L1 combines long gold-mining equities, selected equity shorts and short gold futures. Hedgeweek reported 235% net from February 2025 through August 2026, versus 148% for GDX and 55% for bullion over the cited period. Those are reported strategy figures, not the history of the newer listed fund.
The listed Australian vehicle began its portfolio on April 20, 2026. Its separately reported April–August return was 18% net, while gold fell 6%. L1's own page explains that the longer presentation uses the preceding fund's record before the listed portfolio existed. Mining shares and bullion need not move together: hedging the commodity leaves operating, valuation and company-specific exposures. The reported portfolio was still 60–65% net long; “gold hedge” should not be read as “gold-independent.” September 25 reporting · L1's vehicle and performance definitions