V - L1 Capital International Fund December 2020 Quarterly Report

• The fund is a long-only investment manager. We do not use leverage and we do not short. Since we only invest when we have high conviction, we manage a concentrated portfolio.
• For the year, the Index increased by 5.6% while the Australian dollar appreciated by 9.8% compared to the U.S. dollar. The L1 Capital International Fund returned 3.8% (net of fees) for 2020. The Fund is currency unhedged.
• At L1 Capital International we continue to focus on bottom-up company investing. However, our view remains that interest rates will be a key driver of valuations.
• An overview of Eagle Materials, a high quality but below the radar building materials and products company which we believe provides a compelling investment opportunity.

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