Highlights
- L1 Long Short Fund Limited (ASX:LSF) released its net tangible assets (NTA) backing per share update to the ASX on 25 June 2026, with figures stated as at 22 June 2026.
- NTA before tax was reported at $4.4242 per ordinary share, and NTA after tax at $4.0214 per ordinary share.
- All figures in the announcement are described as unaudited and approximate.
- NTA before tax is calculated before the provision for deferred tax on unrealised gains and losses on the investment portfolio, while NTA after tax is calculated after all taxes.
- The announcement, authorised for release by the Company Secretary, is a periodic disclosure typical of listed investment companies (LICs) and helps investors gauge the value of the fund’s underlying assets per share.
Listed investment companies have long been a feature of the Australian share market, and periodic net tangible assets disclosures are among the most closely watched updates they provide. On 25 June 2026, L1 Long Short Fund Limited (ASX:LSF) released its NTA backing per share update, reporting the approximate value of its investment portfolio per share as at 22 June 2026.
An NTA update is a routine but informative ASX announcement. For investors in a listed investment company, it provides a regular reference point for the underlying value sitting behind each share. This market update sets out the figures L1 Long Short Fund disclosed, explains what NTA backing means for a LIC, and discusses why such an investor update can attract attention without implying any particular movement in the LSF share price.
Company Overview
L1 Long Short Fund Limited is an ASX-listed investment company, or LIC, with the ACN 623 418 539. It is managed by L1 Capital and runs a long/short equities strategy that is predominantly focused on Australian shares while retaining the capacity to invest globally. As a LIC, it operates within the broader financial services and funds management part of the ASX.
A long/short strategy means the manager can hold long positions in shares it expects to perform well and short positions in shares it expects to underperform, aiming to generate returns from both rising and falling securities. The company trades on the ASX under the code LSF. The NTA announcement itself is a short, periodic disclosure and does not detail portfolio holdings, performance attribution or strategy commentary; investors seeking that context would look to the company’s separate reports and updates. Any such detail is, in the language of disclosure, the announcement did not specify.
Announcement Summary
The 25 June 2026 announcement reports L1 Long Short Fund’s NTA backing per ordinary share as at 22 June 2026. It provides two figures: NTA before tax of $4.4242 and NTA after tax of $4.0214. Both are stated on a per-share basis and both are expressly described as unaudited and approximate.
The company explains the basis of each figure. NTA before tax is calculated before the provision for deferred tax on unrealised gains and losses on the investment portfolio. NTA after tax is calculated after all taxes. The difference between the two figures reflects the tax that would, in principle, be associated with the portfolio’s unrealised positions.
The announcement was authorised for release by the Company Secretary. It contains no forward-looking commentary or guidance; it is a point-in-time statement of the fund’s approximate net asset value per share at the stated date.
Key Details
The headline figures are clear: NTA before tax of $4.4242 and NTA after tax of $4.0214, both per ordinary share and both as at 22 June 2026. The gap between the before-tax and after-tax measures arises because the after-tax figure accounts for all taxes, including the deferred tax effect of unrealised gains and losses that the before-tax figure excludes.
The note that all figures are unaudited and approximate is significant. It signals that the numbers are management estimates produced between formal reporting periods, intended to give investors a timely indication rather than an audited valuation. NTA figures can change from one period to the next as the value of the underlying portfolio moves.
For a LIC, NTA is essentially the value of the company’s assets, less its liabilities, expressed per share. It is distinct from the share’s market price, which is set by buyers and sellers on the ASX and can trade above NTA (a premium) or below it (a discount). The announcement reports NTA only; it does not state the prevailing share price, and so the premium or discount on the day is, in the language of disclosure, the announcement did not specify.
Why This Matters for ASX Investors
NTA backing is a central concept for investors in listed investment companies. Because a LIC is itself a company whose main asset is an investment portfolio, the NTA tells investors roughly what each share is worth in terms of the underlying assets. Comparing that to the traded share price reveals whether the market is valuing the LIC at a premium or a discount to its assets.
