, a global multi-strategy hedge fund and U.K. residential property.
Management Fee: | 1.28% | Performance Fee: | 20.5% |
Buy Spread: | 0.25% | Sell spread: | 0.25% |
High Water Mark: | Yes | Hurdle: | N/A |
Offshore/Onshore: | Onshore | Fund Structure: | Unit Trust |
Share Classes: | AU$ | Trustee/RE: | Equity Trustees Limited |
Administrator: | Mainstream Fund Services | Prime Broker: | Morgan Stanley, Credit Suisse |
Custodian: | Mainstream Fund Services | Legal: | Hall & Wilcox |
The L1 Capital Long Short Fund (Monthly Class) has a track record of 9 years and 9 months and has outperformed the ASX 200 Total Return benchmark since inception in September 2014, providing investors with an annualised return of 20.15% compared with the benchmark's return of 7.61% over the same period.
The Manager has delivered these returns with 5.73% more volatility than the benchmark, contributing to a Sharpe ratio which has fallen below 1 three times over the past five years and which currently sits at 0.95 since inception. The fund has provided positive monthly returns 81% of the time in rising markets and 60% of the time during periods of market decline, contributing to an up-capture ratio since inception of 86% and a down-capture ratio of 30%.
The L1 Capital Long Short Fund (Monthly Class) rose by +2.7% in May, an outperformance of +1.78% compared with the ASX 200 Total Return benchmark which rose by +0.92%. Over the past 12 months, the fund's best monthly return was +8.28% compared with the benchmark's best return of +7.26%, and its worst monthly return was -4.68% vs the benchmark's worst return over the same period of -3.78%.
Year | Jan % | Feb % | Mar % | Apr % | May % | Jun % | Jul % | Aug % | Sep % | Oct % | Nov % | Dec % | YTD % |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2024 | 0.31 | -0.77 | 8.28 | 3.31 | 2.70 | NA | NA | NA | NA | NA | NA | NA | 14.35 |
2023 | 3.67 | -1.99 | 0.66 | 1.86 | -3.44 | 1.79 | 5.43 | -4.68 | 0.90 | -3.07 | 2.46 | 3.66 | 6.89 |
2022 | 2.74 | 7.00 | 1.47 | 3.29 | 0.12 | -13.39 | -4.63 | 5.70 | -7.80 | 5.10 | 7.91 | 4.27 | 9.81 |
2021 | -0.10 | 9.06 | -0.13 | 4.99 | 4.11 | -0.55 | 1.83 | 5.24 | 4.81 | 2.30 | -7.21 | 3.59 | 30.64 |
2020 | -7.81 | -7.10 | -23.02 | 22.96 | 10.97 | -2.20 | -1.93 | 9.98 | 0.52 | -2.62 | 32.28 | 4.16 | 27.98 |
2019 | 4.35 | 5.15 | 0.22 | 2.84 | -2.78 | 3.85 | 1.18 | 0.44 | 2.61 | 3.37 | 0.32 | 2.22 | 26.21 |
2018 | 0.56 | -0.47 | -1.64 | 1.62 | -3.76 | -6.29 | 0.82 | -5.92 | -2.12 | -3.98 | -2.60 | -6.06 | -26.41 |
2017 | 2.51 | 1.87 | 3.15 | 1.03 | 4.18 | 1.70 | 2.62 | 1.69 | 1.93 | 2.54 | 0.89 | 3.56 | 31.40 |
2016 | 5.81 | 0.59 | 5.47 | 2.46 | 2.78 | -0.89 | 3.22 | 3.92 | 0.46 | -0.12 | 0.55 | 2.22 | 29.61 |
2015 | 0.59 | 9.14 | 2.42 | 1.71 | 3.73 | -0.86 | 3.30 | 2.06 | 5.51 | 8.49 | 8.11 | 4.61 | 60.52 |
2014 | NA | NA | NA | NA | NA | NA | NA | NA | -2.42 | 3.03 | 2.85 | 1.61 | 5.07 |
Only seven years of data shown. Click here to view all data.
Over the past 12 months, the fund has risen by +21.51% compared with the benchmark which has returned +12.93%, for a difference of +8.58%. Since inception in September 2014, the fund has returned +20.15% per annum, a difference of +12.54% relative to the benchmark which has returned +7.61% on an annualised basis over the same period.
On a cumulative basis (assuming reinvestment of distributions), $100 invested since inception would have become $598. The same amount invested in the benchmark over the same period would have become $204.
The fund's returns over the past 12 months have been achieved with a volatility of 11.72% vs the index's 10.99%. The annualised volatility of the fund's returns since inception in September 2014 is 19.82% vs the index's 14.09%. Over all other periods, the fund's returns have been more volatile than the benchmark.
The fund's Sharpe ratio has ranged from a high of 1.38 for performance over the most recent 12 months to a low of 0.33 over the latest 24 months, and is 0.95 for performance since inception. By contrast, the ASX 200 Total Return Index's Sharpe for performance since September 2014 is 0.48.
Since inception in September 2014 in the months where the market was positive, the fund has provided positive returns 81% of the time, contributing to an up-capture ratio for returns since inception of 86.29%. Over all other periods, the fund's up-capture ratio has ranged from a high of 129.97% over the most recent 48 months to a low of 81.74% over the latest 24 months. An up-capture ratio greater than 100% indicates that, on average, the fund has outperformed in the market's positive months.
Since inception in September 2014 in the months where the market was negative, the fund has provided positive returns 60% of the time, contributing to a down-capture ratio for returns since inception of 29.51%. Over all other periods, the fund's down-capture ratio has ranged from a high of 81% over the most recent 24 months to a low of 37.2% over the latest 12 months. A down-capture ratio less than 100% indicates that, on average, the fund has outperformed in the market's negative months.
The fund's Sortino ratio (which excludes volatility in positive months) has ranged from a high of 2.51 for performance over the most recent 12 months to a low of 0.33 over the latest 24 months, and is 1.51 for performance since inception. By contrast, the ASX 200 Total Return Index's Sortino for performance since September 2014 is 0.56.
Over the past 12 months, the fund's largest drawdown was -6.77% vs the index's -7.19%, and since inception in September 2014 the fund's largest drawdown was -39.11% vs the index's maximum drawdown over the same period of -26.75%.
The performance of the L1 Capital Long Short Fund (Monthly Class) ranked it in the first quintile for Total Return over all time periods, and in the second quintile for Sharpe and Sortino over 7 years, while over 1 & 5 years the fund ranked in the first quintile for Sharpe and Sortino. Over 3 years it ranked in the first quintile for Sharpe and second quintile for Sortino.
Over the past 12 months, the fund has risen by +21.51% compared with the peer group which has returned an average of +11.12%, for a difference of +10.39%.
The fund's returns over the past 12 months have been achieved with a volatility of 11.72% vs the peer group's average volatility of 6.75%. The annualised volatility of the fund's returns since inception in September 2014 is 19.82% vs the peer group's 8.97%. Over all other periods, the fund's returns have been more volatile than the peer group.