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L1 Long Short Fund Ltd. (AU:LSF)
ASX:LSF
Australian Market

L1 Long Short Fund Ltd. (LSF) AI Stock Analysis

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AU:LSF

L1 Long Short Fund Ltd.

(Sydney:LSF)

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Outperform 70 (OpenAI - 5.2)
Rating:70Outperform
Price Target:
AU$5.00
â–˛(18.48% Upside)
Action:UpgradedDate:12/30/25
The score is driven primarily by financial quality: a very strong, debt-free balance sheet is offset by meaningfully volatile earnings and inconsistent cash generation. Technically, the trend is positive (above key moving averages and MACD > 0), but overbought signals (RSI/Stoch) temper the outlook. Valuation is mixed, with a solid dividend yield but a relatively high P/E given variability in results.
Positive Factors
Debt-free balance sheet
Zero reported debt and a sizable equity base provide durable financial flexibility. Over a multi-month horizon this reduces funding risk, enables opportunistic positioning or support for distributions, and helps the listed vehicle withstand market drawdowns without forced asset sales.
Negative Factors
Inconsistent cash generation
Volatile operating and free cash flow undermines durable earnings quality. Reliance on favorable market conditions increases the risk that distributions, reinvestment, or opportunistic deployments will be constrained in weaker periods, limiting financial predictability for investors.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-free balance sheet
Zero reported debt and a sizable equity base provide durable financial flexibility. Over a multi-month horizon this reduces funding risk, enables opportunistic positioning or support for distributions, and helps the listed vehicle withstand market drawdowns without forced asset sales.
Read all positive factors

L1 Long Short Fund Ltd. (LSF) vs. iShares MSCI Australia ETF (EWA)

L1 Long Short Fund Ltd. Business Overview & Revenue Model

Company Description
L1 Long Short Fund Limited is a equity fund launched and managed by L1 Capital Pty Ltd. The fund investments predominantly in Australian and New Zealand securities. It employs long and short strategy to make its investments. The fund employs botto...
How the Company Makes Money
L1 Long Short Fund Ltd. makes money primarily through management fees and performance fees. Management fees are typically a fixed percentage of the assets under management (AUM), providing a steady income stream. Performance fees, on the other han...

L1 Long Short Fund Ltd. Financial Statement Overview

Summary
Strong balance sheet strength (no debt, sizable equity base) and recent revenue growth support resilience. However, earnings and especially cash generation are volatile, with multiple years of negative operating/free cash flow and a sharp FY2025 free-cash-flow decline versus FY2024.
Income Statement
72
Positive
Balance Sheet
86
Very Positive
Cash Flow
44
Neutral
BreakdownJun 2024Jun 2023Jun 2022Jun 2021Jun 2020
Income Statement
Total Revenue403.87M431.92M67.03M43.66M77.44M
Gross Profit403.87M285.68M-95.44M-60.49M888.79M
EBITDA0.00226.98M-106.50M-96.30M-10.34M
Net Income99.52M170.29M163.27M141.07M514.19M
Balance Sheet
Total Assets5.08B4.48B3.90B4.37B3.56B
Cash, Cash Equivalents and Short-Term Investments4.91B4.38B3.76B4.24B3.51B
Total Debt0.000.000.000.000.00
Total Liabilities3.11B2.56B2.09B2.69B1.99B
Stockholders Equity1.96B1.92B1.80B1.69B1.57B
Cash Flow
Free Cash Flow161.78M-244.66M510.80M385.70M-503.27M
Operating Cash Flow161.78M-244.66M510.80M385.70M-503.27M
Investing Cash Flow0.000.000.000.000.00
Financing Cash Flow480.97M274.79M-830.64M481.58M400.88M

L1 Long Short Fund Ltd. Technical Analysis

Technical Analysis Sentiment
Positive
Last Price4.22
Price Trends
50DMA
4.13
Positive
100DMA
3.98
Positive
200DMA
3.55
Positive
Market Momentum
MACD
-0.03
Negative
RSI
57.04
Neutral
STOCH
73.68
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:LSF, the sentiment is Positive. The current price of 4.22 is above the 20-day moving average (MA) of 3.96, above the 50-day MA of 4.13, and above the 200-day MA of 3.55, indicating a bullish trend. The MACD of -0.03 indicates Negative momentum. The RSI at 57.04 is Neutral, neither overbought nor oversold. The STOCH value of 73.68 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:LSF.

