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Regal Partners Limited (ASX:RPL) Morgans Conference Presentation 22 October 2025 For personal use only
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Disclaimer 2 The information in this presentation (“Information”) has been prepared by Regal Partners Limited (ABN 33 129 188 450) (“Regal Partners” or “RPL”) and is current as at the date of this presentation. All currency data in this presentation is in Australian dollars (A$) unless stated otherwise. No solicitation or investment advice: The Information has been prepared for general information purposes only and without taking into account any recipient’s investment objectives, financial situation or particular circumstances (including financial and taxation position). The Information does not (and does not intend to) contain a recommendation or statement of opinion intended to be investment advice or to influence a decision to deal with any financial product nor does it constitute an offer, solicitation or commitment by Regal Partners. Past performance and forward-looking statements: Investing involves risk. Past performance and forward-looking statements are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance or events. The Information may contain forward-looking statements that involve a number of risks and uncertainties. Forward-looking statements include statements regarding Regal Partners’ intent, belief, current expectations and projections about future events, based on the information currently available. The Information is given in summary form and does not purport to be complete. Normalisation adjustments: Financial Information may be presented on both a statutory basis (prepared in accordance with Australian accounting standards which include the Australian equivalent to the International Financial Reporting Standards (“IFRS”)) as well as on a non-IFRS basis to assist in evaluating Regal Partners’ performance and in making appropriate comparisons with prior periods. A reconciliation of non-IFRS financial Information can be found in this presentation and/or Regal Partners’ latest half-year or full-year results presentation. No liability: It is the sole responsibility of the recipient to consider the risks connected with any investment strategy contained in the Information. Neither Regal Partners, its affiliates (together the “Group”) nor any of their respective directors, employees, officers or agents accepts any liability for any loss or damage arising directly or indirectly from the use of all or any part of the Information. While the Information has been prepared in good faith and due care, neither Regal Partners, its affiliates nor any of their respective directors, employees, officers or agents represents or warrants that the Information in this document is accurate, complete or up to date and accepts no liability if it is not. Regal Partners is under no obligation to update the Information and does not undertake to do so. Regal Partners strongly suggests that investors obtain professional advice prior to making an investment decision. Information dissemination: The Information may not be reproduced, disseminated, quoted or referred to, in whole or in part, without the express consent of Regal Partners. Ownership: Regal Partners and their associates have interests in financial products mentioned in this presentation. For personal use only
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Regal Partners Limited $20.0bn RPL FUM 1 Regal Partners aims to be recognised as a leading provider of alternative investment strategies. 1. Management estimate of funds under management (FUM) for 30 September 2025. FUM (including 100% of Taurus Funds Management, Attunga Capital, Kilter Rural, Argyle Group and Ark Capital Partners) is rounded, unaudited and includes non-fee-earning FUM but excludes non-fee earning commitments. 2. As at market close on 21 October 2025. 3. Includes full-time and part-time staff in all Group entities except Argyle Group (where RPL’s stake is a minority interest). Headcount includes active, permanent and fixed term employees only (i.e. excludes employees on parental leave, extended leave, casuals, contractors and consultants). Prior to 29 May 2025, staff numbers included all staff, contractors and consultants. RPL market capitalisation2 $1.3bn Investment professionals3 ~90 HEDGE FUNDS4 GROWTH EQUITY4REAL AND NATURAL ASSETS4 CREDIT AND ROYALTIES • Market Neutral • Absolute Return • Active Extension • High Conviction • Power • Pre-IPO• Structured Finance • Mining Finance • Agri Debt • CRE Lending • Corporate Lending • Listed Credit • Water • Agriculture • Carbon • Hotels (August 2025) 3 For personal use only
