L1 Capital Pty Ltd
Portfolio value QoQ: +16.8% 13F does not disclose cash
Top 10 holdings weight82.73%
Top 25 holdings weight100.00%
Positions above 1%17
Effective number of positions12.2
Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)
Turnover Q2 2026: 26.37% Est. buys $1,362,757,202 · sells $728,002,248
Median holding: 1.0 quarters Tracked Q1 2025–Q2 2026 · 42.1% still held
New positions10
Increased9
Decreased4
Closed8
Portfolio value
$3.0B
Positions
24
As of
June 30, 2026 Data as of Q2 2026
Sector breakdown
Full portfolio 24 positions
| Type | Streak | 8Q trend | |||||
|---|---|---|---|---|---|---|---|
| EGO | $448,241,847 | 15.07% | 14,417,557 | $89,825,215 | Up ×3 | ||
| NXE | $328,727,761 | 11.05% | 34,992,263 | $-79,616,806 | Down ×1 | ||
| AMCR | $290,906,591 | 9.78% | 6,710,648 | $115,998,084 | Up ×1 | ||
| EQX | $262,983,008 | 8.84% | 27,055,865 | $-88,845,638 | Up ×3 | ||
| CGAU | $258,967,151 | 8.70% | 16,337,154 | $134,014,722 | Up ×1 | ||
| Unknown issuer (CUSIP: 89472Y107) | $238,679,985 | 8.02% | 34,687,011 | Up ×1 | |||
| HBM | $235,504,782 | 7.92% | 9,977,133 | ||||
| BTG | $182,653,798 | 6.14% | 48,837,914 | Up ×1 | |||
| CRH | $135,304,389 | 4.55% | 1,264,527 | $-59,202,406 | Down ×1 | ||
| OCANF | $79,125,736 | 2.66% | 3,157,907 | Up ×1 | |||
| AVR | $76,721,650 | 2.58% | 7,789,000 | $33,492,700 | |||
| AA | $74,854,530 | 2.52% | 1,435,645 | ||||
| HDB | $56,683,806 | 1.91% | 2,194,495 | $25,113,823 | Up ×2 | ||
| NWS | $56,004,954 | 1.88% | 1,995,900 | $-64,733,984 | Down ×2 | ||
| BLDR | $53,712,070 | 1.81% | 600,269 | $29,630,298 | Up ×1 | ||
| AYASF | $39,264,235 | 1.32% | 2,074,017 | Up ×1 | |||
| NU | $35,194,502 | 1.18% | 2,634,319 | $4,584,017 | Up ×1 | ||
| ISOU | $27,694,557 | 0.93% | 2,778,857 | $1,384,602 | Up ×2 | ||
| IAG | $23,956,004 | 0.81% | 1,512,374 | $-4,457,340 | Up ×4 | ||
| FERG | $19,960,402 | 0.67% | 84,104 | Up ×1 | |||
| Z | $15,739,260 | 0.53% | 499,342 | $-36,785,533 | Down ×2 | ||
| INTU | $13,042,692 | 0.44% | 49,972 | Up ×1 | |||
| LAR | $11,329,536 | 0.38% | 1,369,956 | Up ×1 | |||
| SGML | $9,707,964 | 0.33% | 767,428 | Up ×1 | |||
| No matches | |||||||
Conviction holdings
Positions increased for 3+ consecutive quarters.
Share counts are as reported in 13F filings (not split-adjusted)
Biggest new bets
New positions opened this quarter, largest first.
| Security | Value | Shares | % of portfolio |
|---|---|---|---|
| Unknown issuer (CUSIP: 89472Y107) | $238,679,985 | 34,687,011 | 8.02% |
| HBM | $235,504,782 | 9,977,133 | 7.92% |
| BTG | $182,653,798 | 48,837,914 | 6.14% |
| OCANF | $79,125,736 | 3,157,907 | 2.66% |
| AA | $74,854,530 | 1,435,645 | 2.52% |
| AYASF | $39,264,235 | 2,074,017 | 1.32% |
| FERG | $19,960,402 | 84,104 | 0.67% |
| INTU | $13,042,692 | 49,972 | 0.44% |
| LAR | $11,329,536 | 1,369,956 | 0.38% |
| SGML | $9,707,964 | 767,428 | 0.33% |
Top movers (QoQ)
| Security | Action | Shares Δ | Value Δ |
|---|---|---|---|
| CGAU | Bought more | +9.3M | +$134.0M |
| AMCR | Bought more | +2.3M | +$116.0M |
| EGO | Bought more | +4.0M | +$89.8M |
| EQX | Bought more | +2.7M | -$88.8M |
| NXE | Trimmed | -229K | -$79.6M |
| NWS | Trimmed | -2.2M | -$64.7M |
| CRH | Trimmed | -586K | -$59.2M |
| Z | Trimmed | -770K | -$36.8M |
| AVR | Price move only | +0 | +$33.5M |
| BLDR | Bought more | +308K | +$29.6M |
Exited positions
Includes corporate events (mergers, delistings) — not all exits are sells
Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.
