Key Takeaways
- • Mark Landau and Raphael Lamm, co-founders and co-chief investment officers of L1 Capital, have stepped down as directors of the L1 Long Short Fund effective immediately to focus exclusively on their investment management responsibilities.
- • L1 Capital, established in 2007 and headquartered in Melbourne with offices in Sydney, Miami, and London, is a global investment manager 95% owned by founders and senior staff, with the Long Short Fund as a key vehicle.
- • The ASX 200 Index fell 2.8 points (less than 0.1%) to 8,728.4 as of 2 p.m. AEST on September 21, 2026, extending a monthly decline of nearly 4% amid expectations of aggressive RBA rate increases.
- • Financial markets are fully priced for an RBA cash rate increase to 4.6% at the September 28-29 policy meeting, up from 86% probability the previous week, following RBA Governor Michele Bullock's Friday warnings of upside inflation risks.
- • ANZ and CBA have adjusted their rate call expectations, reflecting market anticipation of sustained monetary tightening that is expected to pressure equity valuations and economic growth.
Summary
Mark Landau and Raphael Lamm, the founding partners and co-chief investment officers of L1 Capital, have resigned from their positions as directors of the L1 Long Short Fund effective immediately. According to an ASX release, the step-down is designed to allow both executives to concentrate exclusively on their core investment management responsibilities. The move marks a strategic refocusing for the leadership of the firm they founded in 2007.
L1 Capital is a global investment manager established by Lamm and Landau, operating offices across Melbourne, Sydney, Miami, and London. The firm maintains a 95% ownership stake held by founders and senior staff, underscoring founder alignment with the business. The Long Short Fund has been a cornerstone investment vehicle for the firm, with both founders maintaining dual roles as joint managing directors and co-chief investment officers until this transition.
The directorial resignation announcement came amid broader market volatility on the ASX. The S&P/ASX 200 Index declined 2.8 points (less than 0.1%) to close at 8,728.4 as of 2 p.m. AEST on Monday, September 21. This follows a significant monthly selloff that has reduced the benchmark index by nearly 4% in September alone and eliminated the index's year-to-date gains. The local sharemarket weakness persisted despite positive signals from U.S. equities, as domestic investors grew increasingly convinced of aggressive monetary tightening ahead.
Market expectations have shifted decisively toward an RBA rate hike at the September 28-29 policy meeting, with financial markets now fully pricing in a cash rate rise to 4.6%. This probability increased substantially from 86% earlier in the week following warnings from RBA Governor Michele Bullock on Friday that upside risks to inflation were materializing. Canaccord Genuity Chief Investment Officer David Cassidy noted that "a significant domestic slowdown looks increasingly likely," with the RBA already three hikes into its current tightening cycle. Both ANZ and CBA adjusted their rate forecasts upward in response to these developments, signaling consensus expectations for persistent monetary policy tightening that is expected to weigh on equity valuations and economic activity through the remainder of 2026.
L1 Capital is a global investment manager established by Lamm and Landau, operating offices across Melbourne, Sydney, Miami, and London. The firm maintains a 95% ownership stake held by founders and senior staff, underscoring founder alignment with the business. The Long Short Fund has been a cornerstone investment vehicle for the firm, with both founders maintaining dual roles as joint managing directors and co-chief investment officers until this transition.
The directorial resignation announcement came amid broader market volatility on the ASX. The S&P/ASX 200 Index declined 2.8 points (less than 0.1%) to close at 8,728.4 as of 2 p.m. AEST on Monday, September 21. This follows a significant monthly selloff that has reduced the benchmark index by nearly 4% in September alone and eliminated the index's year-to-date gains. The local sharemarket weakness persisted despite positive signals from U.S. equities, as domestic investors grew increasingly convinced of aggressive monetary tightening ahead.
Market expectations have shifted decisively toward an RBA rate hike at the September 28-29 policy meeting, with financial markets now fully pricing in a cash rate rise to 4.6%. This probability increased substantially from 86% earlier in the week following warnings from RBA Governor Michele Bullock on Friday that upside risks to inflation were materializing. Canaccord Genuity Chief Investment Officer David Cassidy noted that "a significant domestic slowdown looks increasingly likely," with the RBA already three hikes into its current tightening cycle. Both ANZ and CBA adjusted their rate forecasts upward in response to these developments, signaling consensus expectations for persistent monetary policy tightening that is expected to weigh on equity valuations and economic activity through the remainder of 2026.
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