L1 Long Short Fund Ltd. Peers Comparison

Overall Rating
UnderperformOutperform
Sector (68)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
70
Outperform
―1.5227.46%4.11%-70.76%-42.82%
68
Neutral
$18.00B11.429.92%3.81%9.73%1.22%
64
Neutral
AU$5.89B-724.2632.56%1.45%28.29%39.39%
61
Neutral
AU$3.30B14.1013.61%3.45%37.42%38.37%
53
Neutral
AU$780.52M7.116.34%4.63%26.01%-17.55%
49
Neutral
AU$7.42B32.8215.22%0.57%24.44%68.80%
* Financial Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
AU:LSF
L1 Long Short Fund Ltd.
4.17
1.57
60.45%
AU:HUB
HUB24 Limited
91.00
34.03
59.72%
AU:PNI
Pinnacle Investment Management Group Limited
15.21
0.98
6.91%
AU:NWL
Netwealth Group Ltd.
24.00
1.73
7.77%
AU:MYS
Mystate Limited
4.58
1.24
37.25%

L1 Long Short Fund Ltd. Corporate Events

L1 Long Short Fund Updates NTA Backing per Share for March 2026
Mar 23, 2026
L1 Long Short Fund Limited reported its net tangible asset backing per ordinary share as at 19 March 2026, disclosing an unaudited pre-tax NTA of $3.7786 and a post-tax NTA of $3.5260. The figures, which reflect the value of the fund’s inves...
L1 Long Short Fund Updates March NTA Per Share
Mar 22, 2026
L1 Long Short Fund Limited has reported its unaudited net tangible asset backing per share as at 18 March 2026, with NTA before tax of $3.8552 and NTA after tax of $3.5868. The disclosure provides investors with an updated view of the fund’s...
L1 Long Short Fund Lists New Shares from Distribution Plan on ASX
Mar 20, 2026
L1 Long Short Fund Ltd. has applied for quotation on the ASX of 847,547 ordinary fully paid shares, to be issued on 20 March 2026. The new securities arise under a dividend or distribution plan, modestly increasing the fund’s quoted capital ...
L1 Long Short Fund Updates Net Tangible Asset Backing Per Share
Mar 19, 2026
L1 Long Short Fund Limited has reported its unaudited net tangible asset backing per ordinary share as at 17 March 2026, with NTA before tax of $3.8970 and NTA after tax of $3.6173. The figures, which reflect the value of the fund’s underlyi...
L1 Long Short Fund Updates Net Tangible Asset Backing Per Share
Mar 18, 2026
L1 Long Short Fund Limited has reported its net tangible asset backing per share as at 16 March 2026, with NTA before tax of $3.8913 and NTA after tax of $3.6099. The figures, which are unaudited and approximate, provide investors with an updated ...
L1 Long Short Fund Reports Updated NTA Backing Per Share
Mar 17, 2026
L1 Long Short Fund Limited has reported its unaudited net tangible asset backing per share as at 13 March 2026, with NTA before tax of $3.8921 and NTA after tax of $3.6054. The release provides investors with an updated view of the fund’s un...
L1 Long Short Fund Reports Updated NTA Per Share for March 2026
Mar 12, 2026
L1 Long Short Fund Limited has reported its unaudited net tangible asset backing per ordinary share as at 10 March 2026, with NTA before tax of $4.0830 and NTA after tax of $3.7387. The figures, which reflect the fund’s asset value on a pre-...
L1 Long Short Fund Weathers Volatile February as Long-Term Outperformance Persists
Mar 9, 2026
L1 Long Short Fund reported a modest 0.9% portfolio decline in February, underperforming the SP/ASX 200 Accumulation Index’s 4.1% gain amid a rally in large-cap banks and iron ore miners but weakness in technology and healthcare stocks. Desp...
L1 Long Short Fund Reports Updated NTA Per Share for March 2026
Mar 9, 2026
L1 Long Short Fund Ltd. has reported its net tangible asset backing per ordinary share as of 5 March 2026, with an unaudited pre-tax NTA of $4.1188 and an after-tax NTA of $3.7490. The disclosure of both pre- and post-tax NTA levels provides inves...
