The L1 Long Short Fund Limited (ASX:LSF) returned negative 5.3 per cent for the month of August as ASX 200 momentum stocks out-performed value stocks.
Since inception in just April this year, the $1.2 billion fund has fallen 14.9 per cent.
The fund invests in a portfolio of predominantly Australian and New Zealand securities, with up to 30 per cent invested in global securities. It has the ability to both buy and short (bet against) securities.
The fund said performance was adversely impacted by a high number of left-field stock events during August, most of which it expects to reverse course.