Data as of Q4 2025 (Dec 31, 2025)

L1 Capital Pty Ltd

•CIK: 1817646•Filing: Q4 2025

**L1 Capital Pty Ltd** manages $1.9B across a concentrated portfolio of 20 positions. The fund exhibits significant conviction in select names, with ELD representing the largest holding at $346.3M. Top allocations also include NXE ($309.1M), EQX ($283.1M), and TGB ($201.2M). This structure suggests a high-conviction, deep-value approach targeting market leaders within its investment universe.

Total AUM
$1.9B
QoQ Performance
+21.0%
Positions
20
Top 10 Concentration
89.0%
Latest Filing
Q4 2025

Top Holdings Allocation

ELD
NXE
EQX
TGB
NWS
Z
ICE
ELD18.1%
NXE16.1%
EQX14.8%
TGB10.5%
NWS6.6%
Z6.2%
ICE5.7%
CVE5.0%

📈 Biggest Buys

Z
ZILLOW GROUP INC
+24803.7%
6.2% of portfolio
ICE
INTERCONTINENTAL EXCHANGE IN
NEW
5.7% of portfolio
ELD
ELDORADO GOLD CORP NEW
+35.2%
18.1% of portfolio
TGB
TASEKO MINES LTD
+45.2%
10.5% of portfolio
EQX
EQUINOX GOLD CORP
+15.9%
14.8% of portfolio

📉 Biggest Sells

AA
ALCOA CORP
-73.8%
4.3% of portfolio
AVR
ANTERIS TECHNOLOGIES GLOBAL
-58.9%
0.7% of portfolio
CVE
CENOVUS ENERGY INC
-13.2%
5.0% of portfolio
SLS
SOLARIS RES INC
-34.5%
1.4% of portfolio

Sector Breakdown

Other98.3%
Materials1.7%

🚪 Exited Positionssold since Q3 2025

HBM
HUDBAY MINERALS INC
SOLD
$134.1M
CHTR
CHARTER COMMUNICATIONS INC N
SOLD
$63.7M
DML
DENISON MINES CORP
SOLD
$44.4M
CRH
CRH PLC
SOLD
$40.3M
HCC
WARRIOR MET COAL INC
SOLD
$37.3M
+2 more exited positions

Changes from Q3 2025

NEW8 new positions
↑8 increased
↓4 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023

📌 Top Holdings

ELD18.1%
ELDORADO GOLD CORP NEW
$346.3M
NXE16.1%
NEXGEN ENERGY LTD
$309.1M
EQX14.8%
EQUINOX GOLD CORP
$283.1M
TGB10.5%
TASEKO MINES LTD
$201.2M
NWS6.6%
NEWS CORP NEW
$126.6M

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