L1 Long Short Fund Updates Quarterly Dividend Notification and DRP Details
Mar 9, 2026
L1 Long Short Fund Ltd has updated its notification of a quarterly dividend for holders of its ordinary fully paid shares relating to the period ended 31 December 2025. The update, lodged with the ASX on 9 March 2026, confirms key dates including ...
L1 Long Short Fund Reports Updated Net Tangible Asset Backing Per Share
Mar 8, 2026
L1 Long Short Fund Limited has reported its unaudited net tangible asset backing per ordinary share as at 4 March 2026, with NTA before tax of $4.1377 and NTA after tax of $3.7727. The figures, which reflect the value of the company’s invest...
L1 Long Short Fund Posts Updated NTA Per Share for March 2026
Mar 5, 2026
L1 Long Short Fund Limited reported its net tangible asset backing per share as of 3 March 2026, with NTA before tax of $4.1235 and NTA after tax of $3.7562, based on unaudited and approximate figures. The disclosure provides investors with an upd...
L1 Long Short Fund Updates NTA Following Interim Dividend
Mar 4, 2026
L1 Long Short Fund Limited has reported its unaudited net tangible asset backing per ordinary share as at 2 March 2026, with NTA before tax at $4.2348 and NTA after tax at $3.8276. The figures are stated on an ex-dividend basis following the decla...
L1 Long Short Fund Posts Updated NTA Backing as at 26 February 2026
Mar 2, 2026
L1 Long Short Fund Limited reported its unaudited net tangible asset backing per share as at 26 February 2026, with NTA before tax of $4.3184 and NTA after tax of $3.8925. The disclosure provides investors with an updated view of the fund’s ...
L1 Long Short Fund Updates Net Tangible Asset Backing Per Share
Mar 1, 2026
L1 Long Short Fund Limited has reported its net tangible asset backing per share as at 25 February 2026, with NTA before tax at $4.3011 and NTA after tax at $3.8825. The unaudited figures provide investors with an updated indication of the underly...
L1 Long Short Fund Updates Net Tangible Assets per Share
Feb 26, 2026
L1 Long Short Fund Limited reported its unaudited net tangible asset backing per ordinary share as at 24 February 2026, with NTA before tax at $4.3422 and NTA after tax at $3.9049. These updated NTA figures give shareholders an indication of the c...
L1 Long Short Fund Reports Updated Pre- and Post-Tax NTA per Share
Feb 25, 2026
L1 Long Short Fund Limited has reported its unaudited net tangible asset backing per ordinary share as at 23 February 2026, with NTA before tax of $4.2882 and NTA after tax of $3.8679. The update offers investors a timely snapshot of the fund&#821...
L1 Long Short Fund Updates Net Tangible Asset Backing per Share
Feb 24, 2026
L1 Long Short Fund Limited has reported its unaudited net tangible asset backing per ordinary share as at 20 February 2026, with NTA before tax at $4.2932 and NTA after tax at $3.8731. The disclosure provides investors with an updated indication o...
L1 Long Short Fund Updates Net Tangible Asset Backing per Share
Feb 23, 2026
L1 Long Short Fund Limited has reported its net tangible asset backing per share as at 19 February 2026, providing investors with an updated view of the fund’s underlying value. The company disclosed an unaudited pre-tax NTA of $4.3061 per s...
L1 Long Short Fund Posts Updated February NTA Per Share
Feb 22, 2026
L1 Long Short Fund Limited has reported its unaudited net tangible asset backing per share as at 18 February 2026, with NTA before tax of $4.2951 and NTA after tax of $3.8731. The disclosure gives investors an updated view of the fund’s unde...
