L1 Global Long Short Fund Limited Registered · ASX:GLS
L1 Global Long Short Fund Limited Registered — L1 Global Long Short Fund — Investor Presentation (April 2026)
25 slides from L1 Global Long Short Fund Limited Registered's investor presentation, Apr 21, 2026
Slide 1: Fund update
For personal use only Fund update L1 Global Long Short Fund Limited (ASX:GLS) April 2026
Slide 2: L1 Capital Funds | Business overview
L1 Capital Funds | Business overview L1 Capital is a specialist investment manager founded in 2007 by Mark Landau and Rafi Lamm For personal use only London Since 2017 New York and U.K. Residential Property • ‘L’ – Derived from the surnames of the founders (Lamm and Landau) Miami Since 2015 • ‘1’ –
Slide 3: L1 Capital Funds | Investment-led culture
L1 Capital Funds | Investment-led culture Global Long Short Fund (GLSF) Long Short Fund (LSF) Global Opportunities International Equities For personal use only 53.9% p.a. net return S.I.1 (MSCI World 13.2% p.a.) 19.5% p.a. net return S.I.2 (ASX200AI 7.8% p.a.) 26.8% p.a. net return S.I. 12.1%
Slide 4: Equity market observations
For personal use only 1 Equity market observations L1 Global Long Short Fund Limited (ASX:GLS) 4
Slide 5: Iran War has led to the worst oil supply shock in modern history
Iran War has led to the worst oil supply shock in modern history Scale of net supply loss (million barrels/day) Movement in oil prices (US$/oil barrel) 150 For personal use only 2026 Iran War (Estimated) ~8-9 WTI Brent 130 1978-79 Iran Revolution 5.0 1973-74 Arab oil embargo 4.5 110 1990-91 Gulf War
Slide 6: Long-term yields have surged and interest rate expectations reset
Long-term yields have surged and interest rate expectations reset Expected Central Bank interest rate path 10-year bond yields (%) For personal use only 0.80 5.25 Solid line: 0.60 Current pricing 5.00 Rate cuts / Hikes (basis points) 0.40 Rate hikes 4.75 0.20 0.00 4.50 -0.20 4.25 -0.40 Rate cuts 4.0
Slide 7: Aggressive and broad-based market sell off in March
Aggressive and broad-based market sell off in March Index moves understate the extent and breadth of the correction For personal use only S&P500 and GDX Sector returns – March 2026 S&P500 stock performance – March 2026 40% No. of stocks (% of index) Gold miners (GDX) (20.6%) 30% 29% 30% 25% Consumer
Slide 8: Portfolio performance
For personal use only 2 Portfolio performance L1 Global Long Short Fund Limited (ASX:GLS) 8
Slide 9: March quarter dominated by Iran War and risk-off backdrop
L1 Global Long Short Fund Limited | Performance March quarter dominated by Iran War and risk-off backdrop For personal use only GLS MSCI World2 Outperformance March quarter dominated by the War in Iran • Strong start in January and February offset by 3 months (7.0) (3.6) (3.5) drawdown in March • L1
Slide 10: Portfolio positioning
For personal use only 3 Portfolio positioning L1 Global Long Short Fund Limited (ASX:GLS) 10
Slide 11: Key portfolio adjustments
Key portfolio adjustments Major portfolio rotation designed to benefit from recent market volatility Change in sector positioning at 31 March vs. pre-Iran War (arrow = change in portfolio net exposure) For personal use only Copper ~20-25% sell-off, long-term supply/demand fundamentals remain strong
Slide 12: Navigating AI disruption risk
Portfolio positioning Navigating AI disruption risk For personal use only Software / Mag-7 share price performance (March quarter) $105 Portfolio positioning $100 (5%) Long book: $95 • No meaningful exposure to software sector $90 (12%) • No meaningful exposure to Mag-7 / hyper-scalers $85 • Long ex
Slide 13: Focused on high quality, lower P/E stocks with strong cash flow and earnings growth
Portfolio positioning Focused on high quality, lower P/E stocks with strong cash flow and earnings growth For personal use only Portfolio metrics (Median FY27) Longs Portfolio Metrics • Low P/E multiples P/E 8.1x • Very strong earnings growth EPS Growth YoY 15.2% • Large FCF generation Free cash flo
