Group 1 - L1 Capital International Fund focuses on investing in high-quality companies with favorable cashflow-based valuations, emphasizing the importance of valuation analysis for AI-focused investments [1] - In 2025, the fund achieved a return of 9.8% net of fees, underperforming the benchmark MSCI World Net Total Return Index, which returned 12.4% [1] - The fund's fourth-quarter return was 2.2% net of fees, compared to 2.5% for the benchmark [1] Group 2 - Uber Technologies, Inc. is highlighted as a key investment, recognized as a leader in ridesharing and meal delivery networks [3] - As of January 14, 2026, Uber's stock closed at $84.65, with a one-month return of 6.96% and a 52-week gain of 26.31% [2] - Uber has a market capitalization of $177.47 billion with approximately 69.96 million shares outstanding [2] Group 3 - Uber is viewed as a "battleground" company with inherent uncertainties, categorized as a higher-risk, higher-return investment opportunity, and is a smaller position in the fund's portfolio [3] - The company is collaborating with various firms in the autonomous vehicle space, positioning itself well in a hybrid market of human-driven and autonomous vehicles [3] - Despite its potential, some analysts believe that certain AI stocks may offer greater upside potential with less downside risk compared to Uber [4]