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L1 Long Short Fund Limited

Fund Manager: L1 Capital
Inception Date: Apr 24, 2018

LICs at the high water mark

Professional Planner - Oct 29, 2018

The boom in new listed investment companies (LICs) and listed investment trusts (LITs) has gone on longer than many expected. There are now about 110 LIC and LIT vehicles listed on the ASX, with assets of more than $42 billion. And it seems the boom is not over yet. Neuberger Berman Global Income Trust and Tribeca Global Natural Resources have recently listed, although funds raised have been relatively modest. Firetrail Absolute Return was planning to list but has since decided not to go. Charity-focused Hearts and Minds Investments is proposing a maximum $500 million listing for November. A number of other fund raisings are in the works, too. [More]

On the face of things, star fundies Rafi Lamm and Mark Landauof L1 Capital had broken the cycle, rewritten the rulebook, transcended volatility and up-ended the space-time continuum. In its unlisted vehicle, the dynamic duo delivered 30.5 per cent returns (after fees) in 2017 and 36.9 per cent annually (or quadruple the ASX 200 index) since its inception in September 2014. In the ASX 200's 17 negative months since, L1 joined it in the red for only four of them, Lamm and Landau's worst monthly result being down 2.4 per cent (the benchmark's worst was negative 7.8 per cent). All while concentrating its holding in such bafflingly oblique large caps as Commonwealth Bank, ANZ Banking Group and Boral. Spectacularly high returns and extreme stability – a smooth line of alpha destined inexorably for the heavens. Like that packet of Tim Tams that never runs out. Or The Matrix.  "What are you trying to tell me? That I can dodge bullets?"  "No, Neo. I'm trying to tell you that when you're ready, you won't have to." [More]

For 3½ years, Melbourne boutique hedge fund L1 Capital had delivered incredible performance that put it among the top fund managers on the planet. Then it raised $1.35 billion from retail punters and its numbers went south in spectacular fashion. L1 told investors the fund was 4.1 per cent lower in May - only seven weeks after listing - and with daily numbers being posted on the wholesale version of the fund, investors are already down a further 5 per cent in June. That's led to all sorts of industry scuttlebutt about whether L1 raised more money they could handle, and whether the additional funds are the reason for the sharp drop-off in performance. [More]

Past performance is not an indicator of future performance, so the old fund manager disclaimer goes. And while it's early days, that's exactly what the investors that backed the monster $1.35 billion listed investment company float by Melbourne hedge fund L1 Capital will be thinking. The listed fund released its "disappointing" May performance numbers on Tuesday - only seven weeks after listing. The listed fund returned a negative 4.1 per cent for the month, which was the manager's worst result out of its long/short strategy in more than 3½ years and its first down month of more than 2 per cent.  [More]

The IPO this week of L1 Capital's Long Short Fund virtually gives L1 Capital founders and joint CIOs Mark Landau and Rafi Lamm a licence to print money, thanks to the outsized fund's equally hefty management fees.  Before its listing, the fund ballooned from a planned $600 million float to $1.3 billion. So, at 1.4 per cent of funds under management, the two CIOs and their firm stand to reap $18.2 million in management fees (just as soon as they get the $40 million of listing costs off the books) each year – and even more as FUM grows. With leverage according to the prospectus topping out at 1.5 times net asset value, this thing will quickly be a helluva lot bigger than $1.3 billion. [More]

Melbourne-based equities investor L1 Capital is set to return hundreds of millions of dollars to clients.  Street Talk understands L1 Capital has started notifying some of its institutional clients that they should expect a cheque in the mail, in an effort to keep funds under management at less than $4 billion. While L1 Capital has not said how much money will be returned, it did tell clients it was a "material" amount. Street Talk understands it is worth hundreds of millions of dollars.    All of the money returned will be to institutional clients. [More]

L1 Capital’s IPO raising for LIC soars to $1bn

The Australian - Apr 16, 2018

The fund will be listed on the Australian Securities Exchange on April 24 and the success of the capital raising is a hot topic among capital market bankers. The two men have invested $5m of their own cash into the new vehicle. [More]

Boutique fund manager L1 Capital are soon to raise up to $600m for their new Listed Investment Company (LIC), L1 Long Short Fund Limited (LSF). Aiming to repeat the success of the unlisted version of the fund with a phenomenal 36.87% pa return since inception,  the offer is expected to open on 5 March and close on 6 April, unless fully subscribed prior. What is the strategy? The fund will target a portfolio that: Is predominantly comprised of Long and Short positions i ... [More]

L1 Capital prepares to list LIC

Investor Daily - Feb 20, 2018

Melbourne-headquartered L1 Capital is finalising the IPO of its long/short fund as a listed investment company (LIC), assembling a broking team led by NAB.   NAB will be the lead arranger for the IPO of L1 Capital's long/short fund, along with a syndicate of broking firms including Morgan Stanley, Ord Minnett, Taylor Collison, Wilsons, Morgans and Crestone. Bell Potter, Macquarie, First NZ, Hunter Capital and Shaw and Partners will act as co-managers for the new LIC. [More]

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