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L1 Capital International Fund gained 2.6% in June quarter
The unhedged fund lagged its benchmark, returning 2.6% net of fees versus 12.5% for the benchmark in the June 2026 quarter.
L1 Capital International Fund, an unhedged investment strategy managed by L1 Capital, returned 2.6% net of fees during the June 2026 quarter, according to its Q2 2026 investor letter cited by Yahoo Finance.
The letter said the fund faced a “two-speed” but resilient global economy with an uncertain outlook, alongside concerns about whether an AI bubble could emerge by separating strong fundamentals from speculative momentum.
It described markets as “narrow,” with high exuberance and pronounced over-pessimism, and noted that performance came out mixed at the individual stock level even as the strategy remained focused on quality, valuation, and avoiding permanent capital loss.
The fund credited AI capex winners for some support, including Taiwan Semiconductor Manufacturing Company, and said TSMC contributed more than 2.0% to fund returns in A$ terms, while it also pointed to Nvidia as a lesser contributor. Yahoo Finance added that TSMC closed at $398.37 per share on July 17, 2026, and that the benchmark outpaced the fund over the quarter.