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Funds (13F)

L1 Capital Pty Ltd

Backtest from 21 Aug 2020 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+31.3%
S&P 500 +15.4%
Last 12 months
+19.0%
S&P 500 +12.1%
Sharpe ratio
0.91
S&P 500 0.77
Biggest drop
−33.8%
S&P 500 −23.9%
$10.0k$20.0k$40.0k 2020202120222023202420252026 $54.1k$24.3k
L1 Capital Pty LtdS&P 500 $10,000 in L1 Capital Pty Ltd from 21 Aug 2020 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies L1 Capital Pty Ltd's quarterly 13F holdings in the companies we cover, weighted by reported value: it buys on the first trading day after each 13F is filed (up to 45 days after the quarter) and holds until the next filing. A 13F shows long US-listed positions only, at the quarter's end, so this misses shorts, cash, bonds, non-US holdings and trading within the quarter.

L1 Capital Pty Ltd's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+31.3%+15.4%
Total return+441%+143%
Last 12 months+19.0%+12.1%
Last 3 months+0.9%—
Last month−6.0%—
This year so far−1.5%—
Volatility a year31.6%15.9%
Sharpe ratio0.910.77
Biggest drop−33.8%−23.9%
Beta to the S&P 5001.081.00
Alpha a year (t-statistic)+15.7% (1.46)—
Share of weeks up57%—

Sharpe ratio uses returns above the 3-month Treasury bill rate. Alpha is the yearly return left after allowing for the strategy's exposure to the S&P 500 (CAPM); a t-statistic below about 2 means it cannot be told apart from luck.

Insights

CompanyWeightHeld sinceReturn since
EGO17.5%——
NXE12.8%——
AMCR11.4%——
EQX10.3%——
CGAU10.1%——
HBM9.2%——
BTG7.1%——
CRH5.3%——
AVR3.0%——
AA2.9%——
HDB2.2%——
BLDR2.1%——
NU1.4%——
ISOU1.1%——
IAG0.9%——
FERG0.8%——
Z0.6%——
INTU0.5%——
LAR0.4%——
SGML0.4%——

Weighted by reported value in the latest 13F, held until the next filing.

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest21 Aug 2020 to 2 Nov 2026+31.3%+15.4%0.910.77−33.8%1.08+15.7% (1.46)
Last three years3 Nov 2023 to 2 Nov 2026+31.6%+21.8%0.941.16−25.9%1.14+8.6% (0.61)
Last year7 Nov 2025 to 2 Nov 2026+19.8%+14.2%0.570.84−23.7%1.52+4.9% (0.16)
DateCompanyAction
14 Aug 2026SGMLBought
14 Aug 2026LARBought
14 Aug 2026INTUBought
14 Aug 2026HBMBought
14 Aug 2026FERGBought
14 Aug 2026BTGBought
14 Aug 2026AABought
22 May 2026NUBought
22 May 2026NCLHBought
22 May 2026CRHBought
22 May 2026CGAUBought
22 May 2026BLDRBought
22 May 2026AMCRBought
20 Feb 2026JDBought
20 Feb 2026ISOUBought
20 Feb 2026ICEBought
20 Feb 2026HDBBought
20 Feb 2026FLUTBought
20 Feb 2026EXPBought
20 Feb 2026AMRZBought
20 Feb 2026AAUCBought
21 Nov 2025FCXBought
21 Nov 2025CHTRBought
21 Nov 2025AERBought
12 Sept 2025ZBought

Dated at the rebalance that made the change.

DateCompanyAction
14 Aug 2026SLSRSold
14 Aug 2026NCLHSold
14 Aug 2026FLUTSold
14 Aug 2026EXPSold
22 May 2026NUESold
22 May 2026JDSold
22 May 2026ICESold
22 May 2026CVESold
22 May 2026AMRZSold
22 May 2026AAUCSold
22 May 2026AASold
20 Feb 2026HCCSold
20 Feb 2026HBMSold
20 Feb 2026FCXSold
20 Feb 2026DNNSold
20 Feb 2026CRHSold
20 Feb 2026CHTRSold
20 Feb 2026AERSold
21 Nov 2025XENESold
21 Nov 2025UBERSold
21 Nov 2025TSMSold
21 Nov 2025RYAAYSold
21 Nov 2025NWGSold
21 Nov 2025GOOGLSold
21 Nov 2025FLUTSold

Dated at the rebalance that made the change.

Backtests are hypothetical and use today's listed companies only, which flatters results. Past performance does not predict future returns. This is research, not investment advice. How we backtest