L1 Capital International Fund’s Q2 2024 Investor Letter

L1 Capital, an investment management firm, released its “L1 Capital International Fund” second quarter 2024 investor letter. In the June quarter, the fund returned -3.0% (net of fees) compared to 0.3% return for the Benchmark (all in Australian dollars). The Australian dollar appreciated 1.8% against the U.S. dollar in the quarter and 2.7% against the Euro, decreasing the Fund and Benchmark Australian dollar reported quarterly returns. The Fund returned 22.2% (net of fees) outperforming the Benchmark return of 19.8% (all in Australian dollars) for the year ended 30 June 2024. The Australian dollar appreciated 0.3% against the U.S. dollar and 2.0% against the Euro, thus currency had a limited impact on Australian dollar returns of the Fund and Benchmark over the past 12 months. Please check the fund’s top five holdings to know its best picks in 2024.

A copy of L1 Capital International Fund’s Q2 2024 investor letter can be downloaded here.