IPO investors in the L1 Long Short Fund (ASX: LSF) will be breathing a little easier today after the exchange traded unit price climbed to a 52-week high of $1.66. That’s still some way off the $2 April 2018 IPO price that saw the fundie issue 664.84 million units in its LIC after raising an impressive $1.33 billion off mainly retail investors.
The raising was so large as L1 Capital under the stewardship of Mark Landau and Raphael Lamm had such a strong track record of investment performance in the preceding couple of years.
Unfortunately all the L1 Long Short Fund’s early retail investors are still underwater, but the return to form for key holdings like Bellamy’s Australia Ltd (ASX: BAL), Qantas Airways Limited (ASX: QAN) and News Corp (ASX: NWS) has helped performance.
More generally a rotation from growth stocks into value stocks has also supported the fundies’ investment style.
Like most LICs on the local market it also trades at a considerable discount to its net tangible assets before tax of $1.84.
Where to invest $1,000 right now
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.
*Returns as of February 15th 2021
You can find Tom on Twitter @tommyr345
The Motley Fool Australia owns shares of and has recommended Dicker Data Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
- On a serendipitous day, Tom Richardson is leaving the building – December 17, 2019 11:55am
- Why Aerometrex shares have doubled their IPO price – December 16, 2019 4:32pm
- Why the National Veterinary Care share price is going nuts today – December 16, 2019 3:39pm