L1 Capital Pty Ltd
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), L1 Capital Pty Ltd reported 20 stock positions worth $1.9 billion. Its top holding was Eldorado Gold (EGO) at 18.1% of the portfolio, followed by Nexgen Energy (NXE, 16.1%) and Equinox Gold (EQX, 14.8%). Compared with Q3 2025, it opened 8 new positions, sold out of 7, added to 8 and reduced 4. The biggest buy was Zillow Class C (Z, shares +24804%) and the biggest sale Alcoa (AA, shares −74%).
- Most Recent 13F
- Q2 2026
- Location
- MELBOURNE VIC 3000, C3
- CIK
- 0001817646
- Portfolio Value
- $1.9B (Q4 2025)
- SEC Filing
- 0001817646-26-000003 ↗ filed Feb 13, 2026
Holdings Value
Holdings 20 stocks · $1.9B
| EGO Eldorado Gold Corp. | 18.06% | 9,640,407 | $346.3M | Add +35.2% |
| NXE Nexgen Energy Ltd. | 16.13% | 33,642,681 | $309.1M | Add +9.1% |
| EQX Equinox Gold Corp. | 14.77% | 20,164,556 | $283.1M | Add +15.9% |
| TASEKO MINES LTD | 10.49% | 35,545,632 | $201.2M | Add +45.2% |
| NWS News Corp. Class B | 6.61% | 4,273,704 | $126.6M | Add +26.2% |
| Z Zillow Group Inc. Class C | 6.15% | 1,729,313 | $118.0M | Add +24803.7% |
| ICE Intercontinental Exchange Inc. | 5.74% | 679,203 | $110.0M | New |
| CVE Cenovus Energy Inc. | 4.99% | 5,655,769 | $95.7M | Reduce -13.2% |
| AA Alcoa Corp. | 4.28% | 1,545,476 | $82.1M | Reduce -73.8% |
| AAUC Allied Gold Corp. | 1.76% | 1,476,184 | $33.8M | New |
| NUE Nucor Corp. | 1.73% | 203,632 | $33.2M | Add +1688.4% |
| FLUT Flutter Entertainment PLC-Di | 1.56% | 138,851 | $29.9M | New |
| SLSR Solaris Resources Inc. | 1.35% | 3,229,384 | $25.9M | Reduce -34.5% |
| EXP Eagle Materials Inc. | 1.30% | 120,143 | $24.8M | New |
| JD Jd.com Inc.-ADR | 1.09% | 730,264 | $21.0M | New |
| IAG Iamgold Corp. | 1.08% | 1,252,077 | $20.6M | Add +961.5% |
| HDB HDFC Bank Ltd.-ADR | 0.96% | 503,481 | $18.4M | New |
| AMRZ Amrize Ltd. | 0.86% | 305,255 | $16.5M | New |
| AVR Anteris Technologies Global | 0.73% | 2,812,000 | $14.0M | Reduce -58.9% |
| ISOU Isoenergy Ltd. | 0.35% | 746,588 | $6.8M | New |
Portfolio Sells Q3 2025 → Q4 2025
| AA Alcoa Corp. | Reduce -73.8% | 4.28% | −9.59 |
| HBM Hudbay Minerals Inc. | Sold out | 0.00% | −8.46 |
| CHTR Charter Communications Inc. Class A | Sold out | 0.00% | −4.02 |
| DNN Denison Mines Corp. | Sold out | 0.00% | −2.80 |
| CRH CRH PLC | Sold out | 0.00% | −2.55 |
| HCC Warrior Met Coal Inc. | Sold out | 0.00% | −2.35 |
| CVE Cenovus Energy Inc. | Reduce -13.2% | 4.99% | −2.18 |
| AVR Anteris Technologies Global | Reduce -58.9% | 0.73% | −0.99 |
| SLSR Solaris Resources Inc. | Reduce -34.5% | 1.35% | −0.71 |
| FCX Freeport-McMoran Inc. | Sold out | 0.00% | −0.06 |
| AER Aercap Holdings NV | Sold out | 0.00% | −0.05 |
Portfolio Buys Q3 2025 → Q4 2025
| Z Zillow Group Inc. Class C | Add +24803.7% | 6.15% | +6.12 |
| EGO Eldorado Gold Corp. | Add +35.2% | 18.06% | +6.01 |
| ICE Intercontinental Exchange Inc. | New | 5.74% | +5.74 |
| TASEKO MINES LTD | Add +45.2% | 10.49% | +3.69 |
| EQX Equinox Gold Corp. | Add +15.9% | 14.77% | +1.91 |
| AAUC Allied Gold Corp. | New | 1.76% | +1.76 |
| NUE Nucor Corp. | Add +1688.4% | 1.73% | +1.63 |
| FLUT Flutter Entertainment PLC-Di | New | 1.56% | +1.56 |
| EXP Eagle Materials Inc. | New | 1.30% | +1.30 |
| JD Jd.com Inc.-ADR | New | 1.09% | +1.09 |
| IAG Iamgold Corp. | Add +961.5% | 1.08% | +0.98 |
| HDB HDFC Bank Ltd.-ADR | New | 0.96% | +0.96 |
| AMRZ Amrize Ltd. | New | 0.86% | +0.86 |
| ISOU Isoenergy Ltd. | New | 0.35% | +0.35 |
| NWS News Corp. Class B | Add +26.2% | 6.61% | +0.13 |
| NXE Nexgen Energy Ltd. | Add +9.1% | 16.13% | −0.33 |
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 |