L1 Capital Pty Ltd 13F: Quarter-over-Quarter Portfolio Changes
L1 Capital Pty Ltd reported a disclosed portfolio value of approximately $3.0 billion in its latest SEC Form 13F-HR filing for Q2 2026, up 16.8% quarter on quarter. Over the quarter, the fund initiated 9 new positions, bought more shares in 9 holdings, trimmed 5 holdings, and exited 7 positions.
L1 Capital Pty Ltd's top buy was a new stake in Hudbay Minerals INC (HBM) , equal to 7.9% of the disclosed portfolio. Its top sell was Flutter Entmt PLC (FLUT) . The fund exited the position completely after it had accounted for 7.1% of the previous portfolio.
New PositionsQ2 2026
Securities disclosed for the first time in Q2 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Portfolio Weight | History |
|---|---|---|---|
| HUDBAY MINERALS INC | HBM | 7.9% | History → |
| B2GOLD CORP | BTG | 6.1% | History → |
| OCEANAGOLD CORP | OGC | 2.7% | History → |
| ALCOA CORP | AA | 2.5% | Holders → |
| AYA GOLD & SILVER INC | AYA | 1.3% | Holders → |
| FERGUSON ENTERPRISES INC | FERG | 0.7% | Holders → |
| INTUIT | INTU | 0.4% | Holders → |
| LITHIUM ARGENTINA AG | LAR | 0.4% | Holders → |
| SIGMA LITHIUM CORPORATION | SGML | 0.3% | Holders → |
Top BuysQ2 2026
The fund's top buys among existing positions in Q2 2026. Ranked by portfolio-weight impact, with the percentage of additional shares shown separately.
| Company | Ticker | Portfolio Weight Change | More Shares | History |
|---|---|---|---|---|
| CENTERRA GOLD INC | CGAU | +3.8% | +131.7% | History → |
| BUILDERS FIRSTSOURCE INC | BLDR | +0.9% | +105.2% | Holders → |
| HDFC BANK LTD | HDB | +0.7% | +72.9% | Holders → |
| AMCOR PLC | AMCR | +2.9% | +52.5% | History → |
| ELDORADO GOLD CORP | EGO | +1.0% | +38.1% | History → |
| NU HLDGS LTD | NU | +-0.0% | +23.7% | Holders → |
| ISOENERGY LTD | ISOU | +-0.1% | +11.8% | Holders → |
| EQUINOX GOLD CORP | EQX | +-5.0% | +11.2% | History → |
| IAMGOLD CORP | IAG | +-0.3% | +0.2% | Holders → |
Top SellsQ2 2026
The fund's top sells among positions it retained in Q2 2026. Ranked by portfolio-weight impact. Full exits are listed separately.
| Company | Ticker | Portfolio Weight Change | Shares Sold | History |
|---|---|---|---|---|
| ZILLOW GROUP INC | Z | -1.5% | 60.7% | Holders → |
| NEWS CORP NEW | NWS | -2.9% | 52.9% | Holders → |
| CRH PLC | CRH | -3.1% | 31.7% | History → |
| TREKOR METALS LTD | TGB | -0.9% | 1.2% | History → |
| NEXGEN ENERGY LTD | NXE | -5.0% | 0.6% | History → |
Full ExitsQ2 2026
Positions present in the prior 13F-HR filing that no longer appear in Q2 2026.
| Company | Ticker | Last-Reported Portfolio Weight |
|---|---|---|
| FLUTTER ENTMT PLC | FLUT | 7.1% |
| PROSHARES TR II | SCOUSD | 1.7% |
| EAGLE MATLS INC | EXP | 1.6% |
| TECK RESOURCES LTD | TECK | 1.3% |
| CARNIVAL CORP | CCL | 0.7% |
| NORWEGIAN CRUISE LINE HLDGS | NCLH | 0.7% |
| SOLARIS RES INC | SLSR | 0.7% |
Net Portfolio Value ChangeQ2 2026
- $2.5BPrior quarter
- $3.0BCurrent quarter
- +$0.4BNet delta
- +16.8%% change
Methodology & FAQ
How L1 Capital Pty Ltd Quarterly Changes Are Computed
All deltas are sourced from sequential SEC Form 13F-HR filings for L1 Capital Pty Ltd: each row joins the most recent filing against the immediately preceding quarterly filing for the same fund. Share-count changes reflect reported trading activity, while portfolio weights can also move because of market price changes. Portfolio weights are normalized to exclude listed options for comparability. A complete description, including how confidential treatment filings are handled, is documented in the Methodology.
What stocks did L1 Capital Pty Ltd buy in Q2 2026?