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4.7 5.8 12.3 17.7 - $5bn $10bn $15bn $20bn Jun-22 Jun-23 Jun-24 Jun-25 FUM1 4 1. Management estimate of funds under management (FUM) for 30 June of relevant year (shown on a 100% ownership basis). FUM (including, where applicable, 100% of Taurus Funds Management, Attunga Capital, Kilter Rural and Argyle Group) is rounded, unaudited and includes non-fee-earning FUM within total FUM. 2. Revenue on a normalised basis, as shown on slide 11 of RPL’s 1H25 Results Presentation. 3. NPAT refers to NPAT attributable to RPL shareholders. Normalised NPAT has been calculated by adding back certain non-cash items (e.g. amortisation of intangible assets) and one-off transaction and integration costs (all tax-effected where appropriate). Normalised NPAT includes fair value movements on seed investments. Management Fee NPAT reflects the portion of total NPAT generated from management fees (post deducting relevant non-controlling interests) and excludes any contribution from performance fees, other income, loan origination driven revenue & costs and any variable remuneration. 4. Dividends determined in relation to that 12 month period. Key RPL metrics have grown strongly over last 3 years 9.0 13.0 16.0 4c 9c 14c 19c 12m to Jun-23 12m to Jun-24 12m to Jun-25 11.8 18.6 47.6 - $25m $50m $75m $100m 12m to Jun-23 12m to Jun-24 12m to Jun-25 NORMALISED NPAT3 78.6 83.3 31.1 2.7x DIVIDENDS (100% FRANKED) PER SHARE4 59.2 96.6 201.6 - $50m $100m $150m $200m $250m 12m to Jun-23 12m to Jun-24 12m to Jun-25 MANAGEMENT & LOAN FEE REVENUE2 Mgt fee NPAT Other NPAT 1.1 0.9 1.9 - $0.5bn $1.0bn $1.5bn $2.0bn 12m to Jun-23 12m to Jun-24 12m to Jun-25 NET FUM INFLOWS 4.7 5.2 11.4 13.8 - $5bn $10bn $15bn Jun-22 Jun-23 Jun-24 Jun-25 PERFORMANCE FEE-ELIGIBLE FUM1 3.8x 3.4x 2.9x +78% Total 3.8 For personal use only
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5 Three key pillars to our strategy: 1. Growth and diversification of our investment capabilities 2. Growth and diversification of our client base 3. Evolve our centralised and scalable platform For personal use only
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Hedge Funds - Mkt Neutral, Abs Return, Active Extension Hedge Funds - Global (incl. ASX:PGF, ASX:RG8, ASX:VG1) Hedge Funds - SpecialistGrowth Equity Water Hotels Credit Royalties Multi-Strategy (incl ASX:RF1) Hedge Funds Real & Natural Assets Credit & Royalties Hedge Funds - Mkt Neutral, Abs Return, Active Extension Hedge Funds - Global Hedge Funds - Specialist Growth Equity Water Royalties Multi-Strategy Growth & diversification of RPL’s capabilities and clients 1. June 2022 represents RPL post the merger between Regal Funds Management Pty Limited (RFM) and VGI Partners Limited. September 2025 FUM (including 100% of Taurus Funds Management, Attunga Capital, Kilter Rural, Argyle Group and Ark Capital Partners) is rounded, unaudited and includes non-fee- earning FUM but excludes non-fee-earning commitments. Past performance is not a reliable indicator of future performance. Real & natural assets Credit & royaltiesHedge funds Growth equity Multi-strategy 6 +$15.3bn increase in FUM +$4.5bn net inflows +$4.1bn investor returns Correlation to S&P/ASX300 Index over 3 years Private Assets exposure over 3 years JUNE 2022 FUM1 SEPTEMBER 2025 FUM1 $4.7bn $20.0bn Just over 3 years since merger: June 2022 – September 2025 20k+ investors, 3 institutions 30k+ investors, 50+ institutions For personal use only
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7 Ongoing inflows in 2025; diversified by asset class & strategy Real & natural assets Credit & royaltiesHedge funds Growth equity Multi-strategy 3Q23 outflows in hedge funds (long/short equities) relate to outflows from VGI Partners. Quarterly net FUM inflows ($m) +$1.4BN IN 9 MTHS TO SEP +$1.9bn 12m to Jun-25 +$0.9bn 12m to Jun-24 +$1.1bn 12m to Jun-23 -$150m -$50m $50m $150m $250m $350m $450m $550m $650m $750m $850m 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 $461m $444m $341m$404m $108m -$3m $273m $185m $177m $720m $149m $559m $723m For personal use only
