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L1 Long Short FundASX:LSF -0.46%62 Net Cash per Share is A$3.27 as of Dec. 2025, which is 100% below its 10-year median of 1.00. GuruFocus rates ASX:LSF with a GF Score™ of 62/100 and a GF Value™ of A$13.42 (Significantly Undervalued). The stock has 4 warning signs investors should review. Among 463 Asset Management companies, L1 Long Short Fund ranks better than 77.97% on this metric.
The historical rank and industry rank for L1 Long Short Fund's Net Cash per Share or its related term are showing as below:
ASX:LSF'
s Price-to-Net-Cash Range Over the Past 10 Years
Min: 0.9 Med: 1 Max: 1.34
Current: 1.33
During the past 8 years, the highest Price-to-Net-Cash Ratio of L1 Long Short Fund was 1.34. The lowest was 0.90. And the median was 1.00.
ASX:LSF's Price-to-Net-Cash is ranked better than 77.97% of 463
companies
in the Asset Management industry
Industry Median: 5.87
vs ASX:LSF: 1.33
L1 Long Short Fund (ASX:LSF) Net Cash per Share Explanation
Ben Graham invested in situations where the company's stock price was lower than its net-cash. He assigned some value to the company's other current asset. The value is called Net Current Asset Value (NCAV). One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
You can find companies that are traded below their Net Current Asset Value (NCAV) with our Net-Net screener.
L1 Long Short Fund Net Cash per Share Related Terms
L1 Long Short Fund Net Cash per Share Historical Data
* Premium members only.
The historical data trend for L1 Long Short Fund's Net Cash per Share can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
ASX:LSF vs BLK, BX, KKR: Net Cash per Share Comparison
For the Asset Management subindustry, L1 Long Short Fund's Price-to-Net-Cash, along with its competitors' market caps and Price-to-Net-Cash data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
L1 Long Short Fund Price-to-Net-Cash vs Asset Management Industry
For the Asset Management industry and Financial Services sector, L1 Long Short Fund's Price-to-Net-Cash distribution charts can be found below:
* The bar in red indicates where L1 Long Short Fund's Price-to-Net-Cash falls into.
In the calculation of a company's Net Cash per Share, assets other than cash and short term investments are considered to be worth nothing. But the company has to pay its debt and other liabilities in full. This is an extremely conservative way of valuation. Most companies have negative Net Cash per Share. But sometimes a company's price may be lower than its net-cash.
L1 Long Short Fund's Net Cash per Share for the fiscal year that ended in Jun. 2025 is calculated as
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
L1 Long Short Fund (ASX:LSF) has a Net Cash per Share of A$3.27 as of Dec. 2025. Net cash per share equals the per-share value of cash and equivalents less total liabilities and minority interest. View historical data on L1 Long Short Fund and its competitors. This is 227% above median its historical median of 1.00. Over the past decade, L1 Long Short Fund's Net Cash per Share has ranged from 0.90 to 1.34. According to the industry distribution chart, L1 Long Short Fund ranks #102 out of 463 companies in the Asset Management industry, placing it in the top 22%.
Is L1 Long Short Fund's Net Cash per Share too high?
L1 Long Short Fund's current Net Cash per Share of A$3.27 is 227% above median its 10-year median of 1.00. Over the past 10 years, this metric has ranged from a low of 0.90 to a high of 1.34. Based on the distribution chart, L1 Long Short Fund ranks #102 out of 463 companies in the Asset Management industry, which is in the top quartile — a strong position relative to peers. Overall, L1 Long Short Fund has a GF Score™ of 62/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does L1 Long Short Fund's Net Cash per Share compare to BLK and BX?
According to the Asset Management industry distribution chart, L1 Long Short Fund ranks #102 out of 463 companies for Net Cash per Share. This places L1 Long Short Fund in the top 22% of its industry — outperforming the majority of peers. The industry median Net Cash per Share is 5.87. Historically, L1 Long Short Fund's own Net Cash per Share has ranged from 0.90 to 1.34 over the past decade. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net Cash per Share for an Asset Management company?
The median Net Cash per Share among Asset Management companies is 5.87, based on 463 companies in the industry. Companies in the top quartile (top 25%) have a Net Cash per Share significantly above this median, while those in the bottom quartile fall well below. However, Net Cash per Share should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net Cash per Share mean?
A high Net Cash per Share can signal that a stock is expensive relative to its fundamentals. Net cash per share equals the per-share value of cash and equivalents less total liabilities and minority interest. View historical data on L1 Long Short Fund and its competitors. For the Asset Management industry, the median Net Cash per Share is 5.87 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. L1 Long Short Fund's current Net Cash per Share is A$3.27, which is 227% above median its own 10-year median of 1.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is L1 Long Short Fund stock overvalued right now?
Based on GuruFocus' analysis, L1 Long Short Fund (ASX:LSF) is currently considered Significantly Undervalued. The stock's GF Value™ is A$13.42, compared to a current price of A$4.35 — trading 67.6% below its estimated fair value. The current Net Cash per Share is A$3.27, which is 227% above median its 10-year median of 1.00. L1 Long Short Fund's overall GF Score™ is 62/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net Cash per Share calculated?
Net Cash per Share is calculated from a company's financial statements. For L1 Long Short Fund (ASX:LSF), the current Net Cash per Share is A$3.27 as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is L1 Long Short Fund (ASX:LSF) Overvalued in 2026?
Based on GuruFocus' analysis, L1 Long Short Fund stock appears to be undervalued.
The current stock price of A$4.35 is trading 67.6% below its estimated GF Value™ of A$13.42.
GuruFocus considers L1 Long Short Fund to be Significantly Undervalued.
Key valuation signals for ASX:LSF:
Net Cash per Share: A$3.27 (227% above median its 10-year median of 1.00)
GF Value™: A$13.42 vs. price of A$4.35 (67.6% below fair value)
No single metric tells the full story. See the ASX:LSF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
L1 Long Short Fund Ltd provides investors with access to an actively managed long and short portfolio of securities and the investment expertise of the manager. The company's investment process combines valuation with qualitative considerations to identify attractive investment opportunities. It operates in one industry, being the securities industry, deriving revenue from dividend and trust distribution income, interest income, and from the sale of its trading portfolio.
62GF Score
Get the complete analysis for ASX:LSF
Net Cash per Share is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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