L1 positive despite Platinum outflows

Mike Taylor

Managing Editor and Publisher

16 July 2026

Almost a year after the merger of L1 Capital and Platinum Asset Management the group has reported a positive June quarter with funds under management (FUM) up 12.4% to $19.1 billion.

In an update to the Australian Securities Exchange (ASX) L1 reported that investment performance during the quarter had seen a marked recovery from the lows seen in March resulting from a sharp rise in volatility triggered by Iran conflict.

It said the Initial Public Offering (IPO) of the L1 Gold Fund in April contributed $428 million in net inflows, while net client flows into L1 Long Short strategies and L1 Affiliates were also positive.

The company said net outflows in Platinum strategies, including Platinum International, were $308 million, in line with the March quarter ($308 million).

The announcement said realised performance fees for the six-month period ended 30 June 2026 are expected to total approximately $122 million to $127 million with the amount including the previously disclosed one-off performance fee of circa $79 million earned from the closure of the L1 Wholesale Gold Fund.

“The remaining performance fees earned in the period reflect an exceptional performance by the L1 Capital Catalyst Fund, together with contributions from the L1 Global Opportunities Fund and other L1 Capital strategies,” it said.

The ASX announcement said performance fees for the 12 months FY26 period are expected to total approximately $162 million to $167 million.

It said the group expects to incur $33 million to $36 million in after-tax one-off costs in the second half of FY26, mostly related to the Platinum integration and the IPO of the LQ Gold Fund.