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L1 Capital International Fund returns 2.6% in June quarter
In its Q2 2026 investor letter, L1 Capital International Fund said its June-quarter underperformance versus its benchmark was driven largely by what the fund did not hold.
A June 2026 quarter letter from L1 Capital International Fund, published by investment management firm L1 Capital, described the global investment backdrop as a “two-speed” but resilient economy with an uncertain outlook, including the possibility of an “AI bubble” tied to speculative momentum.
The fund returned 2.6% net of fees during the June 2026 quarter, compared with a 12.5% benchmark gain, with L1 Capital attributing the gap primarily to investments the fund did not hold.
In the same Q2 2026 update, L1 Capital said the fund remains focused on quality, valuation, and avoiding permanent capital loss, and it highlighted AerCap Holdings N.V. as a top holding.
L1 Capital also pointed to AerCap’s recent performance and valuation, noting that the company closed at $146.97 per share on July 17, 2026, with a market capitalization of $23.18 billion, while AerCap had gained 33.08% over the past 52 weeks.