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Strong long-term net performance track record 8 ANNUALISED NET PORTFOLIO RETURNS TO 30 SEPTEMBER 2025 (SINCE INCEPTION AND 3 YEARS)1 5.1% 5.3% 6.0% 9.8% 10.0% 11.1% 11.4% 11.9% 12.3% 13.2% 14.1% 15.2% 16.1% 18.1% 18.9% 23.5% 25.1% 38.1% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% PM Capital Enhanced Yield VGI Partners Global Investments (ASX:VG1) Regal Asian Investments (ASX:RG8) Merricks Capital Partners Merricks Capital Agriculture Credit PM Capital Global Companies Kilter Water Attunga Power and Enviro Argyle Water Regal Tasman Market Neutral Regal Australian Long Short Regal Emerging Companies Opportunities PM Capital Global Opportunities (ASX:PGF) Regal Investment Fund (ASX:RF1) Regal Resources Long Short Regal Australian Small Companies Regal Resources Royalties Regal Tactical Opportunities Since inception 3 yr 1. Past performance is not a reliable indicator of future performance. Performance is net of fees and costs and is adjusted for capital flows including those associated with the payment of distributions/dividends and tax, share issuance and/or cancellations (option exercise, distribution/dividend reinvestment plan (pre franking benefits), share purchase plan, and equal access buyback) where relevant. PM Capital Enhanced Yield return relates to the Performance Fee Option class. Argyle Water return relates to its Lead Series. PHILIP KING - CIO Long/Short >30 years’ experience PAUL MOORE - CIO Global Equities ~40 years’ experience ADRIAN REDLICH - CIO Income Strategies ~30 years’ experience For personal use only
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One centralised group Integrated technology platforms Consolidated group of service providers Optimised corporate structure The ‘One RPL’ approach 9 Global offices housing staff from all investment managers under one roof One sales and marketing team One RPL approach to balance sheet utilisation One group philosophy Drives alignment with RPL For personal use only
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Regal is a leading provider of multi-strategy investment solutions in Australia 1. FUM and portfolio performance as at 30 September 2025. Past performance is not a reliable indicator of future performance and should not be relied upon. Performance is net of fees and costs and assumes reinvestment of distributions. REGAL PARTNERS PRIVATE FUND Sub-strategy allocations as at 30 September 20251 TWO MULTI-STRATEGY OFFERINGS1 Aus Small Companies 11% Global Long Short 5% Resources High Conviction 5% Emerging Companies 14% Tactical Opportunities 10% Resources Long Short 5% Market Neutral 7% Power 6% Water 11% Private Credit 16% Resources Royalties 10% Alternative Growth Strategies Uncorrelated Strategies Alternative Income Strategies 10 REGAL INVESTMENT FUND (ASX:RF1) REGAL PARTNERS PRIVATE FUND (unlisted) Fund launch Jun 2019 Fund launch Dec 2023 30 Sep 2025 FUM $771m 30 Sep 2025 FUM $598m including Cayman Annualised return since inception 18.1% p.a. Annualised return since inception 19.6% p.a. For personal use only
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Opportunity Successful origination of specialised royalty RPL balance sheet helps secure asset Fundraising from investors over 2 months & loan from RPL repaid Larger deals, greater relevance, increased revenue & cash generation Recycling capital to accelerate growth 11 1. As at 30 September 2025. Past performance is not a reliable indicator of future performance and should not be relied upon. 2. Post the $95m raise described on this slide. Case study: Regal Resources Royalties Fund Fund launch August 2019 Annualised return since inception1 25.1% p.a. 30 Sep 2025 FUM post raise2 ~$400m Distributions Semi-annual; nearly $100m has been returned to investors since inception $95m RAISE AUG-SEP 2025 For personal use only
