OISHY - L1 Capital International Fund September 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 Fund portfolio returned 12.1% for the September quarter. Over the past year, the portfolio has returned 78.1% and the LSF share price has increased 93.0%.
• Global markets were mixed over the quarter with positive performance in July and August largely offset by a pullback in September driven by ongoing fears around high inflation, risks around the potential default of Evergrande and a more hawkish turn from the U.S. Federal Reserve.
• Performance was strong due to numerous positive company updates, along with portfolio positioning designedto benefit from the reopening trade and higher inflation.

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