Key Takeaways
- • L1 Global Long Short Fund Limited (ASX: GLS) reported NTA of $1.7709 per share (after tax) and $1.7487 per share (before tax) as of 10 July 2026, reflecting portfolio performance through 30 June 2026.
- • The fund's portfolio value exceeded its high-water mark as of 30 June 2026, triggering a performance fee entitlement of approximately $26.30 million for investment manager L1 Capital Pty Ltd, calculated inclusive of net GST and RITC impact.
- • The $26.30 million performance fee has already been fully accrued within the reported NTA figures, meaning the fee payment will not result in any further reduction to the NTA per share upon settlement.
- • The fund achieved an 18.9% return during the June quarter, significantly outperforming the MSCI World Index benchmark during the period.
Summary
L1 Global Long Short Fund Limited, a listed investment company trading on the ASX under the ticker GLS, has disclosed its latest net tangible asset valuation and triggered a material performance fee milestone. As of 10 July 2026, the fund reported an NTA before tax of $1.7487 per ordinary share and an NTA after tax of $1.7709 per ordinary share, providing shareholders with current asset backing valuations following the completion of the June quarter.
The fund's portfolio performance has crossed a significant threshold. The portfolio value as measured at 30 June 2026 exceeded the fund's high-water mark, a performance benchmark that must be cleared before performance-based fees become payable. This milestone triggered a performance fee entitlement of approximately $26.30 million payable to the fund's investment manager, L1 Capital Pty Ltd. The performance fee calculation incorporates the net impact of GST and RITC (research and investment contribution tax), reflecting the fund's fee structure under which the manager receives 20% of outperformance during each six-month measurement period.
A critical distinction for investors is that the $26.30 million performance fee has already been fully accrued and included within the NTA figures disclosed. Consequently, when L1 Capital executes payment of the fee, it will not produce any additional decline in the reported NTA per share, as the liability has already been reflected in the valuation provided. This transparency ensures shareholders understand the true economic value of their holdings and that no future surprise dilution from fee payment will occur.
The fund's performance during the quarter contributed materially to this outcome. L1 Global Long Short Fund delivered an 18.9% return in the June quarter, demonstrating significant outperformance relative to the MSCI World Index during the measurement period. This strong quarterly result, coupled with the fund's long/short strategy operating across global markets, drove the portfolio above the high-water mark and triggered the performance fee entitlement under the fund's fee schedule.
The fund's portfolio performance has crossed a significant threshold. The portfolio value as measured at 30 June 2026 exceeded the fund's high-water mark, a performance benchmark that must be cleared before performance-based fees become payable. This milestone triggered a performance fee entitlement of approximately $26.30 million payable to the fund's investment manager, L1 Capital Pty Ltd. The performance fee calculation incorporates the net impact of GST and RITC (research and investment contribution tax), reflecting the fund's fee structure under which the manager receives 20% of outperformance during each six-month measurement period.
A critical distinction for investors is that the $26.30 million performance fee has already been fully accrued and included within the NTA figures disclosed. Consequently, when L1 Capital executes payment of the fee, it will not produce any additional decline in the reported NTA per share, as the liability has already been reflected in the valuation provided. This transparency ensures shareholders understand the true economic value of their holdings and that no future surprise dilution from fee payment will occur.
The fund's performance during the quarter contributed materially to this outcome. L1 Global Long Short Fund delivered an 18.9% return in the June quarter, demonstrating significant outperformance relative to the MSCI World Index during the measurement period. This strong quarterly result, coupled with the fund's long/short strategy operating across global markets, drove the portfolio above the high-water mark and triggered the performance fee entitlement under the fund's fee schedule.
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