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L1 Global Long Short Fund (GLSF) – The best choice for PMC shareholders
We have provided below a comparison between the L1 Capital and Wilson proposals






 The L1 Capital Global Long Short Fund (GLSF) is the next evolution of L1’s award-winning investment approach applying the same team, philosophy and process behind Australia’s best performing Long Short Fund (since inception in 2014)^ to a global investment universe.
GLSF targets high-quality, undervalued companies across developed markets, using a disciplined “Quality Value” approach. Backed by over $70 million of founder capital and managed by L1&#8217;s Co-Founders Mark Landau and Rafi Lamm, GLSF is designed for investors seeking strong risk-adjusted returns, capital protection in market downturns and true manager alignment.
 In this video, Mark Landau, Co-Founder and Co-Chief Investment Officer, provides an in-depth overview of the L1 Capital Global Long Short Strategy. Specifically he discusses:

L1 Capital | Business overview (starts at 3.15 minutes)
L1 Capital | Core beliefs (4.12 minutes)
L1 Capital | Investment philosophy (5.00 minutes)
L1 Capital Funds | Investment-led culture (5.58 minutes)
L1 Capital Global Long Short Strategy (6.51 minutes)
GLSF performance (8.06 minutes)
GLSF | Protecting capital in down markets (8.29 minutes)
GLSF | Same investment process, team and objectives as LSF (9.17 minutes)
Examples of current GLSF investments (10.16 minutes)
GLSF portfolio positioning (15.42 minutes)
Alignment of interests (16.29 minutes)
L1 and its founders have already invested ~$70 million into ASX: PMC (17.45 minutes)
Why invest in L1 Capital Global Long Short Fund? (18.42 minutes)

Released: August 2025.
This video and the information contained within it is intended solely for wholesale clients and is not intended to be delivered or made available, or relied upon or distributed by, retail clients. You should not view unless you are a wholesale client. To the extent permitted by law, L1 does not accept any responsibility arising in any way relating to the distribution or delivery of the video to retail clients.
 Click here to view the presentation deck for the L1 Capital Global Long Short Strategy.


L1 Capital Global Long Short Strategy

An absolute return fund that offers investors a highly diversified portfolio of long and short positions based on rigorous, fundamental research process The L1 Capital Long Short Strategy has three enduring advantages:

Market exposure: Ability and willingness to adjust the portfolio net long to reflect the risk/reward of the market.
Shorting: Portfolio is able to profit from falling share prices (as well as rising).
International exposure: Able to exploit research insights offshore, not just domestically, broadening the opportunity set beyond the Australian market.

Together, these three levers, which the Investment Team uses actively and with conviction, are tools for generating returns from all of the team’s investment and market insights.
The L1 Capital Long Short Fund’s competitive edge comes from:

L1’s investment process that combines valuation with qualitative considerations to identify attractive investment opportunities. The approach’s strict valuation criteria tends to produce a slight value and contrarian bias. At the core of the bottom-up, fundamental, research-driven approach is the team conducting several thousand company meetings each year.
Extensive network of contacts throughout corporate Australia and overseas that provides a more complete and up-to-date perspective on industry trends, inflection points, risks, etc. Many fund managers purely meet with company management and sell-side analysts, which the Australian Equities team believe provides a biased and narrow perspective on a company/industry.
Contrarian approach which has generated alpha from buying cyclical stocks at a low point in their cycle (and shorting at a high point) and overcoming behavioural biases that tend to promote momentum investing.



L1 Capital Long Short Fund

L1 Long Short Fund Limited&#8217;s Dividend Reinvestment Plan (DRP) allows shareholders to automatically reinvest their dividends into additional LSF shares, instead of receiving cash dividends. Shares acquired through the DRP are usually at a discount to the market price and do not incur any brokerage fees.
Key features of the DRP include the ability to:

Choose whether to reinvest either all or part of your dividend payments
Increase your shareholding free of brokerage, commission or other transaction costs
Select whether you participate in the DRP for each dividend that is paid
Receive a statement detailing your share allocation

