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...
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