In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), L1 Capital Pty Ltd reported 8 stock positions worth $1.0 billion . Its top holding was Nexgen Energy (NXE) at 27.9% of the portfolio, followed by Cenovus Energy (CVE, 18.2% ) and Hudbay Minerals (HBM, 12.9% ). Compared with Q1 2024, it opened 3 new positions, sold out of 5, added to 3 and reduced 2. The biggest buy was Nexgen Energy (NXE, shares +26% ) and the biggest sale an exit from Teck Resources Ltd.-CLS B (TECK).
Location MELBOURNE VIC 3000, C3
CIK 0001817646
Portfolio Value $1.0B (Q2 2024) Holdings 8 stocks · $1.0B Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q1 2024 NXE Nexgen Energy Ltd. 30,313,830 $288.9M Add +25.9% CVE Cenovus Energy Inc. 9,598,775 $188.7M Reduce -1.2% HBM Hudbay Minerals Inc. 10,759,528 $133.2M Reduce -32.3% CRH CRH PLC 1,766,626 $132.5M Add +23.9% FLUT Flutter Entertainment PLC-Di 652,427 $94.4M Add +36.6% NWG Natwest Group PLC -Spon ADR 22,986,128 $71.7M New VRN Veren Inc. 6,242,876 $67.4M New DELL Dell Technologies -C 423,096 $58.3M New
Options reported separately and not counted above: EGO calls ($59.8M).
Portfolio Sells Q1 2024 → Q2 2024 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2024 % Of Portfolio Change To Portfolio ▲ TECK Teck Resources Ltd.-CLS B Sold out 0.00% −11.12 TSM Taiwan Semiconductor-SP ADR Sold out 0.00% −7.38 AA Alcoa Corp. Sold out 0.00% −6.03 GPK Graphic Packaging Holding Co. Sold out 0.00% −4.94 WCC Wesco International Inc. Sold out 0.00% −4.88 HBM Hudbay Minerals Inc. Reduce -32.3% 12.87% +0.49 CVE Cenovus Energy Inc. Reduce -1.2% 18.23% +2.23
Portfolio Buys Q1 2024 → Q2 2024 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2024 % Of Portfolio Change To Portfolio ▼ NXE Nexgen Energy Ltd. Add +25.9% 27.91% +7.05 NWG Natwest Group PLC -Spon ADR New 6.92% +6.92 VRN Veren Inc. New 6.51% +6.51 DELL Dell Technologies -C New 5.64% +5.64 FLUT Flutter Entertainment PLC-Di Add +36.6% 9.12% +2.90 CRH CRH PLC Add +23.9% 12.80% +2.61
Options Activity Q1 2024 → Q2 2024 Security Type Change vs Q1 2024 Underlying Shares Value ▼ EGO Eldorado Gold Corp. call New 4,042,196 $59.8M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 24 $3.0B EGO, NXE, AMCR, EQX, CGAU Q1 2026 22 $2.5B NXE, EGO, EQX, TASEKO MINES LTD, CRH Q4 2025 20 $1.9B EGO, NXE, EQX, TASEKO MINES LTD, NWS Q3 2025 19 $1.6B NXE, AA, EQX, EGO, HBM Q2 2025 Amended 30 $1.7B NXE, HBM, EGO, AA, EQX Q1 2025 14 $1.1B EGO, NXE, CVE, FLUT, HBM Q4 2024 14 $1.2B NXE, HBM, EGO, RYAAY, CVE Q3 2024 11 $1.2B NXE, HBM, CRH, CVE, RYAAY Q2 2024 8 $1.0B NXE, CVE, HBM, CRH, FLUT Q1 2024 10 $1.2B NXE, CVE, HBM, TECK, CRH