L1 Capital Pty Ltd
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed September 11, 2025), L1 Capital Pty Ltd reported 30 stock positions worth $1.7 billion. Its top holding was Nexgen Energy (NXE) at 14.2% of the portfolio, followed by Hudbay Minerals (HBM, 9.7%) and Eldorado Gold (EGO, 9.2%). Compared with Q1 2025, it opened 17 new positions, sold out of 1, added to 7 and reduced 5. The biggest buy was a new position in Lloyds Banking Group PLC-ADR (LYG) and the biggest sale Ryanair Holdings PLC-SP ADR (RYAAY, shares −74%).
- Most Recent 13F
- Q2 2026
- Location
- MELBOURNE VIC 3000, C3
- CIK
- 0001817646
- Portfolio Value
- $1.7B (Q2 2025)
- SEC Filing
- 0001085146-25-005739 ↗ filed Sep 11, 2025
Holdings Value
Holdings 30 stocks · $1.7B
| NXE Nexgen Energy Ltd. | 14.18% | 33,816,063 | $234.7M | Add +10.3% |
| HBM Hudbay Minerals Inc. | 9.66% | 15,054,087 | $159.9M | Add +4.4% |
| EGO Eldorado Gold Corp. | 9.21% | 7,493,579 | $152.4M | Reduce -14.6% |
| AA Alcoa Corp. | 8.59% | 4,814,342 | $142.1M | Add +178.8% |
| EQX Equinox Gold Corp. | 8.31% | 23,908,865 | $137.5M | Add +120.4% |
| FLUT Flutter Entertainment PLC-Di | 8.24% | 481,009 | $136.3M | Reduce -2.8% |
| LYG Lloyds Banking Group PLC-ADR | 8.22% | 129,076,191 | $135.9M | New |
| CRH CRH PLC | 7.19% | 1,295,560 | $118.9M | Add +13.4% |
| CVE Cenovus Energy Inc. | 5.49% | 6,685,087 | $90.9M | Reduce -18.6% |
| HCC Warrior Met Coal Inc. | 5.49% | 1,981,045 | $90.8M | Add +175.8% |
| NWG Natwest Group PLC -Spon ADR | 4.41% | 10,382,579 | $72.9M | New |
| TASEKO MINES LTD | 3.94% | 20,681,607 | $65.1M | Add +64.0% |
| RYAAY Ryanair Holdings PLC-SP ADR | 2.08% | 595,657 | $34.4M | Reduce -73.8% |
| Z Zillow Group Inc. Class C | 1.61% | 380,462 | $26.7M | New |
| AVR Anteris Technologies Global | 1.58% | 2,812,000 | $26.1M | Reduce -59.2% |
| SLSR Solaris Resources Inc. | 1.37% | 4,929,623 | $22.6M | No change |
| TSM Taiwan Semiconductor-SP ADR | 0.17% | 12,779 | $2.9M | New |
| EXP Eagle Materials Inc. | 0.04% | 3,585 | $725K | New |
| IAG Iamgold Corp. | 0.04% | 94,310 | $693K | New |
| NUE Nucor Corp. | 0.04% | 5,081 | $658K | New |
| DNN Denison Mines Corp. | 0.03% | 301,620 | $552K | New |
| ING ING Groep N.V.-Sponsored ADR | 0.03% | 23,832 | $523K | New |
| DAL Delta Air Lines Inc. | 0.03% | 10,544 | $519K | New |
| UBER Uber Technologies Inc. | 0.02% | 2,792 | $260K | New |
| AMZN Amazon.com Inc. | 0.02% | 1,180 | $259K | New |
| CRM Salesforce Inc. | 0.01% | 648 | $177K | New |
| BSX Boston Scientific Corp. | 0.01% | 1,200 | $129K | New |
| GOOGL Alphabet Inc. Class A | 0.01% | 683 | $120K | New |
| BA The Boeing Co. | 0.01% | 400 | $84K | New |
| XENE Xenon Pharmaceuticals Inc. | 0.00% | 1,296 | $41K | New |
Portfolio Sells Q1 2025 → Q2 2025
| RYAAY Ryanair Holdings PLC-SP ADR | Reduce -73.8% | 2.08% | −6.88 |
| CVE Cenovus Energy Inc. | Reduce -18.6% | 5.49% | −5.15 |
| EGO Eldorado Gold Corp. | Reduce -14.6% | 9.21% | −4.53 |
| GPK Graphic Packaging Holding Co. | Sold out | 0.00% | −2.56 |
| FLUT Flutter Entertainment PLC-Di | Reduce -2.8% | 8.24% | −1.97 |
| AVR Anteris Technologies Global | Reduce -59.2% | 1.58% | −0.76 |
Portfolio Buys Q1 2025 → Q2 2025
| LYG Lloyds Banking Group PLC-ADR | New | 8.22% | +8.22 |
| NWG Natwest Group PLC -Spon ADR | New | 4.41% | +4.41 |
| AA Alcoa Corp. | Add +178.8% | 8.59% | +3.68 |
| HCC Warrior Met Coal Inc. | Add +175.8% | 5.49% | +2.29 |
| Z Zillow Group Inc. Class C | New | 1.61% | +1.61 |
| NXE Nexgen Energy Ltd. | Add +10.3% | 14.18% | +1.39 |
| EQX Equinox Gold Corp. | Add +120.4% | 8.31% | +1.36 |
| TASEKO MINES LTD | Add +64.0% | 3.94% | +1.31 |
| TSM Taiwan Semiconductor-SP ADR | New | 0.17% | +0.17 |
| EXP Eagle Materials Inc. | New | 0.04% | +0.04 |
| IAG Iamgold Corp. | New | 0.04% | +0.04 |
| NUE Nucor Corp. | New | 0.04% | +0.04 |
| DNN Denison Mines Corp. | New | 0.03% | +0.03 |
| ING ING Groep N.V.-Sponsored ADR | New | 0.03% | +0.03 |
| DAL Delta Air Lines Inc. | New | 0.03% | +0.03 |
| UBER Uber Technologies Inc. | New | 0.02% | +0.02 |
| AMZN Amazon.com Inc. | New | 0.02% | +0.02 |
| CRM Salesforce Inc. | New | 0.01% | +0.01 |
| BSX Boston Scientific Corp. | New | 0.01% | +0.01 |
| GOOGL Alphabet Inc. Class A | New | 0.01% | +0.01 |
| BA The Boeing Co. | New | 0.01% | +0.01 |
| XENE Xenon Pharmaceuticals Inc. | New | 0.00% | +0.00 |
| HBM Hudbay Minerals Inc. | Add +4.4% | 9.66% | −0.52 |
| CRH CRH PLC | Add +13.4% | 7.19% | −2.17 |
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 2025Amended | 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 |