Company Reports

We recently cut our fair value estimates for EML Payments and GQG Partners after we self-identified a valuation error in our treatment of share-based compensation. We've now reviewed our diversified financials coverage for the same issue and identified 10 affected companies.

L1 Group was formed through the merger of Platinum Asset Management, a well-known value-focused global equities manager founded in 1994, and L1 Capital, a diversified boutique manager focused on equities, alternatives, and property, founded in 2007. L1 Group serves a diversified client base spanning retail and wholesale investors, high-net-worth clients, and institutional investors. It has approximately AUD 19 billion in funds under management as of June 2026.

L1 Group was formed through the merger of Platinum Asset Management, a well-known value-focused global equities manager founded in 1994, and L1 Capital, a diversified boutique manager focused on equities, alternatives, and property, founded in 2007. L1 Group serves a diversified client base spanning retail and wholesale investors, high-net-worth clients, and institutional investors. It has approximately AUD 19 billion in funds under management as of June 2026.

L1 Group's underlying net profit after tax for fiscal 2026 was AUD 189 million—close to double last year's. The firm expects moderate growth in funds under management in fiscal 2027 and expects operating expenses to stay slightly below fiscal 2026 levels.

L1 Group was formed through the merger of Platinum Asset Management, a well-known value-focused global equities manager founded in 1994, and L1 Capital, a diversified boutique manager focused on equities, alternatives, and property, founded in 2007. L1 Group serves a diversified client base spanning retail and wholesale investors, high-net-worth clients, and institutional investors. It has approximately AUD 18 billion in funds under management as of April 2026.

L1 Group's funds under management were AUD 17 billion as of March 2026, down 4% from the December quarter but flat on the September quarter. The firm said strong performance has lifted FUM to around AUD 18 billion as of April 10, 2026.

L1 Group was formed through the merger of Platinum Asset Management, a well-known value-focused global equities manager founded in 1994, and L1 Capital, a diversified boutique manager focused on equities, alternatives, and property founded in 2007. L1 Group serves a diversified client base spanning retail and wholesale investors, high-net-worth clients, and institutional investors. It has approximately AUD 18 billion in funds under management as of December 2025.

L1 Group reported a 63% increase in pro forma (combining L1 Capital and Platinum) underlying net profit after tax to AUD 66 million for the first half of fiscal 2026. Growth in assets under management supported revenue growth of 23% and EBITDA margin expansion to 65%, from 50%.

L1 Group is raising equity to expand its investment strategies and grow its business following the recent merger between L1 Capital and Platinum Asset Management. The firm intends to raise up to AUD 330 million at AUD 0.95 per share, with AUD 25 million to come from a share purchase plan.

L1 Group was formed through the merger of Platinum Asset Management, a well-known value-focused global equities manager founded in 1994, and L1 Capital, a diversified boutique manager focused on equities, alternatives, and property founded in 2007. L1 Group serves a diversified client base spanning retail and wholesale investors, high-net-worth clients, and institutional investors. It had approximately AUD 17 billion in funds under management as of September 2025.

We initiate coverage of L1 Group, formed by the October merger of two Australian fund management firms: L1 Capital and previously listed Platinum Asset Management.

L1 Group was formed through the merger of Platinum Asset Management, a well-known value-focused global equities manager founded in 1994, and L1 Capital, a diversified boutique manager focused on equities, alternatives, and property founded in 2007. L1 Group serves a diversified client base spanning retail and wholesale investors, high-net-worth clients, and institutional investors. It had approximately AUD 17 billion in funds under management as of June.