L1 Long Short Fund outperforms ASX200AI with strong November return

The L1 Long Short Fund Limited (ASX:LSF) portfolio delivered a 7.5% net return in November 2025, significantly outperforming the ASX200AI's -2.7% return and bringing its year-to-date performance to 41.5%. Since its inception in 2014, the fund has returned 19.7% p.a., making it Australia's best-performing long short fund. Key contributors to November's strong performance included gold equities (+5% price, LSF exposure +10%), Viva Energy Group (long +16%), and Light & Wonder (long +40%), while a short position in Commonwealth Bank (short -11%) also contributed.

In line with this strong performance, several directors increased their indirect holdings in the company. On December 5, 2025, Raphael Lamm acquired 496,322 ordinary shares through a dividend reinvestment plan. Similarly, Andrew Larke acquired 13,041 ordinary shares, and Harry Kingsley acquired 289 ordinary shares, both via the same plan. John Macfarlane also acquired 7,220 ordinary shares through a dividend reinvestment plan. These transactions occurred outside a closed period.

The fund's success in November was attributed to broad-based gains across numerous positions and strategic exposures to gold and copper stocks, alongside short positions in the domestic bank sector. LSF has historically protected nearly 95% of investor capital during months of negative ASX200AI returns, a trend that continued with its +7.5% return against the index's -2.7% decline.