L1 Capital Pty Ltd
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), L1 Capital Pty Ltd reported 19 stock positions worth $1.6 billion. Its top holding was Nexgen Energy (NXE) at 16.5% of the portfolio, followed by Alcoa (AA, 13.9%) and Equinox Gold (EQX, 12.9%). Compared with Q2 2025, it opened 4 new positions, sold out of 15, added to 6 and reduced 8. The biggest buy was a new position in News Class B (NWS) and the biggest sale an exit from Flutter Entertainment PLC-Di (FLUT).
- Most Recent 13F
- Q2 2026
- Location
- MELBOURNE VIC 3000, C3
- CIK
- 0001817646
- Portfolio Value
- $1.6B (Q3 2025)
- SEC Filing
- 0001817646-25-000004 ↗ filed Nov 14, 2025
Holdings Value
Holdings 19 stocks · $1.6B
| NXE Nexgen Energy Ltd. | 16.45% | 30,838,591 | $260.6M | Reduce -8.8% |
| AA Alcoa Corp. | 13.87% | 5,887,699 | $219.7M | Add +22.3% |
| EQX Equinox Gold Corp. | 12.86% | 17,396,415 | $203.7M | Reduce -27.2% |
| EGO Eldorado Gold Corp. | 12.05% | 7,128,239 | $190.9M | Reduce -4.9% |
| HBM Hudbay Minerals Inc. | 8.46% | 8,379,964 | $134.1M | Reduce -44.3% |
| CVE Cenovus Energy Inc. | 7.18% | 6,517,479 | $113.7M | Reduce -2.5% |
| TASEKO MINES LTD | 6.80% | 24,479,399 | $107.7M | Add +18.4% |
| NWS News Corp. Class B | 6.48% | 3,387,548 | $102.6M | New |
| CHTR Charter Communications Inc. Class A | 4.02% | 289,544 | $63.7M | New |
| DNN Denison Mines Corp. | 2.80% | 14,007,218 | $44.4M | Add +4544.0% |
| CRH CRH PLC | 2.55% | 356,888 | $40.3M | Reduce -72.5% |
| HCC Warrior Met Coal Inc. | 2.35% | 458,915 | $37.3M | Reduce -76.8% |
| SLSR Solaris Resources Inc. | 2.06% | 4,929,623 | $32.6M | No change |
| AVR Anteris Technologies Global | 1.72% | 6,838,136 | $27.2M | Add +143.2% |
| NUE Nucor Corp. | 0.10% | 11,386 | $1.6M | Add +124.1% |
| IAG Iamgold Corp. | 0.09% | 117,958 | $1.5M | Add +25.1% |
| FCX Freeport-McMoran Inc. | 0.06% | 25,475 | $1.0M | New |
| AER Aercap Holdings NV | 0.05% | 6,272 | $834K | New |
| Z Zillow Group Inc. Class C | 0.03% | 6,944 | $507K | Reduce -98.2% |
Portfolio Sells Q2 2025 → Q3 2025
| FLUT Flutter Entertainment PLC-Di | Sold out | 0.00% | −8.24 |
| LYG Lloyds Banking Group PLC-ADR | Sold out | 0.00% | −8.22 |
| CRH CRH PLC | Reduce -72.5% | 2.55% | −4.64 |
| NWG Natwest Group PLC -Spon ADR | Sold out | 0.00% | −4.41 |
| HCC Warrior Met Coal Inc. | Reduce -76.8% | 2.35% | −3.13 |
| RYAAY Ryanair Holdings PLC-SP ADR | Sold out | 0.00% | −2.08 |
| Z Zillow Group Inc. Class C | Reduce -98.2% | 0.03% | −1.58 |
| HBM Hudbay Minerals Inc. | Reduce -44.3% | 8.46% | −1.20 |
| TSM Taiwan Semiconductor-SP ADR | Sold out | 0.00% | −0.17 |
| EXP Eagle Materials Inc. | Sold out | 0.00% | −0.04 |
| ING ING Groep N.V.-Sponsored ADR | Sold out | 0.00% | −0.03 |
| DAL Delta Air Lines Inc. | Sold out | 0.00% | −0.03 |
| UBER Uber Technologies Inc. | Sold out | 0.00% | −0.02 |
| AMZN Amazon.com Inc. | Sold out | 0.00% | −0.02 |
| CRM Salesforce Inc. | Sold out | 0.00% | −0.01 |
| BSX Boston Scientific Corp. | Sold out | 0.00% | −0.01 |
| GOOGL Alphabet Inc. Class A | Sold out | 0.00% | −0.01 |
| BA The Boeing Co. | Sold out | 0.00% | −0.01 |
| XENE Xenon Pharmaceuticals Inc. | Sold out | 0.00% | −0.00 |
| CVE Cenovus Energy Inc. | Reduce -2.5% | 7.18% | +1.68 |
| NXE Nexgen Energy Ltd. | Reduce -8.8% | 16.45% | +2.27 |
| EGO Eldorado Gold Corp. | Reduce -4.9% | 12.05% | +2.84 |
| EQX Equinox Gold Corp. | Reduce -27.2% | 12.86% | +4.55 |
Portfolio Buys Q2 2025 → Q3 2025
| NWS News Corp. Class B | New | 6.48% | +6.48 |
| AA Alcoa Corp. | Add +22.3% | 13.87% | +5.29 |
| CHTR Charter Communications Inc. Class A | New | 4.02% | +4.02 |
| TASEKO MINES LTD | Add +18.4% | 6.80% | +2.86 |
| DNN Denison Mines Corp. | Add +4544.0% | 2.80% | +2.77 |
| AVR Anteris Technologies Global | Add +143.2% | 1.72% | +0.14 |
| FCX Freeport-McMoran Inc. | New | 0.06% | +0.06 |
| NUE Nucor Corp. | Add +124.1% | 0.10% | +0.06 |
| AER Aercap Holdings NV | New | 0.05% | +0.05 |
| IAG Iamgold Corp. | Add +25.1% | 0.09% | +0.05 |
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 |