L1 Capital International Fund’s Q1 2025 Investor Letter

L1 Capital, an investment management firm, released its “L1 Capital International Fund” (unhedged) first quarter 2025 investor letter. The fund returned 0.1% (net of fees) in the March quarter surpassing the benchmark return by 2.6% (all in Australian dollars). The Australian dollar appreciated 1.0% against the U.S. dollar in the quarter and 3.4% against the Euro. During the first quarter of 2025, the market performance by sector was mixed. In addition, the letter discussed trade deficits, the Trump administration’s Reciprocal Tariffs, implications of Liberation Day, the shift in Trump’s trade policy, and how the firm is managing the fund in this volatile environment. Please check the fund’s top five holdings to know its best picks in 2025.

A copy of L1 Capital International Fund’s Q1 2024 investor letter can be downloaded here.