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Why the L1 Long Short Fund share price just hit a 52-week high

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.

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Motley Fool contributor Tom Richardson owns shares of Dicker Data Limited.

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.