L1 Capital, an investment management firm, released its “L1 Capital International Fund” (unhedged) second quarter 2025 investor letter. A copy of the letter can be downloaded here. The fund returned 4.5% (net of fees) in the June quarter compared to the MSCI World Net Total Return Index’s (in AUD) 6.0% return. The Fund returned 22.1% (net of fees) for the year ended June 30, 2025, compared to 18.5% for the benchmark. During the quarter, the Information Technology and Communication Services sectors outperformed others, driven by the Magnificent 7. Please check the fund’s top five holdings to know its best picks in 2025.
In its second quarter 2025 investor letter, L1 Capital International Fund highlighted stocks such as Marsh & McLennan Companies, Inc. (NYSE:MMC). Marsh & McLennan Companies, Inc. (NYSE:MMC) is a professional services company that provides advisory services and insurance solutions. The one-month return of Marsh & McLennan Companies, Inc. (NYSE:MMC) was -1.09%, and its shares lost 2.50% of their value over the last 52 weeks. On July 16, 2025, Marsh & McLennan Companies, Inc. (NYSE:MMC) stock closed at $211.98 per share, with a market capitalization of $104.448 billion.
L1 Capital International Fund stated the following regarding Marsh & McLennan Companies, Inc. (NYSE:MMC) in its second quarter 2025 investor letter:
“On the negative side, 3 companies, Eagle Materials, Marsh & McLennan Companies, Inc. (NYSE:MMC) and UnitedHealth Group (in alphabetical order) each detracted more than 0.5% from the Fund’s returns for the quarter.
