Regal Investment Fund (ASX:RF1) reported a net asset value decrease of 5.5% to $3.34 per unit in October, according to the fund's monthly performance update for the period ending 31 October 2026, with the ASX closing price recorded at $3.00 and a premium/(discount) to NAV of -10.04%.

Key Points

  • Monthly NAV decreased by -5.48% to $3.34, with the ASX closing price at $3.00 representing a discount to NAV of -10.04%
  • Fund size stands at A$697m with 208,864,082 units on issue as at 31 October 2026
  • Since inception on 17 June 2019, the fund has generated 15.0% per annum net of fees
  • Australian equity long/short strategies were the main detractor during the month, with negative contributions from small caps, mining equities, and trading and events positions
  • Non-equity strategies including corporate credit, hard-asset backed credit, and resources royalties provided partially offsetting positive returns

October Monthly Performance and Strategy Contributions

Australian equity long/short strategies were the primary detractor for October, with the majority of negative contributions stemming from exposures to small caps, mining equities, and trading and events positions. The Small Companies Strategy recorded a gross return of -20.7% for the month, while the Global Alpha Strategy returned -18.0% and the Emerging Companies Strategy returned -6.0%. The Water Strategy returned -2.2% and the Global Long Short Strategy returned -2.0% on a gross basis. The Resources Royalties Strategy and Private Credit Strategy each returned 0.8% gross for the month, partly offsetting declines in equity-focused allocations.

Portfolio Exposure by Strategy as at 31 October 2026

As at 31 October 2026, the fund's largest allocation by percentage of NAV was to Emerging Companies at 26%, followed by Private Credit at 19%, Resources Royalties at 15%, Water at 13%, Global Long Short at 9%, Small Companies at 8%, and Global Alpha at 7%. The fund is structured as a Listed Investment Trust with a management fee of 1.5% plus GST and a performance fee of 20% plus GST above the RBA Cash Rate, with a high water mark in place. Equity Trustees Limited serves as Responsible Entity and Regal Partners Funds Management Pty Limited as Investment Manager.

Longer-Term Performance Data Net of Fees

According to the filing, RF1 recorded a year-to-date net return of -6.94% through October 2026. Over a three-month period the fund returned -3.52%, over six months -5.93%, and over one year -3.06%, all net of fees. The two-year annualised net return was 3.38%, the three-year annualised return was 10.88%, and the five-year annualised return was 4.99%. The fund's 12-month gross returns by strategy included the Small Companies Strategy at -40.0%, Global Alpha at -36.0%, Global Long Short at 32.6%, Emerging Companies at 15.7%, Resources Royalties at 12.9%, Private Credit at 11.3%, and Water at 2.8%.