L1 Capital highlights NVIDIA as top AI bet despite competitive risks
L1 Capital International Fund reported a +3.5% net‑of‑fees return for the September 2026 quarter, beating its benchmark’s 1.5% gain despite a stronger Australian dollar. The fund’s 22‑stock portfolio had its ten largest holdings represent about 63% of assets, with a focus on diversified earnings drivers rather than a single theme such as AI.
Key points
- L1 Capital International Fund returned +3.5% net of fees in Q3 2026, beating its benchmark's 1.5% gain.
- NVIDIA closed at $216.47 on Oct 20, 2026, down 4.01% month‑to‑month, up 20.07% year‑to‑date, market cap $5.22 trillion.
- Fund cites NVIDIA’s AI adoption potential as reason for investment, noting earlier underestimation of AI market size.
In its Q3 2026 investor letter the fund singled out NVIDIA Corporation as a leading contributor. NVIDIA closed at $216.47 on October 20, 2026, down 4.01% over the past month but up 20.07% over the past year, with a market capitalization of $5.22 trillion and a 52‑week range of $164.27 to $243.37. The fund said it had previously underestimated AI’s growth and now views NVIDIA’s AI infrastructure position as a strong source of prospective returns, even as it acknowledges competitive and valuation risks.
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3 episodes →- L1 Capital highlights NVIDIA as top AI bet despite competitive risksthis story
NVIDIA (NVDA) is Strengthening AI Conviction Balanced Against Evolving Competitive Risks
finance.yahoo.com · 21 October 2026
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