| Security | Quarter | Shares before | Value before | Price since exit |
|---|---|---|---|---|
| TGB | June 30, 2026 | 35,110,589 | $226,511,313 | No longer tracked |
| FLUT | June 30, 2026 | 1,769,255 | $180,375,547 | -25.9% |
| FLUT | Sept. 30, 2025 | 481,009 | $136,331,650 | -70.2% |
| LYG | Sept. 30, 2025 | 129,076,191 | $135,948,775 | 20.3% |
| HBM | Dec. 31, 2025 | 8,379,964 | $134,079,424 | 37.3% |
| ICE | March 31, 2026 | 679,203 | $110,003,718 | -3.3% |
| CVE | March 31, 2026 | 5,655,769 | $95,695,611 | 18.6% |
| AA | March 31, 2026 | 1,545,476 | $82,126,595 | -34.4% |
| NWG | Sept. 30, 2025 | 10,382,579 | $72,912,126 | 23.7% |
| CHTR | Dec. 31, 2025 | 289,544 | $63,659,144 | -48.4% |
| DNN | Dec. 31, 2025 | 14,007,218 | $44,402,881 | No longer tracked |
| SCO | June 30, 2026 | 5,187,995 | $43,164,118 | -44.1% |
| EXP | June 30, 2026 | 214,538 | $40,644,224 | -24.5% |
| CRH | Dec. 31, 2025 | 356,888 | $40,328,344 | -33.8% |
| HCC | Dec. 31, 2025 | 458,915 | $37,259,309 | 4.7% |
| RYAAY | Sept. 30, 2025 | 595,657 | $34,351,597 | -9.2% |
| AAUC | March 31, 2026 | 1,476,184 | $33,825,974 | -36.3% |
| NUE | March 31, 2026 | 203,632 | $33,214,416 | 48.7% |
| TECK | June 30, 2026 | 634,547 | $32,837,807 | 14.1% |
| GPK | June 30, 2025 | 1,060,541 | $27,531,644 | -59.1% |
| JD | March 31, 2026 | 730,264 | $20,958,577 | -10.9% |
| CCL | June 30, 2026 | 715,980 | $18,529,562 | -10.5% |
| NCLH | June 30, 2026 | 911,342 | $17,042,095 | -29.6% |
| SLSR | June 30, 2026 | 1,967,387 | $16,971,318 | No longer tracked |
| AMRZ | March 31, 2026 | 305,255 | $16,508,190 | -33.6% |
| TSM | Sept. 30, 2025 | 12,779 | $2,894,316 | 73.9% |
| FCX | Dec. 31, 2025 | 25,475 | $1,014,160 | 42.9% |
| AER | Dec. 31, 2025 | 6,272 | $833,862 | -0.3% |
| EXP | Sept. 30, 2025 | 3,585 | $724,564 | -27.1% |
| ING | Sept. 30, 2025 | 23,832 | $523,219 | 33.3% |
| DAL | Sept. 30, 2025 | 10,544 | $518,554 | 46.4% |
| UBER | Sept. 30, 2025 | 2,792 | $260,494 | -29.1% |
| AMZN | Sept. 30, 2025 | 1,180 | $258,880 | 14.5% |
| CRM | Sept. 30, 2025 | 648 | $176,703 | -3.0% |
| BSX | Sept. 30, 2025 | 1,200 | $128,892 | -56.6% |
| GOOGL | Sept. 30, 2025 | 683 | $120,365 | 42.5% |
| BA | Sept. 30, 2025 | 400 | $83,812 | -10.7% |
| XENE | Sept. 30, 2025 | 1,296 | $40,565 | -6.4% |