Key Takeaways
- • Regal Investment Fund (ASX:RF1) reported a net return of 17.32 per cent in FY26, with net profit of A$117.9 million, up from A$24.5 million, according to Kalkine's analysis of the fund's annual report.
- • The listed trust blends private credit, resources royalties, water assets and equity strategies, with private credit at 19 per cent of net asset value and resources royalties at 15 per cent as of 30 September 2026.
- • Gross exposure reached 145 per cent of net asset value and net exposure 94 per cent, with Level 3 assets of A$578.8 million, about 55 per cent of financial assets at fair value, requiring significant valuation judgement.
- • Performance fees of A$20.8 million and total expenses of A$66.3 million weighed on the year, and the fund bought back 5,213,005 units for A$17.6 million in FY26.
- • Equity Trustees director Russell Beasley resigned on 6 October 2026 with no reason given.
Summary
Regal Investment Fund (ASX:RF1) is a listed investment trust, with units rather than shares held by investors. Equity Trustees Limited is the responsible entity, and Regal Partners Funds Management Pty Limited has served as investment manager since replacing Regal Funds Management Pty Limited on 12 December 2025. The units were listed on the ASX on 17 June 2019. The fund describes itself as a multi-strategy alternatives vehicle seeking risk-adjusted absolute returns over more than five years, with limited correlation to equity markets. It may use derivatives and leverage and can change allocations as conditions shift.
As at 30 September 2026, emerging companies made up 26 per cent of net asset value, private credit 19 per cent, resources royalties 15 per cent and water 13 per cent. Global long short was 9 per cent, small companies 8 per cent, global alpha 7 per cent and market neutral 2 per cent. Total long positions were 119 per cent of net asset value and shorts 26 per cent, giving gross exposure of 145 per cent and net exposure of 94 per cent. Non-listed positions were 65 per cent.
For the year to 30 June 2026, net profit was A$117.9 million, up from A$24.5 million, and total investment income was A$184.2 million. Net tangible assets rose to A$3.53 per unit from A$3.23, and net assets attributable to unitholders were A$735.7 million. The 17.32 per cent net return compared with 3.89 per cent for the RBA cash rate, the fund's benchmark. Distributions for the year totalled 25.84 cents per unit, including 13.84 cents payable on 7 September 2026. Costs were significant, with performance fees of A$20.8 million, investment manager fees of A$11.6 million, total expenses of A$66.3 million and transaction fees of A$10.1 million.
Over longer periods, the September report showed net returns of 12.70 per cent a year over three years, 6.68 per cent over five years and 16.07 per cent a year since inception. Returns have softened, with private credit and resources royalties contributing positively in September while mining equities were the largest detractor. Units on issue fell to 208,155,000 at 30 June 2026 from 213,368,000 a year earlier, and the buy-back has been extended to 22 July 2027.
The annual report identifies market price, currency, interest rate, credit, liquidity and short-selling risk, and warns that short positions carry potentially unlimited losses and margin calls can strain liquidity. Level 3 assets relying on unobservable inputs totalled A$578.8 million. The fund publishes weekly estimated net tangible asset updates and a monthly unitholder report, and pays distributions semi-annually.
As at 30 September 2026, emerging companies made up 26 per cent of net asset value, private credit 19 per cent, resources royalties 15 per cent and water 13 per cent. Global long short was 9 per cent, small companies 8 per cent, global alpha 7 per cent and market neutral 2 per cent. Total long positions were 119 per cent of net asset value and shorts 26 per cent, giving gross exposure of 145 per cent and net exposure of 94 per cent. Non-listed positions were 65 per cent.
For the year to 30 June 2026, net profit was A$117.9 million, up from A$24.5 million, and total investment income was A$184.2 million. Net tangible assets rose to A$3.53 per unit from A$3.23, and net assets attributable to unitholders were A$735.7 million. The 17.32 per cent net return compared with 3.89 per cent for the RBA cash rate, the fund's benchmark. Distributions for the year totalled 25.84 cents per unit, including 13.84 cents payable on 7 September 2026. Costs were significant, with performance fees of A$20.8 million, investment manager fees of A$11.6 million, total expenses of A$66.3 million and transaction fees of A$10.1 million.
Over longer periods, the September report showed net returns of 12.70 per cent a year over three years, 6.68 per cent over five years and 16.07 per cent a year since inception. Returns have softened, with private credit and resources royalties contributing positively in September while mining equities were the largest detractor. Units on issue fell to 208,155,000 at 30 June 2026 from 213,368,000 a year earlier, and the buy-back has been extended to 22 July 2027.
The annual report identifies market price, currency, interest rate, credit, liquidity and short-selling risk, and warns that short positions carry potentially unlimited losses and margin calls can strain liquidity. Level 3 assets relying on unobservable inputs totalled A$578.8 million. The fund publishes weekly estimated net tangible asset updates and a monthly unitholder report, and pays distributions semi-annually.
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