Regal Australian Small Companies Fund
31 May 2024
Key Facts
| Index Used: | ASX 200 Total Return | Discretionary/Quantitative: | Discretionary |
| Peer Group: | Equity Alternative - Australia | FUM (millions): | AU$ 508m |
| Investment Style: | Growth | Fund Inception Date: | February 2015 |
| Geographic Mandate: | Australia | Latest Return Date: | May 2024 |
| Investor Type: | Wholesale | Status: | Open |
| Minimum Investment: | AU$ 100,000 | Investment Frequency: | Daily |
Manager Details
Strategy Description
Fund Fees
| Management Fee: | 1% | Performance Fee: | 20% |
| Buy Spread: | 0.3% | Sell spread: | 0.3% |
| High Water Mark: | Yes | Hurdle: | N/A |
Fund Structure
| Offshore/Onshore: | Onshore | Fund Structure: | Unit Trust |
| Share Classes: | AU$ | Trustee/RE: | N/A |
| Administrator: | HSBC (Unit Registry is BoardRoom Pty Ltd) | Prime Broker: | UBS AG, Credit Suisse AG |
| Custodian: | UBS Nominees Pty Ltd, Credit Suisse AG | Legal: | King & Wood Mallesons |
Ratings & Availability
Research Ratings
Platform Availability
Performance Review
The Regal Australian Small Companies Fund has a track record of 9 years and 4 months and has outperformed the ASX 200 Total Return benchmark since inception in February 2015, providing investors with an annualised return of 24.09% compared with the benchmark's return of 7.88% over the same period.
The Manager has delivered these returns with 13.55% more volatility than the benchmark, contributing to a Sharpe ratio which has fallen below 1 three times over the past five years and which currently sits at 0.88 since inception. The fund has provided positive monthly returns 84% of the time in rising markets and 49% of the time during periods of market decline, contributing to an up-capture ratio since inception of 312% and a down-capture ratio of 90%.
The Regal Australian Small Companies Fund rose by +2.48% in May, an outperformance of +1.56% compared with the ASX 200 Total Return benchmark which rose by +0.92%. Over the past 12 months, the fund's best monthly return was +10.57% compared with the benchmark's best return of +7.26%, and its worst monthly return was -4.05% vs the benchmark's worst return over the same period of -3.78%.
| Year | Jan % | Feb % | Mar % | Apr % | May % | Jun % | Jul % | Aug % | Sep % | Oct % | Nov % | Dec % | YTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | -4.05 | 7.23 | 6.77 | 3.36 | 2.48 | NA | NA | NA | NA | NA | NA | NA | 16.36 |
| 2023 | 7.36 | -6.81 | 1.58 | 0.97 | 1.07 | 10.57 | 3.15 | -1.52 | -0.57 | -1.16 | 7.49 | 10.15 | 35.55 |
| 2022 | -10.95 | -6.25 | 10.70 | -0.87 | -7.78 | -18.23 | 12.02 | 2.20 | -6.28 | 2.49 | 2.25 | -1.63 | -23.59 |
| 2021 | 4.60 | 3.14 | -1.05 | 10.76 | 3.47 | 1.34 | 2.18 | 5.84 | 0.77 | 0.04 | 0.25 | 0.05 | 35.57 |
| 2020 | 10.28 | -14.32 | -44.61 | 27.26 | 16.10 | 3.51 | 10.89 | 14.52 | 4.03 | 0.08 | 4.33 | 5.73 | 16.73 |
| 2019 | 3.49 | 16.22 | 2.64 | 11.37 | 4.32 | 2.32 | 2.14 | 11.79 | 8.57 | -3.65 | -2.94 | 3.27 | 75.70 |
| 2018 | 2.31 | 1.27 | -0.18 | 0.14 | 6.92 | 5.21 | -2.17 | -1.18 | 2.74 | -11.94 | -3.43 | -3.51 | -5.04 |
| 2017 | 0.18 | -3.62 | -1.42 | -2.01 | 3.17 | 1.04 | -1.30 | 3.76 | 4.97 | 6.41 | 4.39 | 10.43 | 28.22 |
| 2016 | -1.87 | -7.35 | 1.67 | 2.32 | 7.08 | 2.80 | 4.19 | 1.72 | 2.11 | -9.34 | -10.40 | -3.17 | -11.38 |
| 2015 | NA | 18.22 | 2.16 | 6.02 | 5.30 | -0.98 | 10.02 | 2.14 | 4.02 | 9.21 | 11.16 | 9.46 | 107.41 |
Only seven years of data shown. Click here to view all data.
