Highlights

• L1 Long Short Fund’s latest September update showed post-tax NTA above its FY26 year-end level, while pre-tax NTA moderated.
• FY26 delivered a substantial improvement in earnings, supported by strong portfolio performance across resources, construction materials and other sectors.
• The Fund increased dividend frequency to quarterly during FY26, with total fully franked distributions reaching 14.6 cents per share.

September NTA Update Leads Latest Disclosure

L1 Long Short Fund Limited (ASX: LSF) released its latest Net Tangible Asset backing update on 23 September 2026, reporting figures as at 18 September 2026. NTA before tax stood at AU$4.2721 per share, while NTA after tax was AU$4.0364 per share. The company noted that these figures were unaudited and approximate.

The latest figures compare with FY26 closing NTA of AU$4.3222 before tax and AU$3.9522 after tax at 30 June 2026. This indicates that the post-tax measure remained above its financial-year-end level despite some moderation in pre-tax backing.

FY26 Earnings Expanded Sharply

LSF published its FY26 Annual Report on 26 August 2026, outlining its performance for the financial year that concluded on 30 June 2026. Income from ordinary activities reached AU$1,293.96 million, compared to AU$317.48 million in FY25. Profit before tax increased to AU$894.33 million, while net profit after tax rose to AU$634.59 million from AU$99.52 million.

The investment portfolio generated a 45.4% net return during FY26. Performance was supported by stock selection across resources, construction materials, infrastructure and travel, with the manager also increasing exposure to selected gold and copper opportunities during periods of heightened volatility.

Dividends and Balance Sheet Strengthen

LSF declared fully franked FY26 dividends totalling 14.6 cents per share, including a 3.8-cent final dividend payable on 23 September 2026. Net assets reached AU$2,509.995 million at year-end, compared to AU$1,963.610 million in FY25.

Outlook Looking ahead, the Investment Manager expects to retain a quality-value orientation, particularly across gold, copper, construction materials, infrastructure and selected financial stocks. While the September NTA update indicates continued resilience in post-tax asset backing, future returns will remain sensitive to equity-market movements, portfolio positioning and the performance of both long and short investments.

Note- All data presented is based on information available at the time of writing.

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