Participation
To participate in the DRP, or amend DRP participation, shareholders can update their own instructions online via the share registry’s online Investor portal. Alternatively, please download the DRP Form and return to MUFG Corporate Markets (LSF’s share registry) by email (support@cm.mpms.mufg.com with with the subject &#8216;DRP Election&#8217;) or by post.
Participation in the DRP is optional. Shareholders are strongly encouraged to seek financial advice before electing to participate and to read both the full terms and conditions in the DRP rules and the frequently asked questions.
 Recent legislative changes to the Corporations Act 2001 effective 1 April 2022 mean there are new options available to you as a securityholder as to how you elect to receive your communications. We will no longer send you physical copies of documents unless you request to receive hard copies.
We encourage you to provide your email address so we can communicate with you electronically when securityholder notices become available online for such items as notice of meetings, dividend statements, annual reports as well as monthly and quarterly reporting. You can make a standing election to receive some or all of your securityholder communications in physical or electronic form.
To review or update your current communication preference simply log on to the share registry’s website. You will need your portfolio log in details or your Securityholder Reference Number (SRN) or Holder Identification Number (HIN) and select the Communications tab at the top of the page. Alternatively, please email the share registry, MUFG Corporate Markets or contact us for other ways to get in touch.
&nbsp;
 Registered Office  
L1 Capital Pty Limited
Level 45, 101 Collins Street Melbourne VIC 3000
+61 (3) 9286 7000
info@L1.com.au
&nbsp;
Share Registry  
MUFG Corporate Markets
A division of MUFG Pension &amp; Market Services
Tower 4, 727 Collins Street Melbourne VIC 3008
1800 129 431
support@cm.mpms.mufg.com
https://www.mpms.mufg.com/en/mufg-corporate-markets/
When you visit the MUFG Corporate Markets investor centre, you will need your Security Reference Number (SRN) or Holder Identification Number (HIN) to verify your identity.
Your SRN/HIN is available on your holding/transaction and distribution statements.
 L1 Long Short Fund Limited provides investors access to an absolute return fund that offers a highly diversified portfolio of long and short positions based on a fundamental bottom-up research process. The Company’s investment objective is to deliver strong, positive, risk-adjusted returns over the long term whilst seeking to preserve shareholder capital.


L1 Long Short Fund Limited (ASX:LSF)

View current and historical unit pricing here.


L1 Capital Long Short Fund – Daily Class

View current and historical unit pricing here.


L1 Capital Long Short Fund – Monthly Class

L1 Capital Long Short (Offshore Feeder) Fund

Past performance should not be taken as an indicator of future performance.
 View current and historical unit pricing here.


L1 Capital International (Unhedged) Active ETF (ASX:L1IF)

Applying a hands-on ‘owner’s mindset’, the Fund typically invests in a concentrated portfolio of around 10 stocks that the team believes offers a compelling combination 
of value and quality with a major positive catalyst to drive investor returns View current and historical unit pricing here.


L1 Capital Catalyst Fund

Seeks to provide superior risk adjusted returns with a focus on capital preservation and risk management The L1 Capital Global Opportunities Fund applies rigorous fundamental analysis to invest in small to mid-capitalisation securities around the world across the capital structure. It uses macro themes to identify its investment targets then structures its portfolio to have low correlation to common equity and bond benchmarks and downside protection through multi-layered risk management. The Fund has a number of sub-strategies including a) investing in Special Purpose Acquisition Companies (‘SPACs’) where it backs management teams with the potential to make accretive acquisitions; b) taking positions in public market convertible bonds; and c)  deploying quantitative and artificial intelligence derived trading signals. 
 This Fund is currently closed to new investors. Please contact us for further assistance.


L1 Capital Global Opportunities Fund

Seeks to capitalise on the compelling risk adjusted return profile of U.K. Residential property L1 Capital believes the outlook for U.K. residential property offers a compelling opportunity. The combination of high rental yields, low borrowing costs and attractive long-term supply-demand dynamics makes for an attractive investment case. The investment strategy is centred on purchasing large blocks of day-one income generating, tenanted apartments in Tier-1 U.K. cities (such as Birmingham, Manchester, Leeds, Nottingham and Newcastle).
 This Fund is currently closed to new investors. Please contact us for further assistance.


L1 Capital U.K. Residential Property Fund

Learn more about the L1 Capital Global Long Short Strategy, which underpins L1 Capital’s non-binding proposal to Platinum Capital Limited (ASX:PMC).

Watch strategy video

By clicking 'Agree' at the bottom of this page you are confirming that you are an Australian wholesale client for the purposes of section 761G of the Corporations Act 2001. 
 
Access to this information is provided on the condition that it is not passed on to any person who is a retail client within the meaning of Section 761G of the Corporations Act 2001. The information contained on this website is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation, or which would subject L1 Capital to any registration or other requirement within such jurisdiction or country.

Jurisdiction / Wholesale Investor

This website has been prepared by L1 Capital Pty Ltd (ABN 21 125 378 145 and AFS Licence 314302) on behalf of the L1 Capital Group to provide you with general information only. In preparing it, we did not take into account the investment objectives, financial situation or particular needs of any particular person. It is not intended to take the place of professional advice and you should not take action on specific issues in reliance on this information. Neither L1 Capital Pty Ltd nor any of its related parties, their employees or directors, provide any warranty of accuracy or reliability in relation to such information or accepts any liability to any person who relies on it. Past performance should not be taken as an indicator of future performance. You should obtain a copy of the Product Disclosure Statement and the Target Market Determination (if applicable) before making a decision about whether to invest in any of the products included in this document.
Copyright
Copyright in this publication is owned by L1 Capital. You may use this information in this publication for your own personal use, but you must not (without L1 Capital’s consent) alter, reproduce or distribute any part of this publication, transmit it to any other person or incorporate the information into any other document.

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