Annual Returns
Over the past 12 months, the fund has risen by +52.08% compared with the benchmark which has returned +12.93%, for a difference of +39.15%. Since inception in February 2015, the fund has returned +24.09% per annum, a difference of +16.21% relative to the benchmark which has returned +7.88% on an annualised basis over the same period.
Cumulative Returns
On a cumulative basis (assuming reinvestment of distributions), $100 invested since inception would have become $749. The same amount invested in the benchmark over the same period would have become $202.
Annual Returns %
Volatility and Risk
Annual Standard Deviation
The fund's returns over the past 12 months have been achieved with a volatility of 16% vs the index's 10.99%. The annualised volatility of the fund's returns since inception in February 2015 is 27.66% vs the index's 14.11%. Over all other periods, the fund's returns have been more volatile than the benchmark.
Sharpe Ratio
The fund's Sharpe ratio has ranged from a high of 2.48 for performance over the most recent 12 months to a low of 0.46 over the latest 36 months, and is 0.88 for performance since inception. By contrast, the ASX 200 Total Return Index's Sharpe for performance since February 2015 is 0.5.
Annual Standard Deviation
Sharpe Ratio
Performance in Positive Markets
Since inception in February 2015 in the months where the market was positive, the fund has provided positive returns 84% of the time, contributing to an up-capture ratio for returns since inception of 311.97%. Over all other periods, the fund's up-capture ratio has ranged from a high of 249.41% over the most recent 60 months to a low of 131.62% over the latest 36 months. An up-capture ratio greater than 100% indicates that, on average, the fund has outperformed in the market's positive months.
Performance in Negative Markets
Since inception in February 2015 in the months where the market was negative, the fund has provided positive returns 49% of the time, contributing to a down-capture ratio for returns since inception of 90.01%. Over all other periods, the fund's down-capture ratio has ranged from a high of 116.16% over the most recent 60 months to a low of -0.35% over the latest 12 months. A down-capture ratio less than 100% indicates that, on average, the fund has outperformed in the market's negative months, and a negative down-capture ratio indicates that, on average, the fund delivered positive returns in the months the market fell.
Average Return in +ve Market %
Average Return in -ve Market %
Sortino Ratio
The fund's Sortino ratio (which excludes volatility in positive months) has ranged from a high of 7.56 for performance over the most recent 12 months to a low of 0.49 over the latest 36 months, and is 1.06 for performance since inception. By contrast, the ASX 200 Total Return Index's Sortino for performance since February 2015 is 0.59.
Drawdown
Over the past 12 months, the fund's largest drawdown was -4.05% vs the index's -7.19%, and since inception in February 2015 the fund's largest drawdown was -52.54% vs the index's maximum drawdown over the same period of -26.75%.
Sortino Ratio
Drawdown%
Quintile Ranking vs. Average Equity Alternative - Australia as of May 2024
The performance of the Regal Australian Small Companies Fund ranked it in the first quintile for Total Return over all time periods, and in the first quintile for Sharpe and Sortino over 7 years, while over 5 years the fund ranked in the second quintile for Sharpe and Sortino and over 1 year it ranked in the first or second quintile for all other KPIs except Volatility.
Over the past 12 months, the fund has risen by +52.08% compared with the peer group which has returned an average of +11.12%, for a difference of +40.96%.
The fund's returns over the past 12 months have been achieved with a volatility of 16% vs the peer group's average volatility of 6.75%. The annualised volatility of the fund's returns since inception in February 2015 is 27.66% vs the peer group's 8.97%. Over all other periods, the fund's returns have been more volatile than the peer group.