AMZN - L1 Capital International Fund June 2021 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.
• The L1 Capital International Fund’s performance during the June 2021 quarter was strong, returning 11.5% (net of fees), outperforming the benchmark by 2.1%. For the year to 30 June 2021, the Fund returned 37.4% (net of fees), outperforming the benchmark by 9.9%.
• Changes to the portfolio have been for company-specific reasons rather than a shift in our views on the drivers underpinning the performance of our portfolio of businesses.
• Our investment in industries and businesses remains highly selective, and we expect our portfolio of businesses to be able toperform well, not withstanding likely periods of uncertainty caused by COVID-19 in the future.

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