Fund Manager Summary on L1 Long Short Fund Ltd (ASX:LSF)
L1 Long Short Fund Ltd (ASX:LSF) has experienced fluctuating share price dynamics, recently trading around $3.15. Fund managers from Wilson Asset Management note that they seize opportunities when the fund trades at a discount to its net tangible assets (NTA), having previously held significant positions that they liquidated once the shares reached a premium. They currently acknowledge the inherent market volatility, as seen in their strategy of buying back into the fund when it again trades at a discount. This approach highlights both the potential for capital appreciation and the risks associated with price fluctuations. Investors should consider these trading patterns and the structural tailwinds that may influence future valuations.
Commentary From The Managers
There are 1 insights from 1 fund managers regarding their investment in L1 Long Short Fund Ltd (ASX:LSF) available on Thesis Tracker.
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Updates are made available to members within 12 hours of being released. The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
Wilson Asset Management
3 Sept 2025
$3.15
Summary
- Wilson Asset Management continues to hold L1 Long Short Fund Ltd due to its current trading at a discount.
- Previously, when the fund was trading at a bigger discount, Wilson Asset Management had a significant position.
- As the fund's valuation reached a premium NTA, the position was sold.
- When the fund returned to a discount, Wilson Asset Management re-entered the position.
- This strategy is similar to their approach with the Perpetual LIC, where they also capitalized on trading at discounts.
- Wilson Asset Management aims to optimize returns by actively managing positions based on valuation changes.
The completeness, accuracy or current status of the investments referenced are not guaranteed.
Frequently Asked Questions
Who is investing in L1 Long Short Fund Ltd (ASX:LSF)?
Fund managers including Wilson Asset Management have invested in L1 Long Short Fund Ltd (ASX:LSF).
Why do fund managers invest in L1 Long Short Fund Ltd?
Fund managers invest in L1 Long Short Fund Ltd due to its trading dynamics, particularly its status as a listed investment company (LIC) that often trades at discounted valuations. This creates opportunities for capital appreciation when the shares revert to their net tangible asset (NTA) value. The fund's price movements provide favorable risk/reward profiles, allowing managers to strategically enter and exit positions based on market conditions and discount/premium fluctuations. Additionally, strong sector exposure and growth prospects may further enhance its appeal.
What happened to L1 Long Short Fund Ltd (ASX:LSF)?
There have been no recent updates from fund managers regarding L1 Long Short Fund Ltd although fund managers including Wilson Asset Management have previously commented.
What is the short interest in L1 Long Short Fund Ltd (ASX:LSF)?
According to ASIC filings, there is negligible or no short interest in L1 Long Short Fund Ltd (ASX:LSF).
What does L1 Long Short Fund Ltd (ASX:LSF) do?
L1 Long Short Fund Limited (LSF) is a global investment manager with offices in Melbourne, Sydney, Miami and London. The company invest (both long and short) in predominantly Australian securities with the remaining exposure to global securities.