L1 Long Short Fund boosts dividends after strong 2025 performance
Feb 19, 2026
L1 Long Short Fund Limited has reported strong investment performance to 31 December 2025, delivering a 46.8% net return over 12 months and annualised returns of 16.7% over three years, 18.1% over five years and 14.0% since its 2018 IPO, all ahead...
L1 Long Short Fund Declares Quarterly Dividend for December 2025 Period
Feb 19, 2026
L1 Long Short Fund Limited has declared a quarterly dividend of AUD 0.036 per ordinary fully paid share, relating to the period ended 31 December 2025. The distribution will trade ex-dividend on 2 March 2026, with a record date of 3 March and paym...
L1 Long Short Fund swings to strong profit and lifts interim dividend
Feb 19, 2026
L1 Long Short Fund Ltd has reported a sharp turnaround for the half-year to 31 December 2025, posting a net profit after tax of $414.9 million versus a loss a year earlier as supportive markets and a broader leadership in equities favoured its con...
L1 Long Short Fund Updates Net Tangible Asset Backing
Feb 19, 2026
L1 Long Short Fund Limited has reported its net tangible asset backing per share as at 17 February 2026, providing investors with an updated measure of the underlying value of its portfolio. The company disclosed an unaudited pre‑tax NTA of ...
L1 Long Short Fund Updates NTA Backing per Share for February 2026
Feb 10, 2026
L1 Long Short Fund Limited has reported its net tangible asset backing per share as at 6 February 2026, with NTA before tax of $4.1806 and NTA after tax of $3.7999. The figures, which are unaudited and approximate, provide investors with an update...
L1 Long Short Fund Posts 9.3% January Return and Backs Value Stocks Amid Fully Valued ASX
Feb 9, 2026
L1 Long Short Fund Ltd. reported a 9.3% portfolio return in January, sharply outperforming the SP/ASX 200 Accumulation Index’s 1.8% gain and extending its 12‑month performance to 60.1% versus 7.4% for the benchmark. Since the strategy&...
L1 Long Short Fund Updates Net Tangible Asset Backing
Feb 9, 2026
L1 Long Short Fund Limited reported its net tangible asset backing per ordinary share as at 5 February 2026, with NTA before tax of $4.2018 and NTA after tax of $3.8102. The figures are unaudited and approximate, offering investors an updated snap...
L1 Long Short Fund Updates Net Tangible Asset Backing
Feb 8, 2026
L1 Long Short Fund Limited has reported its latest net tangible asset backing per ordinary share as at 4 February 2026, with NTA before tax of $4.3044 and NTA after tax of $3.8795. The figures, which are unaudited and approximate, provide investor...
L1 Long Short Fund Reports Updated Net Tangible Asset Backing
Feb 5, 2026
L1 Long Short Fund Limited has reported its unaudited net tangible asset backing per ordinary share as at 3 February 2026, with NTA before tax of $4.3459 and NTA after tax of $3.9082. The disclosure provides investors with an updated measure of th...
L1 Long Short Fund Posts Updated NTA Backing as at 2 February 2026
Feb 4, 2026
L1 Long Short Fund Limited has reported its unaudited net tangible asset (NTA) backing per share as at 2 February 2026, with NTA before tax at $4.3808 and NTA after tax at $3.9267. The updated NTA figures provide investors with a current valuation...
L1 Long Short Fund Reports January 2026 NTA Backing Per Share
Feb 1, 2026
L1 Long Short Fund Limited has disclosed its unaudited net tangible asset (NTA) backing per ordinary share as at 28 January 2026, reporting a pre-tax NTA of $4.4747 and a post-tax NTA of $3.9882. The update provides investors with a snapshot of th...
