Key Takeaways
- • L1 Global Long Short Fund (ASX: GLS) delivered a net return of 11.90% for the fiscal year ended 30 June 2026, outperforming the MSCI World Accumulation Index in USD (10.6% return) following L1 Capital's appointment as investment manager on 28 November 2025.
- • The fund generated a profit before tax of $171.90 million and a net profit after tax of $121.31 million during FY26, demonstrating profitability in its first full reporting period under new management.
- • L1 Capital's active management strategy employs both long and short positions to capitalize on rising and falling share prices, with portfolio flexibility to allocate up to 30% in international shares beyond Australian and New Zealand markets.
- • The transition to L1 Global Long Short Fund Limited marks a strategic shift in investment management, with performance data tracked from the 28 November 2025 inception date under L1 Capital's stewardship.
Summary
L1 Global Long Short Fund Limited (ASX: GLS) released its FY26 Annual Report on 26 August 2026, detailing investment performance and financial outcomes for the period ended 30 June 2026. The fund demonstrated solid returns in its first full fiscal year following the transition to L1 Capital as investment manager, which commenced on 28 November 2025. The portfolio achieved an 11.90% net return, exceeding the MSCI World Accumulation Index USD return of 10.6% over the same period, indicating effective alpha generation in a competitive investment environment.
Financial results reflect substantial profitability, with the company recording $171.90 million in profit before tax and $121.31 million in net profit after tax. These metrics underscore the fund's operational performance and its ability to generate returns net of all applicable fees and charges since L1 Capital assumed investment management responsibilities.
L1 Capital's investment approach centers on active portfolio management through balanced deployment of long and short positions, enabling the fund to capture returns from both appreciating and depreciating securities. The strategy includes flexibility to allocate up to 30% of the portfolio internationally, broadening the opportunity set beyond domestic Australian and New Zealand markets. The investment team actively adjusts net long exposure to calibrate overall market positioning, reflecting a dynamic approach to market conditions and risk management. This transition and subsequent performance establish GLS as an actively managed alternative equity strategy within the Australian investment landscape.
Financial results reflect substantial profitability, with the company recording $171.90 million in profit before tax and $121.31 million in net profit after tax. These metrics underscore the fund's operational performance and its ability to generate returns net of all applicable fees and charges since L1 Capital assumed investment management responsibilities.
L1 Capital's investment approach centers on active portfolio management through balanced deployment of long and short positions, enabling the fund to capture returns from both appreciating and depreciating securities. The strategy includes flexibility to allocate up to 30% of the portfolio internationally, broadening the opportunity set beyond domestic Australian and New Zealand markets. The investment team actively adjusts net long exposure to calibrate overall market positioning, reflecting a dynamic approach to market conditions and risk management. This transition and subsequent performance establish GLS as an actively managed alternative equity strategy within the Australian investment landscape.
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