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12 Positive start to 2H25 Multiple opportunities for growth Diversified, scalable and growing platform Attractive market tailwinds Strong business economics 1 3 2 4 GROWTH FOCUS REMAINS3Q25 UPDATE $20.0bn up 13% since 30 Jun 2025 30 Sep FUM >$0.7bn in 3 mths to 30 Sep 2025 Net inflows 2H25 PERFORMANCE FEES The total of crystallised and uncrystallised performance fee revenue accumulated for 2H25 period at 30 Sep 2025 was materially above $52m.1 1. Where $52m was the top end of the consensus range at the time of RPL’s ASX announcement on 15 Oct 2025. RPL’s performance fee estimate is unaudited and includes approximately $5m of crystallised performance fees, reflecting three months of performance for funds and mandates that have monthly performance fee crystallisation periods. The 2H25 estimate does not include performance fees relating to those funds or mandates that have their next performance fee crystallisation date beyond 31 Dec 2025. 85% ($13.7bn) at or within 5% of HWM at 30 Sep 2025 Performance fee eligible FUM For personal use only
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13 Appendix For personal use only
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1H25 financial highlights 14 1. Previous corresponding period (pcp) refers to 1H24, that is, the 6 months to June 2024. 2. Includes the impact of the 10c per share dividend (relating to the 2H24 period) paid in March 2025. $148.4m Total net income $44.8m NPAT Approx. $230m Net tangible assets Flat on pcp1 Up 16% on 2H24, down 24% on 1H24 Up 20%2 on Dec-24 • Average FUM of $17 .5bn (up 49% on 1H24) • Management fees and loan management fees of $100.1m, up +65% compared to 1H24 driven by businesses acquired, additional new net flows. Average fee margin 1.15% • Performance fees of $42m lower than pcp, but with strong performance towards the end of 1H25 and multiple strategies above HWM continuing into July 2025 • Continued focus on cost discipline, with a number of strategic cost restructures and reallocations (focused on hiring more distribution talent) • Increase in total costs from 1H24 of 17% due to acquired businesses, up 4% from 2H24 • Robust balance sheet with $244.2m of cash, receivables and fund investments as at 30 June 2025 (net of corporate credit facility of $20m) • Low gearing ratio during 1H25 (2% of net assets or 9% of net tangible assets) • Interim dividend of 6c reflects 55% payout ratio, preserving balance sheet flexibility for future growth For personal use only
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Normalised profit or loss statement 15 1. Results include Merricks Capital, Argyle Group and Ark Capital Partners only post their respective acquisition dates of 9 Jul 2024, 26 Jul 2024 and 25 Jun 2025. 2. FUM (including 100% of Taurus, Attunga, Kilter and Argyle) includes non-fee-earning FUM but excludes non-fee-earning commitments. 3. Excludes lease-related finance costs. 4. This is a non-IFRS measure. Earnings per share (EPS) has been calculated using Normalised NPAT and weighted average shares for the period. Normalised diluted EPS above includes the impact of all Performance Share Rights (PSRs), Converting Shares and Regal Options from their respective issue/grant dates. 1H25 fully diluted Normalised EPS of 10.5c assumes $44.8m of NPAT and weighted average shares, converting shares, options and rights. See slide 44 of RPL’s 1H25 Results Presentation for more information on the securities. This treatment differs to statutory diluted EPS (which only includes PSRs and unconditional securities in weighted average shares, as described in Note 13 to the Condensed Consolidated Financial Statements of RPL’s Half Year Financial Report). $m 1H241 2H241 1H251 1H25 vs 1H24 1H25 vs 2H24 FUM (including non-fee-earning) ($bn)2 12.3 18.0 17.7 +44% -2% Average FUM (including non-fee-earning) ($bn)2 11.7 17.1 17.5 +49% +2% Average management fee (%) 1.04% 1.20% 1.15% +11bp -5bp Management fees & loan mgmt. fees (net of rebates) 60.6 101.5 100.1 +65% -1% Fund performance fees (net of rebates) 59.6 24.9 42.4 -29% +70% Other income 28.4 6.3 5.9 -79% -5% Total net income 148.5 132.6 148.4 -0% +12% Employee benefits expense (46.0) (42.5) (43.9) -5% +3% Deferred compensation grant amortisation (2.9) (7.4) (8.4) +186% +14% Depreciation (0.2) (0.1) (0.2) +8% +58% Interest expense3 (1.0) (0.6) (0.9) -5% +65% Other expenses (13.4) (21.1) (21.0) +56% -0% Total expenses (63.5) (71.6) (74.4) +17% +4% Profit before income tax 85.0 60.9 74.0 -13% +21% Income tax expense (23.5) (17.6) (22.9) -3% +30% Profit