L1 Long Short Fund (ASX:LSF) reported a return of negative 7.9% for the December 2024 quarter, according to a Monday Australian bourse filing.
It said that global markets were mixed over the quarter, with initial optimism following the election victory of the US president-elect Donald Trump dampened by renewed inflation concerns and a spike in long-term bond yields in December 2024.
Its portfolio was impacted by an Australian market decline of 0.8% during the quarter, where value and cyclical stocks fell more than momentum and stocks with high price-to-earnings ratios, the filing said.
The fund faced a large 'factor headwind' over 2023 and 2024 due to its value investment style, but it expects a turn back towards 'quality value' stocks in the coming years, according to the filing.
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