Long/Short Advantage.
Unlocked.
About System Capital
System Capital is an absolute return equities investment manager.
The investment team has over 20 years’ combined experience delivering strong, risk-adjusted returns. We believe that understanding a business’s strength relative to its business ecosystem is crucial to its performance over time, and to delivering long-term value for investors. Analysing entire ecosystems for hidden opportunities, we invest our own capital alongside our clients – ensuring we are fully aligned with our investors’ success.
Our investment approach focuses on three core outcomes:
- Identifying pricing inefficiencies between the valuation of a business and its structural position over time
- Investing in cash-generating leaders identified through deep fundamental research
- Positioning ahead of change by capitalising on structural disruption before it’s fully recognised
System Capital Long Short Fund
The System Capital Long Short Fund is a global equities strategy that seeks to deliver consistent absolute returns and greater downside protection than long-only strategies. We invest in global companies with strong and growing cash flows and a strengthening competitive position.
The Fund has flexibility to adjust market exposure (net long) to protect the portfolio from market dislocations and to short individual securities to take advantage of structural winners and losers in specific industries.
Speak to our team about the System Capital Long Short Fund.
Strategy Performance
The Strategy has delivered a 22% p.a. return to investors (before fees) since inception1 as at 30 June 2025.
Performance1 as at 30 June 2025 (before fees)
Historical Strategy Performance
Monthly Performance as at 30 June 2025 (before fees)
1. Past performance is not a reliable indicator of future performance. Source: Fidante. Returns are based on zero-fee class F and assume distributions have been reinvested. Investment is restricted for this class. No allowance is made for tax when calculating these figures. **Returns include 4 days in Oct 2022 where the portfolio was still being established. Inception date: 26 Oct 2022. Performance is shown for information purposes only to provide a longer term view of the strategy’s performance.
Ready to invest in the System Capital Long Short Fund?
You can access the fund via Fidante, our trusted distribution partner. Find out more about Fidante or proceed directly to invest.
Our Team
Our experienced investment team combines decades of market knowledge with a disciplined, research-driven approach. By analysing entire business ecosystems, we find what others overlook.
Lev Margolin
Portfolio Manager
Lev is the Founder and Portfolio Manager and has 15 years of experience in funds management, including eight years as a portfolio manager of the L1 Capital Long/Short Fund.
Vishal Hargovan
Senior Investment Analyst
Vishal is a Senior Investment Analyst specialising in the online services, information services, gaming, branded consumer goods, manufacturing, software, and healthcare sectors.
Michael Aynbund
Senior Investment Analyst
Michael is a Senior Investment Analyst specialising in the telecommunications, media, payments, aerospace, and information services sectors.
Lev Margolin
Lev founded System Capital in 2022 and has 15 years of experience in funds management, including eight years as a portfolio manager of the L1 Capital Long/Short Fund.
Prior to L1 Capital, Lev’s experience includes M&A and corporate strategy with leading firms such as Babcock & Brown, Allco, and National Australia Bank (NAB). He holds a Bachelor of Commerce (Honours in Actuarial Studies) and is a CFA Charterholder.
Vishal Hargovan
Vishal is a seasoned investment professional with deep expertise in investment and industry research, as well as advanced financial modeling across sectors including online services, information services, gaming, branded consumer goods, manufacturing, software, and healthcare.
Before joining System Capital, Vishal’s experience includes various analyst, energy infrastructure, scenario testing, derivatives and market risk related roles with leading firms including River Capital, Equis Funds Group, National Australia Bank, JP Morgan, and Credit Suisse. Vishal holds a Bachelor of Commerce (Honours) – Actuarial Studies from Melbourne University, a Master of Applied Finance from Macquarie University and attained Associate level qualification of the Institute of Actuaries Australia.
Michael Aynbund
Michael is an experienced investment professional with extensive knowledge in investment and industry research, along with advanced skills in financial modeling across sectors including telecommunications, media, payments, aerospace, and information services.
Prior to System Capital, Michael’s experience includes various analyst roles at L1 Capital and Intrinsic Investment Management. Michael holds a Bachelor of Laws and Bachelor of Commerce from Monash University.
Contact Us
Have a question or want to discuss the System Capital Long Short Fund? We’d love to hear from you.
Phone
1300 721 637 (within Australia)
+61 2 8023 5428 (outside Australia)
Email
info@fidante.com.au
Our Partner – Fidante
Investing with confidence through Fidante
Fidante delivers access to exceptional investment strategies, managed by top-tier specialists across alternatives, fixed income, and equities. Backed by Challenger and a track record of award-winning distribution, Fidante helps you invest with confidence across every market and asset class.
System Capital Pty Ltd (ABN 14 657 739 323) (System) is the investment manager of the System Capital Long Short Fund (ARSN 683 513 948) (the Fund). Fidante Partners Limited (ABN 94 002 835 592 AFSL 234668) (Fidante) is a member of the Challenger Limited group of companies (Challenger Group) and is the issuer and responsible entity of the Fund. System is a corporate authorised representative of Fidante (Authorised Representative Number 001309928). You should read the Fund’s Product Disclosure Statement (PDS) and Target Market Determination (TMD) to ensure the key attributes of the Fund as described in the PDS and TMD aligns with your objectives, financial situation, and needs. Past performance is not a reliable indicator of future performance. The Inception date for System Capital Long Short Fund – Class A is 4 February 2025.