L1 Capital, an investment management firm, released its “L1 Long Short Fund” (unhedged) third-quarter 2025 investor letter. A copy of the letter can be downloaded here. The L1 Long Short Fund (LSF) portfolio generated a return of 13.3% in the September quarter, bringing the calendar-year performance to 28.7%.  Dovish Fed commentary, robust U.S. earnings, and a continued momentum in A.I. investment lifted global equities higher in the quarter. The portfolio performed well this quarter, with 19 stocks contrib ...

04 Dec 2025 05:52:49 ET │ 25 pages E s s e n t i a l s | Global Theme Machine Secular Theme Reversal CITI'S TAKE Using the Citi Global Theme Machine, we analyse the dynamic attractiveness of 93 global themes mapped across nearly 5000 listed companies by 200+ Citi Fundamental Analysts. As we do each year, we will be starting our annual theme review and stock remapping in order to update the model – publication is likely to be in February 2026. This is the current theme remapping report: Global Theme Machine: ...

Shashank Joshi, our defence editor, says survival on the front line is anything but simple https://t.co/6XZ3L6XfZN ...

Core Insights - Amaroq's re-assay results from the Black Angel mine confirm high-grade mineralization of zinc, lead, and silver, along with critical minerals like germanium, gallium, and cadmium [1][2][4] Mineral Grades - The average grades from the Black Angel deposit are reported as 24.6% zinc, 28.1% lead, and 295 grams per tonne of silver [2] - Commercial levels of germanium at 44 parts per million, gallium at 21 parts per million, and cadmium at 1,328 parts per million were identified [2] Future Projections - Future zinc concentrates from the Black Angel mine may achieve commercial concentrate grades of approximately 102 parts per million germanium, 48.5 parts per million gallium, and 3,040 parts per million cadmium based on preliminary mass-balance assumptions [3] Strategic Importance - The presence of critical metals like germanium and gallium, which are essential for AI, defense, renewable energy, and advanced technology applications, highlights the strategic importance of Amaroq's portfolio to Western supply chains [6] - The company has completed all conditions precedent for the acquisition of the Black Angel mine, reinforcing its development strategy in Greenland [6] Acquisition Plans - Amaroq expects to receive final approval from the Government of Greenland for the acquisition of the Kangerluarsuk licenses in the fourth quarter of 2025, enhancing its development project pipeline [7]

Long a region of diplomatic tranquillity, today the Arctic is fast becoming a zone for potential confrontation. America has much to do to ramp up defence in the region https://t.co/soIri034OO ...

Geopolitical & Security - NATO is reinforcing its defense capabilities following the downing of Russian drones over Poland [1]

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **Defence** industry, highlighting its increasing attractiveness in the current geopolitical climate [2][9]. Core Insights - The **Defence theme** has seen a significant boost in momentum, breaking into the top ten themes due to improved price and earnings momentum scores [2][9]. - The **performance of themes** has been mixed; attractive themes outperformed the MSCI World index, while unattractive themes showed a slight increase of 35 basis points relative to attractive themes [3]. - **Year-to-date performance** indicates that global equities are driven by Value and Momentum outperformance, with recommendations to focus on themes like Cyber Security, Digital Currency, and Fintech, while avoiding Sustainable Materials and Biofuels [4]. Theme Rankings - The **top three themes** are Risky Business, FinTech, and Mobile Payments, with Defence theme now ranked 2 in Earnings Momentum and 3 in Price Momentum [9]. - The **bottom-ranked themes** include Greening the Home, Sustainable Materials, and Circular Economy, with five new entrants scoring poorly on valuation [10]. Performance Metrics - The **MSCI World index** is currently ranked 6th overall, with the Defence theme ranked 10th overall and showing improvements in quality metrics [11][34]. - The **Scarce Resources theme** was the biggest winner in August, increasing by nearly 10%, consistent with broader Materials sector performance [19]. Notable Trends - There is a **dispersion in performance** among healthcare-oriented themes, with Biotech performing strongly while Generics & Biosimilars lag behind [20]. - The **Defence theme** ranks highly on momentum factors, indicating a positive outlook for stocks within this sector [34]. Additional Insights - The **Global Theme Machine** combines insights from fundamental analysts with quantitative analysis to evaluate theme attractiveness across various financial metrics [6][7]. - The report emphasizes the importance of understanding macro sensitivities and crowdedness of themes to gauge investor interest [8]. Conclusion - The Defence industry is positioned favorably amidst current geopolitical tensions, with strong momentum and positive earnings forecasts. Investors are encouraged to consider thematic exposure in this sector while being cautious of underperforming themes.

Geopolitical Implications - Trade and defence crisis triggered by Trump requires Modi's response [1] International Relations - Analysis needed on how Modi should respond to the trade and defence crisis [1]