L1 Capital Pty Ltd

L1 Capital Pty Ltd's March 2026 portfolio crystallizes what has been building across multiple filings: a deliberate, high-conviction pivot toward precious-metals and uranium miners that now represents more than half of the book. Three names alone account for over 44% of the $2.55B in assets — Nexgen Energy (NXE) at 16.0%, Eldorado Gold (EGO) at 14.1%, and Equinox Gold (EQX) at 13.8% — and each was meaningfully increased during the quarter. The portfolio's total AUM grew roughly 33% (from $1.92B to $2.55B), and almost all of that new capital was deployed into the same narrow lane: uranium developers, gold producers, and commoditycyclical names. The filer exited or reduced positions in technology (Zillow, down $65M), finance (Intercontinental Exchange, sold at $110M), energy (Cenovus, sold at $96M), and industrials (Alcoa, sold at $82M). Meanwhile, CRH PLC ($195M) and Amcor PLC ($175M) were initiated as brand-new top-10 positions — both building-materials and packaging names that read as commodity-adjacent infrastructure bets. The overall posture is that of a manager running a single, clear macro thesis through the portfolio: the bet on hard-asset inflation protection is not diversifying the book, it IS the book.