CIK: 0002009023
Total reported value
$1.7B
Reporting period: 2026-03-31 · Number of holdings: 23
L1 Capital International Pty Ltd disclosed 23 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $1.7B and a quarterly turnover rate of 22.2%.
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L1 Capital International Pty Ltd's disclosed holdings carry a Herfindahl concentration index of 0.060 — mathematically equivalent to about 17 equally-sized positions, close to its 23 actual disclosed holdings. Value is spread relatively evenly across the portfolio rather than concentrated in a handful of names.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.62), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 2.0 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Trim HCA
-58.9% -$25.1M
Trim MSFT
-1.3% -$40.5M
Trim INTU
+5.4% -$30.3M
Add CDW
+45.7% $11.3M
Trim GOOGL
-31.7% -$24.3M
Trim CRM
+1.0% -$19.5M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | AER | AerCap Holdings N.V. | Stock-Industrials | 11.00% | -0.35% | -11.95% | |
| 2 | AMZN | Amazon.com INC | Stock-Consumer Disc | 9.23% | +0.24% | -1.31% | |
| 3 | MSFT | Microsoft CORP | Stock-Tech | 7.46% | -1.10% | -1.29% | |
| 4 | CRH | CRH plc | Stock-Materials | 7.32% | -0.31% | -1.31% | |
| 5 | MA | Mastercard INC - A | Stock-Financials | 6.03% | +0.32% | +4.51% | |
| 6 | V | Visa Inc-class A Shares | Stock-Financials | 5.95% | +0.15% | +3.34% | |
| 7 | BKNG | Booking Holdings INC | Stock-Consumer Disc | 5.94% | -0.61% | -0.05% | |
| 8 | ICE | Intercontinental Exchange In | Stock-Financials | 5.78% | +0.28% | -6.17% | |
| 9 | J | Jacobs Solutions INC | Stock-Industrials | 5.42% | +0.47% | -1.28% | |
| 10 | DHR | Danaher CORP | Stock-Healthcare | 4.47% | -0.27% | -1.08% | |
| 11 | NVDA | Nvidia CORP | Stock-Tech | 4.06% | +0.27% | -0.81% | |
| 12 | INTU | Intuit INC | Stock-Tech | 3.98% | -1.03% | +5.40% | |
| 13 | MRSH | Marsh & Mclennan Cos | Stock-Financials | 3.65% | +0.22% | -1.30% | |
| 14 | CDW | Cdw Corp/de | Stock-Tech | 2.96% | +0.97% | +45.69% | |
| 15 | CRM | Salesforce INC | Stock-Tech | 2.87% | -0.63% | +0.97% | |
| 16 | UBER | Uber Technologies INC | Stock-Industrials | 2.81% | — | -1.42% | |
| 17 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 2.44% | -0.93% | -31.74% | |
| 18 | AXP | American Express Co | Stock-Financials | 2.28% | -0.18% | -1.92% | |
| 19 | APO | Apollo Global Management INC | Stock-Financials | 1.75% | +1.75% | NEW | |
| 20 | TTEK | Tetra Tech INC | Stock-Industrials | 1.72% | +1.72% | NEW | |
| 21 | HCA | Hca Healthcare INC | Stock-Healthcare | 1.07% | -1.15% | -58.94% | |
| 22 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 0.92% | +0.24% | +5.86% | |
| 23 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 0.91% | -0.04% | -9.57% |
Performance for Q3 2026
-1.2%
Performance Last 4 Quarters
+7.4%
Based on 82% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 23 | $1.7B | 22 | |
| 2025-12-31 | 21 | $1.9B | 100 | |
| 2025-09-30 | 19 | $479.1M | 52 | |
| 2025-06-30 | 19 | $407.5M | 0 | |
| 2025-03-31 | 19 | $363.4M | 0 | |
| 2024-12-31 | 18 | $325.5M | 0 | |
| 2024-09-30 | 19 | $312.6M | 0 | |
| 2024-06-30 | 19 | $249.8M | 0 | |
| 2024-03-31 | 20 | $224.8M | 0 | |
| 2023-12-31 | 19 | $190.7M | 0 |
L1 Capital International Pty Ltd's most significant position changes for 2026-03-31: New buy: Apollo Global Management INC (APO); New buy: Tetra Tech INC (TTEK); Trim: Hca Healthcare INC (HCA) — shares -58.94%; Trim: Microsoft CORP (MSFT) — shares -1.29%; Add: Intuit INC (INTU) — shares +5.40%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | CDW | Cdw Corp/de | +1% | +45.69% | Add |
| 2 | J | Jacobs Solutions INC | +0.5% | -1.28% | Trim |
| 3 | MA | Mastercard INC - A | +0.3% | +4.51% | Add |
| 4 | ICE | Intercontinental Exchange In | +0.3% | -6.17% | Trim |
| 5 | NVDA | Nvidia CORP | +0.3% | -0.81% | Trim |
| 6 | AMZN | Amazon.com INC | +0.2% | -1.31% | Trim |
| 7 | TSM | Taiwan Semiconductor-sp Adr | +0.2% | +5.86% | Add |
| 8 | MRSH | Marsh & Mclennan Cos | +0.2% | -1.30% | Trim |
| 9 | V | Visa Inc-class A Shares | +0.2% | +3.34% | Add |
| 10 | UBER | Uber Technologies INC | — | -1.42% | Trim |
| 11 | GOOG | Alphabet Inc-cl C | 0% | -9.57% | Trim |
| 12 | AXP | American Express Co | -0.2% | -1.92% | Trim |
| 13 | DHR | Danaher CORP | -0.3% | -1.08% | Trim |
| 14 | CRH | CRH plc | -0.3% | -1.31% | Trim |
| 15 | AER | AerCap Holdings N.V. | -0.4% | -11.95% | Trim |
| 16 | BKNG | Booking Holdings INC | -0.6% | -0.05% | Trim |
| 17 | CRM | Salesforce INC | -0.6% | +0.97% | Add |
| 18 | GOOGL | Alphabet Inc-cl A | -0.9% | -31.74% | Trim |
| 19 | INTU | Intuit INC | -1% | +5.40% | Add |
| 20 | MSFT | Microsoft CORP | -1.1% | -1.29% | Trim |
| 21 | HCA | Hca Healthcare INC | -1.2% | -58.94% | Trim |
| 22 | APO | Apollo Global Management INC | — | NEW | New buy |
| 23 | TTEK | Tetra Tech INC | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-13 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-15 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-15 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
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