L1's core competency is in ASX midcaps, and most of the performance has been generated from that market area. Over the past year or so, L1 has increased its positions in international markets, and that is the source of all the recent performance issues - i.e. long positions in Europe, which is a geography L1 has never touched before, or short positions in NASDAQ techs etc.
That international portion of L1 must have been down nearly 20% over the past month for this kind of drawdown to have occurred. Fortunately, there is a 30% limit on international exposure, which should limit further performance issues. I hope for all our sakes that L1 has not stretched itself too thin, and that most of the focus is still in its core competency.
IPO - L1 Long Short Fund Limited, page-71
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