L1 Long Short Fund reports 12.7% Q2 gains, citing Hudbay Minerals’ $9.04B market cap and AI-driven commodity strength.
Hudbay Minerals Inc. (HBM) closed at $20.36 on July 17, 2026, reflecting a $9.04 billion market capitalization. The stock rose 107.76% over the past 52 weeks, driven by copper price rallies and AI-related capital expenditure demand.
L1 Capital’s Long Short Fund outperformed the ASX200AI with a 12.7% Q2 gain, up from 4.0% in the benchmark. Year-to-date returns reached 12.5%, compared to 2.4% for the index. The fund attributed performance to strong U.S. equities, particularly those tied to AI and supply chain shortages.
Hudbay Minerals, a top holding, posted a one-month return of -27.05% but maintained long-term growth potential. The firm emphasized attractive valuations, solid earnings, and robust cash flow as key drivers for its portfolio positioning.