Premiums and discounts are a defining feature of the LIC structure. A LIC can persistently trade below its NTA, which some investors monitor closely, while others may trade at or above NTA at times. The NTA disclosure provides the reference figure needed to make that comparison, which is why these updates are followed by those interested in the sector.
Periodic NTA disclosures matter because they bring transparency to a structure where the underlying value is not always obvious from the share price alone. Many LICs publish NTA figures monthly, and some provide more frequent updates. For Australian investors, regular NTA reporting supports more informed decision-making, although the figure itself is one input among many and is not a recommendation to buy or sell.
Sector Context
L1 Long Short Fund sits within the ASX listed investment company segment, part of the broader financial services and funds management landscape. LICs are closed-end vehicles, meaning they have a fixed number of shares on issue that trade on the exchange, in contrast to open-ended managed funds where units are created and redeemed.
Within the LIC universe, strategies vary widely, from broad Australian equity portfolios to specialist global, income or alternative approaches. L1 Long Short Fund’s long/short equities approach is one such strategy, designed to take both long and short positions. The way a LIC’s shares trade relative to NTA can be influenced by factors including investor sentiment toward the manager and the strategy, though the NTA announcement does not address those factors.
For sector watchers, NTA updates are a standard and comparable form of disclosure across many LICs. They allow investors to track how the underlying value of different vehicles evolves over time, which is why an LSF investor update of this kind draws attention from those following ASX company news in the funds management space.
Possible Market Reaction
NTA updates are routine, and the market reaction to any single disclosure is often limited because the information is expected and incremental, particularly for LICs that report regularly. Investors and commentators tend to treat NTA figures as a reference point rather than as standalone, market-moving news.
It would be inappropriate to suggest the LSF share price will move in any particular direction as a result of this update, and this article makes no such claim. Neutrally, the NTA figures give the market an updated reference for the value of the fund’s underlying assets per share. Some investors may compare the disclosed NTA to the prevailing share price to consider the premium or discount, though the announcement itself does not provide the share price.
Any interpretation should sit within a fuller assessment of the fund, its strategy and its track record, rather than rest on a single periodic figure that is expressly unaudited and approximate.
Risks and Uncertainties
Several uncertainties accompany an NTA disclosure of this kind. First, the figures are explicitly unaudited and approximate, meaning they are management estimates that could be revised and that will change as the value of the underlying portfolio moves over time.
Second, NTA is not the same as the share price. The market price of LSF shares is determined by supply and demand on the ASX and can trade at a premium or discount to NTA. A change in NTA does not translate directly into a corresponding change in the share price, and the relationship between the two can vary.
Third, a long/short equities strategy carries its own characteristics, including the use of short positions, which can affect portfolio outcomes in ways that a single NTA figure does not reveal. The announcement does not provide performance, holdings or risk commentary. Investors should treat the NTA as one point-in-time data point and seek the broader context contained in the company’s other ASX filings and reports.
What to Watch Next
Followers of this ASX stock may monitor the cadence of future NTA disclosures, which together show how the underlying value of the portfolio evolves over time. Comparing successive NTA figures, and comparing NTA to the traded share price, are common ways investors assess a LIC.
Beyond NTA, investors commonly look to a LIC’s periodic performance updates, portfolio commentary and any dividend declarations for a fuller picture, none of which is contained in a standalone NTA notice. The fund’s long/short equities positioning may also be discussed in those separate disclosures.
The most useful approach to a routine investor update of this kind is to track it as one ongoing data series within a broader assessment. The next NTA disclosure will simply extend the record provided in this market update.
Conclusion
L1 Long Short Fund Limited’s 25 June 2026 announcement is a routine but useful piece of ASX disclosure: it reports NTA before tax of $4.4242 and NTA after tax of $4.0214 per ordinary share as at 22 June 2026, both unaudited and approximate, and explains the tax basis of each figure. Authorised by the Company Secretary, it is a point-in-time statement of the fund’s approximate net asset value per share.
For Australian investors, the value of an NTA update lies in the reference point it provides for a listed investment company. It illustrates how NTA backing works and how it relates to, but differs from, the traded share price and any premium or discount. As a market update it educates more than it signals, and investors may simply watch how the LSF NTA evolves alongside the fund’s broader disclosures.
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