L1 Long Short Fund Reports January Net Tangible Asset Backing
Jan 29, 2026
L1 Long Short Fund Limited has reported its unaudited net tangible asset (NTA) backing per ordinary share as at 27 January 2026, with NTA before tax at $4.4725 and NTA after tax at $3.9820. The disclosure provides investors with an updated measure...
L1 Long Short Fund Reports January NTA Per Share Update
Jan 28, 2026
L1 Long Short Fund Limited has reported its unaudited net tangible asset backing per ordinary share as at 23 January 2026, with NTA before tax of $4.3818 and NTA after tax of $3.9542. The latest NTA figures provide investors with an updated measur...
L1 Long Short Fund Reports Updated NTA Backing Per Share
Jan 27, 2026
L1 Long Short Fund Limited has reported its unaudited net tangible asset (NTA) backing per ordinary share as at 22 January 2026, with NTA before tax at $4.3866 and NTA after tax at $3.9507. The disclosure provides investors with an updated measure...
L1 Long Short Fund Reports Updated NTA Backing Per Share
Jan 26, 2026
L1 Long Short Fund Limited has reported its unaudited net tangible asset (NTA) backing per ordinary share as at 21 January 2026, with NTA before tax at $4.3548 and NTA after tax at $3.9223. The disclosure provides investors with an updated view of...
L1 Long Short Fund Posts Updated NTA Backing Per Share for 20 January 2026
Jan 22, 2026
L1 Long Short Fund Limited has reported its unaudited net tangible asset (NTA) backing per ordinary share as at 20 January 2026, with NTA before tax at $4.3497 and NTA after tax at $3.9139. The disclosure provides investors with an updated view of...
L1 Long Short Fund Reports January 2026 NTA Per Share Update
Jan 21, 2026
L1 Long Short Fund Limited reported its unaudited net tangible asset backing per ordinary share as at 19 January 2026, with NTA before tax at $4.3401 and NTA after tax at $3.9061. The disclosure provides investors with an updated snapshot of the f...
L1 Long Short Fund Reports Mid-January NTA Backing Per Share
Jan 20, 2026
L1 Long Short Fund Limited has reported its unaudited net tangible asset backing per ordinary share as at 16 January 2026, with NTA before tax of $4.3044 and NTA after tax of $3.8816. The disclosure provides investors with an updated measure of th...
L1 Long Short Fund Updates Mid-January NTA Per Share
Jan 19, 2026
L1 Long Short Fund Limited has reported its unaudited net tangible asset backing per ordinary share as at 15 January 2026, with NTA before tax at $4.3045 and NTA after tax at $3.8824. The disclosure provides investors with an updated measure of th...
L1 Long Short Fund Reports Mid-January NTA Per Share
Jan 18, 2026
L1 Long Short Fund Limited has reported its unaudited net tangible asset (NTA) backing per ordinary share as at 14 January 2026, with NTA before tax of $4.2822 and NTA after tax of $3.8650. The disclosure provides investors with an updated measure...
L1 Long Short Fund Posts 46.8% Return in 2025 and Tilts Further Toward Global Value Plays
Jan 15, 2026
L1 Long Short Fund Limited reported a 14.1% net return for the December quarter, sharply outperforming the SP/ASX 200 Accumulation Index’s 1.0% decline and taking its 2025 calendar-year gain to 46.8% versus the market’s 10.3%. Over fiv...
L1 Long Short Fund Reports Mid-January NTA Per Share
Jan 15, 2026
L1 Long Short Fund Limited has reported its unaudited net tangible asset (NTA) backing per ordinary share as at 13 January 2026, with NTA before tax of $4.2463 and NTA after tax of $3.8420. The updated NTA figures provide investors with an approxi...
