Regal Partners (RPL) Investor Presentation summary

Fund overview and performance

• Regal Investment Fund (RF1) aims for attractive risk-adjusted absolute returns over five years, with low correlation to equity markets, and has delivered a 15.7% annualised return since inception in 2019, with a 9.1% distribution yield over the last 12 months.

• RF1's net asset value reached $657m as of March 2025, and the fund has paid $2.24 per unit in distributions since listing.

• Regal Partners Limited manages $17.9bn in funds, offering a broad range of alternative strategies across equities, credit, royalties, and real assets.

Investment strategy and portfolio updates

• RF1 has updated investment guidelines, including a 2.5% single stock position limit and enhanced liquidity requirements for large positions.

• The investment committee expanded to include experienced CIOs from global equities and income strategies, aiming to improve risk-adjusted returns and reduce drawdowns.

• Portfolio allocations have shifted toward uncorrelated strategies, with increased exposure to private credit, resources royalties, and water strategies.

• The fund currently invests across eight strategies and four asset classes, with 70% of months since inception being positive.

Market environment and outlook

• Recent market sell-offs, including a sharp decline in mining equities and high volatility, have created potential buying opportunities, with the US economy showing resilience.

• Australian small caps are starting to catch up after underperforming large caps, and passive investing has contributed to a growth bubble.

• Gold prices are at record highs, and gold miners are positioned to outperform.