after tax pre non-controlling interests 61.5 43.4 51.1 -17% +18% Non-controlling interests (2.5) (4.9) (6.3) +150% +29% Normalised NPAT 59.0 38.5 44.8 -24% +16% Pre-tax profit margin (%) 57% 46% 50% -7% pts +4% pts Basic earnings per share (cents)4 22.7 10.3 13.1 -42% +27% Fully potentially dilutive earnings per share (cents)4 17.0 9.0 10.5 -38% +17% Management fees up 65% on pcp driven by businesses acquired and additional flows Normalised NPAT down 24% on pcp, driven by lower performance fees and other income Average management fee (%) changes are due to increased diversification and product mix as well as acquisition of Merricks Capital and Argyle in 2H24 Strong performance fees of $42m driven primarily by PM Capital Global strategy, Attunga Power strategies, a Taurus mining finance strategy and Regal Global Small Companies ‘Other income’ primarily includes mark-to-market and change in fair value gains as well as cash received as dividend and distribution income from seed investments For personal use only
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Robust balance sheet 16 1. Non-IFRS measure. Investment in other fund investments (via affiliates) has been reclassified from ‘other assets’ and adjusted for proportional shareholding in the affiliate. $244.2m Cash, receivables and fund investments (net of facility) $20m drawn of $130m facility $20m drawn as at 30 June 2025; facility upgraded during 1H25 from $50m to $130m 6 cps (100% franked) Interim dividend (payment date 1 October) 55% dividend payout ratio $30.5m of franking credits post payment of 1H25 dividend $m 30 Jun 2024 31 Dec 2024 30 Jun 2025 Cash and cash equivalents 78.1 52.2 57.7 Trade and other receivables 87.2 60.7 90.7 Investment in financial assets 134.5 120.8 108.4 Investment in other fund investments (via affiliates) 1 6.3 6.8 7.5 Intangible assets 371.7 634.6 627.7 Other assets 57.5 73.9 107.9 Total assets 735.3 949.2 999.9 Trade and other payables 26.6 21.3 26.9 Employee entitlements 27.6 24.4 36.9 Other liabilities 37.2 49.5 56.6 Corporate credit facility (borrowings) 22.0 — 20.0 Total liabilities 113.4 95.2 140.4 Net assets 621.9 854.0 859.5 Ordinary shares outstanding (m) 257.4m 338.0m 338.9m Franking credits ($m) 32.6 31.7 41.2 For personal use only
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0%10%20%30%40%50%60%70%80%90%100% Dec-22 Jun-23 At or above HWM 0-5% below HWM 5-10% below HWM 10-20% below HWM >20% below HWM 85% $13.7bn at or within 5% of High-Water Mark (HWM) - $3,000m $6,000m $9,000m $12,000m $15,000m Dec-22 Dec-23 Dec-24 Jun-25 Sep-25 61% $8.7bn 54% $4.5bn 19% $0.8bn 66% $9.1bn 17 RPL’s performance fee-eligible FUM continues to grow & diversify 1. Performance fee-eligible FUM shown only. All performance fee-eligible FUM shown on a 100% ownership basis. FUM for December 2023 has been adjusted to include the staff FUM managed by Regal Funds Management where the rebate was reduced from 100% to 50% effective 1 January 2024. December 2023 includes 100% of all performance fee-eligible funds for Taurus Funds Management where Regal Partners has an economic interest in the performance fees. During 1H24, the Group purchased the carry interest from Taurus Funds Management (“Taurus”), such that all of Taurus’ FUM now has the potential for generating performance fees for the Group. RPL PERFORMANCE FEE-ELIGIBLE FUM ($M)1 For personal use only
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Strong long-term net performance track record 18 1. Past performance is not a reliable indicator of future performance and should not be relied upon. Performance is net of fees and costs and assumes reinvestment of distributions since inceptions. 2. ‘Regal’ refers to Regal Funds Management Pty Limited. 