NXE - L1 Capital Long Short Fund June 2024 Quarterly Report

2024-07-18 10:05:00 ET

Summary

• The L1 Long Short Fund (LSF) portfolio returned 0.7%1 for the June quarter (ASX200AI -1.1%).
• The portfolio has returned 8.2%1 over the calendar year-to-date (ASX200AI 4.2%) and 11.9%1 p.a. over the past 3 years (ASX200AI 6.4% p.a.).
• Global markets were mixed over the quarter with the U.S. supported by gains in mega-cap technology stocks while Australian and European markets were relatively subdued.

Global markets were mixed over the quarter, with divergent themes impacting key markets.

In the U.S., the S&P 500 ( SP500 , SPX ) and Nasdaq continued to move higher. Contrary to last quarter where there were signs of a broadening in the market rally across sectors, U.S. returns this quarter were concentrated in mega-cap technology stocks - most notably NVIDIA ( NVDA ), Apple ( AAPL ) and Microsoft ( MSFT )....

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