• L1 Capital is a specialist investment manager founded in 2007 with a proven track record of delivering strong returns
• The L1 Global Long Short Fund Limited (ASX:GLS) has generated strong absolute and relative returns since inception
• The portfolio has been positioned to benefit from recent market volatility, with key adjustments made to the portfolio

The announcement is an investor presentation for the L1 Global Long Short Fund Limited (ASX:GLS), which is managed by L1 Capital, a specialist investment manager founded in 2007. The presentation highlights L1 Capital's investment-led culture, reputation for investment excellence, and track record of delivering strong returns across its diverse range of funds.The presentation then focuses on the performance of the L1 Global Long Short Fund Limited (ASX:GLS), which has generated strong absolute and relative returns since its inception on 28 November 2025. The fund's performance was impacted by the market volatility caused by the Iran War in the March quarter, but the presentation notes L1 Capital's track record of capitalizing on periods of elevated market volatility.The presentation also outlines the key portfolio adjustments made by the fund in response to the market conditions, including reducing exposure to sectors like infrastructure and energy that had rallied, and increasing exposure to areas like copper, banking, and gold that had sold off. The fund is positioned in five key themes that are believed to offer compelling, asymmetric risk-reward: strategic assets, dominant banks, copper, gold, and building products.The presentation provides detailed insights into the fund's portfolio positioning, including metrics such as low P/E multiples, strong earnings growth, and large free cash flow generation. The fund is also positioned to navigate the risks posed by AI disruption, with no meaningful exposure to the software sector or 'Mag-7' tech giants, and short positions in speculative AI companies.