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L1 Capital International has announced its June 2026 performance results, reporting a -1.7% return for its Hedged Active ETF. The firm also shared updates on its investment approach, emphasizing high-quality global equities with a currency-hedged strategy. Investors are closely tracking the fund’s results against the MSCI World 100% Hedged to AUD Index benchmark.
Key Points
- Company and ASX code: L1 Capital International (L1H)
- Main update: June 2026 performance figures and investment strategy overview
- Performance highlights: -1.7% return in June; 12.1% annualized return since inception for unhedged strategy
- Investor focus: Fund’s performance relative to the MSCI World 100% Hedged to AUD Index
June 2026 Results: Detailed Review of L1 Capital’s Hedged Active ETF
In June 2026, L1 Capital International’s Hedged Active ETF posted a -1.7% return. This compares to the MSCI World 100% Hedged to AUD Index, which held steady at 0.0% over the same timeframe. The fund targets outperformance of this benchmark over rolling five-year periods.
Since its July 2024 inception, the Hedged Active ETF has been overseen by Chief Investment Officer David Steinthal. The fund’s strategy centers on roughly 25 high-quality companies, prioritizing sustainable business models and robust capital management.
Unhedged Strategy Performance Since Launch
The L1 Capital International (Unhedged) Active ETF, launched in March 2019, has delivered a 12.1% per annum return since inception. This trails its benchmark’s 14.2% annualized return by 2.1% per year.
Cumulatively, the unhedged strategy has returned 130.7% since inception, versus 164.2% for its benchmark. The firm has not provided specific explanations for this performance gap in the announcement.
Investment Approach and Portfolio Breakdown
L1 Capital International employs a fundamental, bottom-up investment process. The fund targets companies operating in well-structured, growth-oriented industries with durable business models and aligned management teams.
As of June 2026, top holdings include AerCap, Alphabet, Amazon.com, and Nvidia. Sector exposure is diversified across semiconductors, payments, consumer discretionary, and commercial services, among others.
Geographic and Market Capitalization Exposure
The fund’s revenue exposure is mainly North America (50%), followed by Western Europe (22%) and Asia Pacific (16%). This geographic diversification aims to reduce risks from regional economic volatility.
Regarding market capitalization, 58% of holdings are large-cap companies valued over US$100 billion, supporting the fund’s goals of capital preservation and sustainable growth.
Management Team and Fee Details
David Steinthal manages the Hedged Active ETF, bringing extensive global equities expertise. The fund charges a 1.20% annual management fee inclusive of all expenses, plus a 15% performance fee on returns exceeding the benchmark.
The fund’s dual registry and availability on platforms such as Asgard, BT Panorama, and Macquarie Wrap offer investors flexible access.
Investor Webinar and Future Prospects
David Steinthal recently hosted a webinar covering the investment landscape, portfolio positioning, and insights from the recent earnings season. Interested investors are encouraged to watch the webinar replay for comprehensive details.
Looking forward, the key focus will be the fund’s ability to outperform the MSCI World 100% Hedged to AUD Index, especially over the next five-year rolling period.
ESG Integration and Risk Management
L1 Capital International integrates environmental, social, and governance (ESG) factors into its investment process, targeting companies with proactive ESG policies and practices.
Risk management is fundamental, with an emphasis on preserving capital over the investment horizon. The firm defines risk as the potential for permanent capital loss rather than short-term share price volatility.
Summary: Steering Through the Global Equity Market
L1 Capital International’s latest performance update underscores both challenges and opportunities in global equities. Despite recent returns trailing the benchmark, the company remains committed to a disciplined investment approach and strategic diversification.
Investors will continue to monitor how L1 Capital adapts to changing market conditions and whether its high-conviction strategy achieves long-term success.
