For 3½ years, Melbourne boutique hedge fund L1 Capital had delivered incredible performance that put it among the top fund managers on the planet.
Then it raised $1.35 billion from retail punters and its numbers went south in spectacular fashion. L1 told investors the fund was 4.1 per cent lower in May - only seven weeks after listing - and with daily numbers being posted on the wholesale version of the fund, investors are already down a further 5 per cent in June.
Loading...
Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com
Anthony Macdonald is a Chanticleer columnist. He is a former Street Talk co-editor and has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies. Connect with Anthony on Twitter. Email Anthony at a.macdonald@afr.com
Julie-anne Sprague co-edits our Rich Lists and covers entrepreneurs, wealth creation and investments. A senior journalist in our newsroom, Julie-anne has covered politics, property, agribusiness, retail and stockmarkets in both the UK and Australia. Connect with Julie-anne on Twitter. Email Julie-anne at jsprague@afr.com
