L1 Capital International Pty Ltd
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), L1 Capital International Pty Ltd reported 21 stock positions worth $1.9 billion. Its top holding was Aercap (AER) at 11.3% of the portfolio, followed by Amazon.com (AMZN, 9.0%) and Microsoft (MSFT, 8.6%). Compared with Q3 2025, it opened 2 new positions, added to 18 and reduced 1. The biggest buy was a new position in Salesforce (CRM) and the biggest sale Taiwan Semiconductor-SP ADR (TSM, shares −84%).
- Most Recent 13F
- Q2 2026
- Location
- SYDNEY NSW 2000, C3
- CIK
- 0002009023
- Portfolio Value
- $1.9B (Q4 2025)
- SEC Filing
- 0002009023-26-000002 ↗ filed Feb 13, 2026
Holdings Value
Holdings 21 stocks · $1.9B
| AER Aercap Holdings NV | 11.35% | 1,527,454 | $219.6M | Add +344.2% |
| AMZN Amazon.com Inc. | 8.99% | 753,367 | $173.9M | Add +357.6% |
| MSFT Microsoft Corp. | 8.56% | 342,401 | $165.6M | Add +322.1% |
| CRH CRH PLC | 7.63% | 1,183,012 | $147.6M | Add +339.6% |
| BKNG Booking Holdings Inc. | 6.55% | 23,665 | $126.7M | Add +366.9% |
| V Visa Inc. Class A | 5.80% | 319,684 | $112.1M | Add +358.2% |
| MA Mastercard Inc. Class A | 5.71% | 193,609 | $110.5M | Add +359.1% |
| ICE Intercontinental Exchange Inc. | 5.50% | 657,279 | $106.5M | Add +369.5% |
| INTU Intuit Inc. | 5.01% | 146,458 | $97.0M | Add +365.3% |
| J Jacobs Solutions Inc. | 4.95% | 723,533 | $95.8M | Add +363.6% |
| DHR Danaher Corp. | 4.74% | 400,246 | $91.6M | Add +304.5% |
| NVDA Nvidia Corp. | 3.79% | 393,598 | $73.4M | Add +423.0% |
| CRM Salesforce Inc. | 3.50% | 255,733 | $67.7M | New |
| MRSH Marsh & McLennan Cos | 3.43% | 357,469 | $66.3M | Add +353.5% |
| GOOGL Alphabet Inc. Class A | 3.37% | 208,288 | $65.2M | New |
| UBER Uber Technologies Inc. | 2.81% | 665,918 | $54.4M | Add +358.9% |
| AXP American Express Co. | 2.46% | 128,875 | $47.7M | Add +367.2% |
| HCA HCA Healthcare Inc. | 2.22% | 91,987 | $42.9M | Add +180.5% |
| CDW CDW Corp. | 1.99% | 282,072 | $38.4M | Add +368.6% |
| GOOG Alphabet Inc. Class C | 0.95% | 58,547 | $18.4M | Add +22.1% |
| TSM Taiwan Semiconductor-SP ADR | 0.68% | 43,329 | $13.2M | Reduce -83.9% |
Portfolio Sells Q3 2025 → Q4 2025
| TSM Taiwan Semiconductor-SP ADR | Reduce -83.9% | 0.68% | −15.03 |
Portfolio Buys Q3 2025 → Q4 2025
| CRM Salesforce Inc. | New | 3.50% | +3.50 |
| GOOGL Alphabet Inc. Class A | New | 3.37% | +3.37 |
| AER Aercap Holdings NV | Add +344.2% | 11.35% | +2.67 |
| AMZN Amazon.com Inc. | Add +357.6% | 8.99% | +1.44 |
| CRH CRH PLC | Add +339.6% | 7.63% | +0.90 |
| NVDA Nvidia Corp. | Add +423.0% | 3.79% | +0.86 |
| BKNG Booking Holdings Inc. | Add +366.9% | 6.55% | +0.84 |
| V Visa Inc. Class A | Add +358.2% | 5.80% | +0.82 |
| MA Mastercard Inc. Class A | Add +359.1% | 5.71% | +0.71 |
| DHR Danaher Corp. | Add +304.5% | 4.74% | +0.64 |
| ICE Intercontinental Exchange Inc. | Add +369.5% | 5.50% | +0.58 |
| AXP American Express Co. | Add +367.2% | 2.46% | +0.55 |
| INTU Intuit Inc. | Add +365.3% | 5.01% | +0.53 |
| MRSH Marsh & McLennan Cos | Add +353.5% | 3.43% | +0.11 |
| J Jacobs Solutions Inc. | Add +363.6% | 4.95% | +0.07 |
| CDW CDW Corp. | Add +368.6% | 1.99% | −0.02 |
| UBER Uber Technologies Inc. | Add +358.9% | 2.81% | −0.16 |
| MSFT Microsoft Corp. | Add +322.1% | 8.56% | −0.21 |
| HCA HCA Healthcare Inc. | Add +180.5% | 2.22% | −0.70 |
| GOOG Alphabet Inc. Class C | Add +22.1% | 0.95% | −1.49 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 21 | $1.7B | AER, AMZN, NVDA, CRH, V |
| Q1 2026 | 23 | $1.7B | AER, AMZN, MSFT, CRH, MA |
| Q4 2025 | 21 | $1.9B | AER, AMZN, MSFT, CRH, BKNG |
| Q3 2025 | 19 | $479.1M | TSM, MSFT, AER, AMZN, CRH |
| Q2 2025 | 19 | $407.5M | MSFT, AER, AMZN, CRH, TSM |
| Q1 2025 | 19 | $363.4M | HCA, AER, MSFT, AMZN, V |
| Q4 2024 | 18 | $325.5M | MSFT, AMZN, AER, HCA, CRH |
| Q3 2024 | 19 | $312.6M | MSFT, BKNG, AMZN, CRH, HCA |
| Q2 2024 | 19 | $249.8M | MSFT, AMZN, BKNG, CRH, UNH |
| Q1 2024 | 20 | $224.8M | MSFT, CRH, BKNG, AMZN, MA |