L1 Long Short Fund Reports NTA and Confirms Accrued $151m Performance Fee
Jan 14, 2026
L1 Long Short Fund Limited has reported its unaudited net tangible asset backing per ordinary share as at 12 January 2026, with NTA before tax of $4.2158 and NTA after tax of $3.8236. The company also disclosed that, as the portfolio value at 31 D...
L1 Long Short Fund Caps 2025 With 46.8% Return, Outpacing ASX Benchmark
Jan 8, 2026
L1 Long Short Fund reported a 3.7% net portfolio return in December 2025, comfortably beating the SP/ASX 200 Accumulation Index’s 1.3% gain and capping a standout 46.8% performance for the calendar year versus 10.3% for the benchmark. Over f...
L1 Long Short Fund Updates NTA Backing as at 6 January 2026
Jan 8, 2026
L1 Long Short Fund Limited has reported its unaudited net tangible asset (NTA) backing per share as at 6 January 2026, with NTA before tax at $4.1248 and NTA after tax at $3.7582. The disclosure provides investors with an updated snapshot of the f...
L1 Long Short Fund Updates Net Tangible Asset Backing per Share
Jan 7, 2026
L1 Long Short Fund Limited has reported its net tangible asset (NTA) backing per ordinary share as at 5 January 2026, with NTA before tax of $4.0577 and NTA after tax of $3.7144. The unaudited figures give investors an updated view of the fund&#82...
L1 Long Short Fund Posts Early January NTA Update
Jan 6, 2026
L1 Long Short Fund Limited has reported its unaudited net tangible asset backing per ordinary share as at 2 January 2026, with NTA before tax of $4.0297 and NTA after tax of $3.6960. The release provides investors with an updated measure of the fu...
L1 Long Short Fund Reports December 2025 NTA Per Share
Jan 5, 2026
L1 Long Short Fund Limited has reported its unaudited net tangible asset (NTA) backing per ordinary share as at 31 December 2025, with NTA before tax of $3.9987 and NTA after tax of $3.6755. The disclosure provides investors with an updated snapsh...
L1 Long Short Fund Reports December 2025 NTA Backing Per Share
Jan 4, 2026
L1 Long Short Fund Limited reported its unaudited net tangible asset (NTA) backing per ordinary share as at 30 December 2025, with NTA before tax of $3.9944 and NTA after tax of $3.6764. The disclosure provides investors with an updated indication...
L1 Long Short Fund Posts Late‑December NTA Update
Jan 1, 2026
L1 Long Short Fund Limited reported its unaudited net tangible asset backing per ordinary share as at 29 December 2025, with NTA before tax at $3.9873 and NTA after tax at $3.6714. The disclosure provides investors with an updated snapshot of the ...
L1 Long Short Fund Reports December Net Tangible Asset Backing
Dec 30, 2025
L1 Long Short Fund Limited has reported its unaudited net tangible asset (NTA) backing per ordinary share as at 24 December 2025, with NTA before tax of $3.9793 and NTA after tax of $3.6677. The disclosure provides investors with updated insight i...
L1 Long Short Fund Reports Updated NTA Backing per Share
Dec 29, 2025
L1 Long Short Fund Limited has reported its unaudited net tangible asset (NTA) backing per ordinary share as at 23 December 2025, with NTA before tax of $4.0065 and NTA after tax of $3.6836. The disclosure provides investors with an updated snapsh...
L1 Long Short Fund Reports Updated Pre- and Post-Tax NTA per Share
Dec 28, 2025
L1 Long Short Fund Limited has reported an unaudited net tangible asset (NTA) backing per ordinary share of $4.0039 before tax and $3.6766 after tax as at 22 December 2025. The disclosure provides investors with an updated measure of the underlyin...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Dec 30, 2025