L1 Global Long Short Fund Announces Net Tangible Asset Backing of $1.71 Per Share as of July 17, 2026

Overview of GLS: Fund Structure and Investment Strategy

L1 Global Long Short Fund Limited is a closed-ended investment vehicle listed on the ASX under the ticker GLS. Headquartered at Level 45, 101 Collins Street, Melbourne, Victoria, the fund maintains a robust investment management framework. GLS utilizes a long-short strategy, taking both long positions (anticipating price increases) and short positions (anticipating price declines) across its portfolio. This approach aims to provide flexibility across market cycles and potentially deliver returns that are less correlated with traditional equity markets.

Regular disclosure of net tangible asset backing is mandated for the fund, ensuring transparency for shareholders and the market. The latest NTA update was authorized by Company Secretary Jane Stewart on 22 July 2026. Managed by L1 Group Limited, with Andrew Stannard as Chief Financial Officer and investor liaison, the governance structure supports accountability and clear communication regarding the fund’s asset values and investment outcomes.

NTA Per Share: Before-Tax Versus After-Tax Figures

In the update dated 22 July 2026, GLS reported two NTA backing values per ordinary share as of 17 July 2026. The before-tax NTA was $1.7139 per share, calculated prior to accounting for deferred tax on unrealised portfolio gains and losses. This figure reflects the fund’s net tangible asset value excluding potential future tax liabilities from unrealised investments, offering a gross perspective of asset backing.

The after-tax NTA stood at $1.7471 per share, representing a more conservative valuation that includes all tax provisions. The difference between before-tax and after-tax figures highlights the fund’s tax position and deferred tax assets or liabilities. GLS emphasized that these figures are unaudited and approximate, providing investors with both gross and tax-adjusted measures to better assess the fund’s net worth.

Calculation Methodology for NTA Disclosures

The distinction between before-tax and after-tax NTA is vital for understanding the fund’s economic standing. The before-tax NTA excludes deferred tax provisions on unrealised gains and losses, thus not factoring in potential taxes payable upon realisation of gains or benefits from losses. This pre-tax figure aids in comparative analysis of the portfolio’s raw value.

Conversely, the after-tax NTA incorporates all tax considerations, offering a comprehensive view of the fund’s net worth after tax obligations. This dual disclosure aligns with standard practices for Australian closed-ended funds, providing investors with a complete picture of asset valuation. The unaudited and approximate nature of these figures is typical for interim reporting between formal audits.

Importance of Regular NTA Reporting for Investors

Closed-ended funds like GLS routinely publish NTA backing per share to maintain transparency and allow shareholders to monitor fund performance. Such disclosures help investors determine whether the fund’s shares trade at a premium or discount to net asset value, reflecting market sentiment, liquidity, and perceptions of the investment strategy. Regular NTA updates reinforce confidence in fund operations and assist shareholders in tracking their investments.

GLS’s latest disclosure as of 17 July 2026 offers near-current data on asset backing. For investors in closed-ended funds, tracking NTA is essential to evaluate if market valuations accurately reflect underlying asset values. This update underscores GLS’s commitment to transparency and aligns with expectations for listed investment funds on the ASX.

Long-Short Strategy and Market Positioning

GLS’s long-short strategy is designed to adapt to diverse market conditions by combining bullish and bearish positions. Long positions involve buying securities expecting price appreciation, while short positions involve selling borrowed securities anticipating price declines. This blend aims to generate returns throughout market cycles and reduce exposure to broad market fluctuations, proving beneficial during volatile or sideways markets where long-only funds may underperform.

The fund’s performance depends on market dynamics, availability of securities to short, and management’s expertise in opportunity identification. The reported NTA values of $1.7139 (before tax) and $1.7471 (after tax) reflect the current marked-to-market valuation of all positions. Investors should evaluate how GLS’s strategy fits their investment goals, risk profile, and market outlook, considering factors such as equity volatility, sector rotation, security selection, and short portfolio effectiveness.

Tax Impact: Comparing Before-Tax and After-Tax NTA

The higher after-tax NTA of $1.7471 compared to the before-tax NTA of $1.7139 suggests a positive tax position, possibly due to deferred tax assets from unrealised losses or favorable tax calculations. This distinction is important for investors, especially those in higher tax brackets or tax-advantaged accounts, as the after-tax figure better reflects the economic interest after tax effects.

Institutional investors and those with specific tax considerations may find the before-tax NTA useful for tax planning. Tax liabilities can arise from realised gains, dividends, interest, and other income. Deferred tax positions estimate potential future tax obligations from unrealised gains. Providing both before-tax and after-tax figures allows investors to select the most relevant metric for their analysis, exemplifying industry best practices.

Unaudited Figures and Investor Considerations

GLS cautioned that all NTA figures are unaudited and approximate, meaning they have not undergone external audit verification and may be revised. Such interim figures are common between formal audit cycles and may include rounding or provisional valuations for less liquid assets. Investors should recognize that final audited figures might differ and treat these disclosures as the best available estimates at the time.

Despite their unaudited status, these figures provide valuable insight into the fund’s net asset position. The standard industry practice of disclosing unaudited NTA ensures transparency while meeting regulatory requirements. Investors making significant decisions should consider confirming details with fund management or await audited statements. Offering both before-tax and after-tax data enhances investor ability to monitor fund value.

Fund Management and Investor Communication

Managed by L1 Group Limited, GLS provides investor relations through Chief Financial Officer Andrew Stannard, reachable at +61 2 9255 7500 or fax +61 2 9254 5555. Company Secretary Jane Stewart authorized the NTA release, reflecting formal governance and communication protocols.

Investors can find further information on the fund’s strategy, performance, and holdings at https://l1.capital/GLS. The registered office at Level 45, 101 Collins Street, Melbourne, supports the fund’s operational base. This management and communication framework ensures shareholders have access to information and direct contact channels, reinforcing GLS’s dedication to transparency and engagement.

Assessing Share Price Relative to NTA: Premium or Discount Analysis

With the NTA backing per share now available, investors can evaluate whether GLS shares trade at a premium or discount to net asset value. A discount indicates the market values the fund’s assets below intrinsic worth, potentially offering a value opportunity. A premium suggests positive market sentiment regarding the fund’s strategy, management, or growth prospects. The size and persistence of premiums or discounts provide insight into investor perceptions.

Closed-ended funds often experience significant premiums or discounts influenced by factors such as investment strategy quality, management track record, liquidity, and investor appetite. Long-short strategies like GLS’s may be valued differently depending on market conditions. Investors comparing GLS with other listed funds or direct equities should consider both NTA and share price. This update delivers the essential data for such analyses as of 17 July 2026.