In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), L1 Capital Pty Ltd reported 11 stock positions worth $1.2 billion . Its top holding was Nexgen Energy (NXE) at 23.3% of the portfolio, followed by Hudbay Minerals (HBM, 14.6% ) and CRH (CRH, 11.1% ). Compared with Q2 2024, it opened 4 new positions, sold out of 1, added to 3 and reduced 4. The biggest buy was a new position in Ryanair Holdings PLC-SP ADR (RYAAY) and the biggest sale Cenovus Energy (CVE, shares −23% ).
Location MELBOURNE VIC 3000, C3
CIK 0001817646
Portfolio Value $1.2B (Q3 2024) Holdings 11 stocks · $1.2B 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 Q2 2024 NXE Nexgen Energy Ltd. 30,727,281 $271.0M Add +1.4% HBM Hudbay Minerals Inc. 13,637,662 $169.7M Add +26.8% CRH CRH PLC 1,388,064 $128.7M Reduce -21.4% CVE Cenovus Energy Inc. 7,415,698 $124.1M Reduce -22.7% RYAAY Ryanair Holdings PLC-SP ADR 2,532,827 $114.4M New EGO Eldorado Gold Corp. 6,002,312 $104.3M New NWG Natwest Group PLC -Spon ADR 27,270,774 $93.8M Add +18.6% FLUT Flutter Entertainment PLC-Di 531,748 $93.5M Reduce -18.5% VRN Veren Inc. 3,325,690 $27.7M Reduce -46.7% MT Arcelormittal-NY Registered 777,421 $18.3M New SLSR Solaris Resources Inc. 4,905,517 $17.2M New
Portfolio Sells Q2 2024 → Q3 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 Q2 2024 % Of Portfolio Change To Portfolio ▲ CVE Cenovus Energy Inc. Reduce -22.7% 10.67% −7.56 DELL Dell Technologies -C Sold out 0.00% −5.64 VRN Veren Inc. Reduce -46.7% 2.38% −4.13 CRH CRH PLC Reduce -21.4% 11.07% −1.73 FLUT Flutter Entertainment PLC-Di Reduce -18.5% 8.04% −1.08
Portfolio Buys Q2 2024 → Q3 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 Q2 2024 % Of Portfolio Change To Portfolio ▼ RYAAY Ryanair Holdings PLC-SP ADR New 9.84% +9.84 EGO Eldorado Gold Corp. New 8.97% +8.97 HBM Hudbay Minerals Inc. Add +26.8% 14.59% +1.72 MT Arcelormittal-NY Registered New 1.57% +1.57 SLSR Solaris Resources Inc. New 1.48% +1.48 NWG Natwest Group PLC -Spon ADR Add +18.6% 8.07% +1.14 NXE Nexgen Energy Ltd. Add +1.4% 23.31% −4.60
Options Activity Q2 2024 → Q3 2024 Security Type Change vs Q2 2024 Underlying Shares Value ▼ EGO Eldorado Gold Corp. call Sold out 4,042,196 $59.8Mbefore exit
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