L1 Long Short FundASX:LSF +1.28%61 Return-on-Tangible-Asset is 15.08% as of Dec. 2025, which is 435% above its 10-year median of 2.82. GuruFocus rates ASX:LSF with a GF Score™ of 61/100 and a GF Value™ of A$13.49 (Significantly Undervalued). The stock has 4 warning signs investors should review. Among 1,631 Asset Management companies, L1 Long Short Fund ranks better than 73.7% on this metric.
Return-on-Tangible-Asset is calculated as Net Income divided by its average total tangible assets. Total tangible assets equals to Total Assets minus Intangible Assets. L1 Long Short Fund's annualizedNet Income for the quarter that ended in Dec. 2025 was A$829.8 Mil. L1 Long Short Fund's average total tangible assets for the quarter that ended in Dec. 2025 was A$5,501.9 Mil. Therefore, L1 Long Short Fund's annualized Return-on-Tangible-Asset for the quarter that ended in Dec. 2025 was 15.08%.
The historical rank and industry rank for L1 Long Short Fund's Return-on-Tangible-Asset or its related term are showing as below:
ASX:LSF'
s Return-on-Tangible-Asset Range Over the Past 10 Years
Min: -2.89 Med: 2.82 Max: 16.93
Current: 11.31
During the past 8 years, L1 Long Short Fund's highest Return-on-Tangible-Asset was 16.93%. The lowest was -2.89%. And the median was 2.82%.
ASX:LSF's Return-on-Tangible-Asset is ranked better than 73.7% of 1631
companies
in the Asset Management industry
Industry Median: 4.08
vs ASX:LSF: 11.31
L1 Long Short Fund (ASX:LSF) Return-on-Tangible-Asset Explanation
Return-on-Tangible-Asset measures the rate of return on the average total tangible assets (total assets minus intangible assets). Tangible means physical in nature. Intangible Assets are assets that are not physical in nature, and typically "derive their value from legal or intellectual rights." Return-on-Tangible-Asset measures a firm's efficiency at generating profits from its tangible assets. It shows how well a company uses what it has to generate earnings. Return-on-Tangible-Assets can vary drastically across industries. Therefore, Return-on-Tangible-Asset should not be used to compare companies in different industries.
Be Aware
Like ROE and ROA, Return-on-Tangible-Asset is calculated with only 12 months data. Fluctuations in the companys earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective. Return-on-Tangible-Asset can be affected by events such as stock buyback or issuance, and by a companys tax rate and its interest payment. Return-on-Tangible-Asset may not reflect the true earning power of the assets. A more accurate measurement is ROC % (ROC).
Many analysts argue the higher return the better. Buffett states that really high Return-on-Tangible-Asset may indicate vulnerability in the durability of the competitive advantage.
L1 Long Short Fund Return-on-Tangible-Asset Related Terms
L1 Long Short Fund Return-on-Tangible-Asset Historical Data
* Premium members only.
The historical data trend for L1 Long Short Fund's Return-on-Tangible-Asset 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: Return-on-Tangible-Asset Comparison
For the Asset Management subindustry, L1 Long Short Fund's Return-on-Tangible-Asset, along with its competitors' market caps and Return-on-Tangible-Asset 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 Return-on-Tangible-Asset vs Asset Management Industry
For the Asset Management industry and Financial Services sector, L1 Long Short Fund's Return-on-Tangible-Asset distribution charts can be found below:
* The bar in red indicates where L1 Long Short Fund's Return-on-Tangible-Asset falls into.
* 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.
In the calculation of annual Return-on-Tangible-Asset, the net income of the last fiscal year and the average total tangible assets over the fiscal year are used. In calculating the quarterly data,
the Net Income data used here is two times the semi-annual (Dec. 2025) net income data.
What does a Return-on-Tangible-Asset of 15.08% mean?
L1 Long Short Fund (ASX:LSF) has a Return-on-Tangible-Asset of 15.08% as of Dec. 2025. Return on tangible assets is the ratio of current-period net income to average two-period tangible assets. View historical data on L1 Long Short Fund and its competitors. This is 435% above median its historical median of 2.82. According to the industry distribution chart, L1 Long Short Fund ranks #429 out of 1631 companies in the Asset Management industry, placing it in the top 26.3%.
Is L1 Long Short Fund's Return-on-Tangible-Asset too high?
L1 Long Short Fund's current Return-on-Tangible-Asset of 15.08% is 435% above median its 10-year median of 2.82. The Asset Management industry median Return-on-Tangible-Asset is 4.08. L1 Long Short Fund's value of 15.08% is 269.6% above this industry median. Based on the distribution chart, L1 Long Short Fund ranks #429 out of 1631 companies in the Asset Management industry, which is above the industry midpoint. Overall, L1 Long Short Fund has a GF Score™ of 61/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does L1 Long Short Fund's Return-on-Tangible-Asset compare to BLK and BX?
According to the Asset Management industry distribution chart, L1 Long Short Fund ranks #429 out of 1631 companies for Return-on-Tangible-Asset. This puts L1 Long Short Fund in the upper half of its industry. The industry median Return-on-Tangible-Asset is 4.08. L1 Long Short Fund's value of 15.08% is 269.6% above this benchmark. While the company's 10-year median is 2.82 vs. the industry median of 4.08, L1 Long Short Fund has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Return-on-Tangible-Asset for an Asset Management company?
The median Return-on-Tangible-Asset among Asset Management companies is 4.08, based on 1,631 companies in the industry. Companies in the top quartile (top 25%) have a Return-on-Tangible-Asset significantly above this median, while those in the bottom quartile fall well below. However, Return-on-Tangible-Asset should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. L1 Long Short Fund's current Return-on-Tangible-Asset of 15.08% is 269.6% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Return-on-Tangible-Asset mean?
A high Return-on-Tangible-Asset can signal that a stock is expensive relative to its fundamentals. Return on tangible assets is the ratio of current-period net income to average two-period tangible assets. View historical data on L1 Long Short Fund and its competitors. For the Asset Management industry, the median Return-on-Tangible-Asset is 4.08 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. L1 Long Short Fund's current Return-on-Tangible-Asset is 15.08%, which is 435% above median its own 10-year median of 2.82. 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$13.49, compared to a current price of A$4.76 — trading 64.7% below its estimated fair value. The current Return-on-Tangible-Asset is 15.08%, which is 435% above median its 10-year median of 2.82 and 269.6% above the Asset Management industry median of 4.08. L1 Long Short Fund's overall GF Score™ is 61/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Return-on-Tangible-Asset calculated?
Return-on-Tangible-Asset is calculated from a company's financial statements. For L1 Long Short Fund (ASX:LSF), the current Return-on-Tangible-Asset is 15.08% 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$4.76 is trading 64.7% below its estimated GF Value™ of A$13.49.
GuruFocus considers L1 Long Short Fund to be Significantly Undervalued.
Key valuation signals for ASX:LSF:
Return-on-Tangible-Asset: 15.08% (435% above median its 10-year median of 2.82)
GF Value™: A$13.49 vs. price of A$4.76 (64.7% below fair value)
Industry Position: 269.6% above the Asset Management median (#429 of 1631)
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.
61GF Score
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