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L1 Long Short Fund Ltd ASX:LSF

0 opened or increased0 held0 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 1 managers in total.

Position history by manager 1 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

2026

3 Sep 2025 to today

Commentary 1 comments

DateManagerActionSummary

3 Sep 2025Wilson Asset ManagementHeldWilson Asset Management continues to hold L1 Long Short Fund Ltd because it is a listed investment company trading at a discount to NTA, consistent with their broader LIC discount arbitrage strategy. The fund notes a disciplined buy-sell-rebuy pattern: they built a large position when the discount was significant, exited when the share price reached NTA, and re-entered after the discount re-emerged — mirroring the same approach taken with the Perpetual LIC. Wilson Asset Management views this oscillating discount dynamic as a repeatable opportunity to generate returns by buying intrinsic value at a discount and realising it as sentiment improves.

Monthly Report, price recorded $3.15

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First mention by manager

Price recorded at each manager's first comment

Price at first mentionThe share price recorded when each of 1 managers first commented on LSF.

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About L1 Long Short Fund Ltd

Industrials, Capital Markets

L1 Long Short Fund (ASX:LSF), a listed investment company managed by L1 Capital, has been traded by Wilson Asset Management around its discount. In September 2025, Wilson explained it held a large position in LSF when it traded at a big discount to net tangible assets, then sold once it moved to a premium, illustrating its strategy of buying listed investment companies at discounts and exiting when the gap closes. L1 Long Short Fund operates in the Financials sector within the Capital Markets industry, and Thesis Tracker has captured 1 comment from 1 fund manager, Wilson Asset Management. L1 Long Short Fund Limited invests in long and short positions in Australian and global equities using L1 Capital's fundamental research process, with offices in Melbourne, Sydney, Miami and London, and has delivered strong long-term returns that have, at times, pushed its shares to a premium to net tangible assets.

Market cap: $2.8b
Price to earnings: 5.1x
Return on equity: 28.4%
Dividend yield: 3.4%
Price to book: 1.30x
Net margin: 53.3%
52-week range: $3.35 to $5.09

Company figures as of 15 Oct 2026. For information only.

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).

What opportunities or catalysts do fund managers highlight for L1 Long Short Fund Ltd?

Wilson's commentary shows that strong performance helped LSF move from a large discount to a premium to net tangible assets, rewarding investors who bought at the discount.

What are the key risks to the L1 Long Short Fund Ltd investment thesis, according to fund managers?

Wilson sold once LSF traded at a premium, suggesting limited upside from valuation at those levels, and returns depend on L1's long-short performance.

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 firm employs a long-short investment strategy, focusing primarily on Australian securities with additional exposure to global markets.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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