3. Rise in NAV since inception on 1 April 2025, net of fees and costs. Performance as at 30 September 2025 except for Taurus Funds (which are 30 June 2025). Capabilities Fund (as at 30 September 2025) Inception 1 year 3 years (p.a) 5 years (p.a) Since inception p.a.1 Brand2 Regal Tasman Market Neutral Fund 2007 16.5% 3.3% 11.2% 13.2% Regal Regal Australian Long Short Equity Fund 2009 15.1% 14.8% 14.1% 14.1% Regal Regal Australian Small Companies Fund 2015 15.2% 27.3% 18.0% 23.5% Regal Regal Tactical Opportunities Fund 2020 1.3% 13.1% 32.9% 38.1% Regal Regal Resources Long Short Fund 2021 -2.5% 5.5% - 18.9% Regal Regal Resources High Conviction Fund 2023 7.5% - - 14.7% Regal Regal Partners Private Fund 2023 10.6% - - 19.6% Regal Partners Regal Global Small Companies Fund 2025 - - - 83.2% (1 April 2025)3 Regal Attunga Power & Enviro 2006 2.5% 2.7% 8.3% 11.9% Attunga Regal Investment Fund (ASX:RF1) 2019 10.7% 11.9% 14.0% 18.1% Regal Regal Asian Investments Limited (ASX:RG8) 2019 17.2% 13.2% 6.8% 6.0% Regal VGI Partners Global Investments Limited (ASX:VG1) 2017 8.8% 15.1% 5.0% 5.3% Regal PM Capital Global Opps Fund Ltd (ASX:PGF) 2013 32.6% 31.9% 27.7% 16.1% PM Capital PM Capital Global Companies Fund 1998 29.2% 29.7% 26.3% 11.1% PM Capital PM Capital Australian Companies Fund 2000 14.2% 11.9% 15.8% 10.8% PM Capital Regal Emerging Cos Opportunities Fund 2020 20.4% 10.5% 14.0% 15.2% Regal Argyle Water Fund 2012 2.9% 0.8% 4.4% 12.3% Argyle Kilter Balanced Water Fund 2015 5.6% -0.5% 4.4% 9.3% Kilter Kilter Water Fund 2014 7.7% 1.9% 7.9% 11.4% Kilter PM Capital Enhanced Yield Fund 2002 5.2% 5.9% 3.9% 5.1% PM Capital Regal Resources Royalties Fund 2019 26.9% 18.7% 30.9% 25.1% Regal Regal Private Credit Opportunities Fund 2022 10.0% - - 9.9% Regal Taurus Mining Finance Fund No. 2 2019 - - - 16.2% net IRR Taurus Taurus Mining Royalty Fund 2023 - - - 32.7% net IRR Taurus Merricks Capital Partners Fund 2017 7.3% 8.6% 8.6% 9.8% Merricks Capital Merricks Capital Agriculture Credit Fund 2021 9.3% 10.4% - 10.0% Merricks Capital Hedge Funds and Multi-Strategy Growth Equity Credit & Royalties Real & Natural Assets For personal use only
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RG8 19 $3.0bn in listed investment vehicles1 1. Portfolio sizes and returns as at 30 September 2025. Past performance is not a reliable indicator of future performance. Performance is net of fees and costs and is adjusted for capital flows including those associated with the payment of distributions/dividends and tax, share issuance and/or cancellations (option exercise, distribution/dividend reinvestment plan (pre franking benefits), share purchase plan, and equal access buyback) where relevant. RPL’s LICs/LITs represented 15% of group FUM on a 100% FUM ownership basis at 30 September 2025. 2. Returns for VG1 and RG8 have been calculated from 1 July 2022 as a proxy for returns since Regal Funds Management Pty Limited merged with VGI Partners Limited to form Regal Partners Limited and exclude franking credit benefits. 3. PGF portfolio size has been adjusted to use ex-dividend Net Tangible Assets (NTA). RG8 provides investors with access to an actively-managed, concentrated portfolio, comprising long investments and short positions in Asian listed securities. It may also take positions in other companies with significant exposure to the Asian market. RF1 provides investors with exposure to a diversified range of alternative investment strategies across the Regal Partners group, with an objective to produce attractive risk-adjusted returns over a period of more than five years with limited correlation to equity markets. VG1 provides investors with access to a concentrated portfolio, predominantly comprised of long investments and short positions in global listed securities. PGF provides long-term capital growth over a seven-year plus investment horizon through investment in a concentrated portfolio of undervalued global (including Australian) equities and other investment securities. RF1 Listed: 2017 Portfolio return since merger2: 12.7% p.a. Share price return since merger2: 15.3% p.a. Dividend target: 6c per half Portfolio size: $537m Multi-Strategy Alternatives The Best of Regal Partners Group Listed: 2019 Portfolio return since inception: 18.1% p.a. Distributions since inception: $2.31 Portfolio size: $771m Asian L/S High Conviction The Best of Regal Asian Equities Global L/S High Conviction The Best of Regal Global Equities VG1 PGF Listed: 2019 Portfolio return since merger2: 13.9% p.a. Share price return since merger2: 14.1% p.a. Dividend target: 6c per half Portfolio size: $406m Listed: 2013 Portfolio return since inception: 16.1% p.a. Dividend target: 12.5c in FY26 Portfolio Size3: $1,270m Global L/S Equities The Best of PM Capital’s Global Ideas Represents ~15% of group FUM1 For personal use only
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