Slide 14: Portfolio themes
For personal use only 4 Portfolio themes L1 Global Long Short Fund Limited (ASX:GLS) 14
Slide 15: Summary: five key themes
Portfolio themes | Summary We are invested in five key themes that we believe offer compelling, asymmetric risk-reward For personal use only Copper Gold Infrastructure Building products Banking • Strong underlying • Despite recent pull • Strategic assets with • Pull back on higher • Dominant, high-q
Slide 16: Copper: long-term fundamental backdrop remains supportive
Portfolio themes | Copper Long-term fundamental backdrop remains supportive despite recent equities de-rating For personal use only Copper supply & demand outlook Copper miners EV / NTM EBITDA (x)1 30.0 8.0x Iran War Sell-Off 25.0 Market 7.0x deficit ‘Liberation Day’ 20.0 Sell-Off 6.0x Copper (Mt) 1
Slide 17: Themes | Copper
Portfolio themes | Copper • Arizona Sonoran received an all-share takeover bid from Hudbay • Cobre Panama likely restart in 2026 and ramp-up over 2027 For personal use only at a ~30% premium to last close. L1 held position pre-takeover • Leverage expected to hit target in 2027 (<1x ND/EBITDA) • Crea
Slide 18: Themes | Gold
Portfolio themes | Gold Gold Performance during major regional military conflicts 15% Unusual gold price pullback in March (-12%): For personal use only 10% • ETF outflows of >$12bn, largest monthly outflow in 5 yrs 5% • Large scale profit taking & technical-driven selling 0% • Physical gold ETF flo
Slide 19: Themes | Gold
Portfolio themes | Gold • Portfolio transformation following the combination of Equinox and • High grade and low-cost underground gold mine in PNG For personal use only Calibre in 2025 • Has consistently outperformed on grade over-reconciliation • Former Calibre team adds leading operational experti
Slide 20: Themes | Infrastructure
Portfolio themes | Infrastructure • Broad portfolio of regulated airport infrastructure assets • Leading EU/UK cell tower operator For personal use only • Improving traffic growth as Boeing deliveries improve and • High quality, long-life infrastructure with predictable forward Condor (#2 player) in
Slide 21: Themes | Building products
Portfolio themes | Building products • Leader in light and sustainable building products (insulation, • Global leader in building materials, specializing in cement, For personal use only roofing, plasterboard, etc.) aggregates, and ready-mixed concrete • Business transformed over last 5 years –2/3rd
Slide 22: Themes | Banking
Portfolio themes | Banking • High quality Greek bank, with enormous excess capital (18.8% • #2nd largest bank in Europe + leading investment bank For personal use only CET1 ratio) & efficient operations (~35% cost-to-income ratio) • 4Q25 result was a solid beat vs expectations • Stock declined in Ma
Slide 23: Important information
Important information L1 Capital Pty Ltd Disclaimer This communication has been prepared for L1 Global Long Short Fund Limited (ACN 063 975 431) by its investment manager, L1 Capital Pty Ltd (ABN 21 125 378 145 and AFS Licence 314302). L1 Capital Pty Ltd has prepared this publication in good faith i
Slide 24: Contact us
Contact us Head of Distribution Chris Clayton cclayton@L1.com.au +61 (0)3 9286 7021 For personal use only Researchers Aman Kashyap akashyap@L1.com.au +61 477 341 403 Advisers Allan Evans aevans@L1.com.au +61 400 993 597 Bryce Leyden bleyden@L1.com.au +61 407 876 532 For more insights, visit Clifford
Slide 25: Please contact us with any questions
For personal use only Please contact us with any questions. Level 45, 101 Collins Street, Melbourne VIC 3000 Phone +61 3 9286 7000 Web www.L1.com.au ABN 21 125 378 145 | AFSL 314302
L1 Global Long Short Fund — Investor Presentation (April 2026) on 6ix