In Q2 2026, L1 Capital Pty Ltd initiated 9 new positions (HUDBAY MINERALS INC (HBM), B2GOLD CORP (BTG), OCEANAGOLD CORP (OGC), ALCOA CORP (AA), AYA GOLD & SILVER INC (AYA), FERGUSON ENTERPRISES INC (FERG), INTUIT (INTU), LITHIUM ARGENTINA AG (LAR), SIGMA LITHIUM CORPORATION (SGML)); bought more shares of CENTERRA GOLD INC (CGAU), BUILDERS FIRSTSOURCE INC (BLDR), HDFC BANK LTD (HDB), AMCOR PLC (AMCR), ELDORADO GOLD CORP (EGO) (the largest 5 of 9 adds).
What stocks did L1 Capital Pty Ltd sell in Q2 2026?
In Q2 2026, L1 Capital Pty Ltd fully sold 7 positions (FLUTTER ENTMT PLC (FLUT), PROSHARES TR II (SCOUSD), EAGLE MATLS INC (EXP), TECK RESOURCES LTD (TECK), CARNIVAL CORP (CCL), NORWEGIAN CRUISE LINE HLDGS (NCLH), SOLARIS RES INC (SLSR)); reduced holdings in ZILLOW GROUP INC (Z), NEWS CORP NEW (NWS), CRH PLC (CRH), TREKOR METALS LTD (TGB), NEXGEN ENERGY LTD (NXE).
Which positions did L1 Capital Pty Ltd initiate in Q2 2026?
L1 Capital Pty Ltd established 9 new positions in Q2 2026: HUDBAY MINERALS INC (HBM, 7.9%), B2GOLD CORP (BTG, 6.1%), OCEANAGOLD CORP (OGC, 2.7%), ALCOA CORP (AA, 2.5%), AYA GOLD & SILVER INC (AYA, 1.3%), FERGUSON ENTERPRISES INC (FERG, 0.7%), INTUIT (INTU, 0.4%), LITHIUM ARGENTINA AG (LAR, 0.4%), SIGMA LITHIUM CORPORATION (SGML, 0.3%).
Which existing positions saw the largest allocation increases for L1 Capital Pty Ltd in Q2 2026?
Of 9 existing positions with share-count increases in Q2 2026, the largest were: CENTERRA GOLD INC (CGAU, +3.8% weight, +131.7% shares), BUILDERS FIRSTSOURCE INC (BLDR, +0.9% weight, +105.2% shares), HDFC BANK LTD (HDB, +0.7% weight, +72.9% shares), AMCOR PLC (AMCR, +2.9% weight, +52.5% shares), ELDORADO GOLD CORP (EGO, +1.0% weight, +38.1% shares), NU HLDGS LTD (NU, +-0.0% weight, +23.7% shares), ISOENERGY LTD (ISOU, +-0.1% weight, +11.8% shares), EQUINOX GOLD CORP (EQX, +-5.0% weight, +11.2% shares), IAMGOLD CORP (IAG, +-0.3% weight, +0.2% shares).
Which positions did L1 Capital Pty Ltd fully exit in Q2 2026?
L1 Capital Pty Ltd fully exited 7 positions in Q2 2026: FLUTTER ENTMT PLC (FLUT, last-reported weight 7.1%), PROSHARES TR II (SCOUSD, last-reported weight 1.7%), EAGLE MATLS INC (EXP, last-reported weight 1.6%), TECK RESOURCES LTD (TECK, last-reported weight 1.3%), CARNIVAL CORP (CCL, last-reported weight 0.7%), NORWEGIAN CRUISE LINE HLDGS (NCLH, last-reported weight 0.7%), SOLARIS RES INC (SLSR, last-reported weight 0.7%).
Which existing positions saw the largest allocation reductions for L1 Capital Pty Ltd in Q2 2026?
Of 5 existing positions with share-count reductions in Q2 2026, the largest were: ZILLOW GROUP INC (Z, -1.5% weight, -60.7% shares), NEWS CORP NEW (NWS, -2.9% weight, -52.9% shares), CRH PLC (CRH, -3.1% weight, -31.7% shares), TREKOR METALS LTD (TGB, -0.9% weight, -1.2% shares), NEXGEN ENERGY LTD (NXE, -5.0% weight, -0.6% shares).
Do quarter-over-quarter 13F allocation changes constitute explicit trading signals?
No. Quarter-over-quarter changes reflect a combination of active trading and market price movement. A weight increase can result from price appreciation alone, without the manager adding shares. Share-count delta is the cleaner indicator of explicit trading activity. All deltas on this page are sourced from sequential SEC Form 13F-HR filings.