Regal Investment Fund · ASX:RF1
Regal Investment Fund — Investor Presentation (May 2026)
25 slides from Regal Investment Fund's investor presentation, May 2026
Slide 1: Investor Update
Investor Update Regal Investment Fund May 2026
Slide 2: Contents
Contents Page Section Page 3 Welcome & Regal Update Page 6 Market Outlook Page 12 RF1 Portfolio Update Page 16 Resources Royalties Strategy Update Page 19 Water Strategy Update 2
Slide 3: The Regal Investment Fund (RF1) listed in 2019
The Regal Investment Fund (RF1) listed in 2019 to provide investors with exposure to a diversified selection of alternative investment strategies managed by Regal Its objective is to produce attractive risk-adjusted absolute returns over a period of more than five years, with limited correlation to
Slide 4: The Investment Committee
The Investment Committee Regal Investment Fund (ASX:RF1) Philip King Adrian Redlich Paul Moore Brendan O’Connor James Persson Investment Committee Member Investment Committee Member Investment Committee Member Investment Committee Member Investment Committee Member Philip King is the Chief Investmen
Slide 5: Regal Partners Limited overview
Regal Partners Limited overview $21bn RPL ~95 RPL FUM1 ASX TICKER INVESTMENT PROFESSIONALS2 HEDGE FUNDS CREDIT & ROYALTIES $11bn $7bn • Market Neutral • Structured Finance • Absolute Return • Mining Finance Regal Partners aims to be • Active Extension • Agri Debt • High Conviction FUM1,3 • CRE Lendi
Slide 6: Market Outlook
Market Outlook
Slide 7: High PE firms are trading at a 85% premium to the market
May 2026 | Strictly Confidential High PE firms are trading at a 85% premium to the market, well above the 20 year avg Relative PE vs market High PE firms vs ASX200 20 year avg 100 90 80 70 60 50 40 30 20 10 0 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 Source: Goldman Sachs
Slide 8: Small Caps poised for a potential rebound
May 2026 | Strictly Confidential Small Caps poised for a potential rebound Performance of ASX Small Ordinaries Index vs ASX 100 Index Jul 2021 – Mar 2026 ASX Small Ordinaries (LHS) S&P/ASX 100 (LHS) Small Ordinaries monthly outperformance (RHS) 130 8% 120 6% 4% 110 2% 100 0% 90 -2% 80 -4% 70 -6% 60
Slide 9: Changing market leadership
May 2026 | Strictly Confidential Changing market leadership (%) Market capitalisation by sector – share of total index (ASX 300) 80 Financials Mining and Energy 70 60 50 40 30 20 10 0 1917 1929 1941 1953 1965 1977 1989 2001 2013 2025 Source: Bloomberg as at 27 March 2026, RBA, ASX, Refinitiv Datastr
Slide 10: Gold price cycle may be just starting
May 2026 | Strictly Confidential Gold price cycle may be just starting Gold price (US$) Logarithmic scale 10,000 Sep-22 to Mar-26: +171% 1,000 Mar-01 to Sep-12: +587% Mar-68 to Sep-80: +1,794% 100 10 1968 1975 1982 1989 1997 2004 2011 2018 2026 Source: Bloomberg as at 27 March 2026 (quarterly data).
Slide 11: Copper prices over the last 100 years
May 2026 | Strictly Confidential Copper prices over the last 100 years US$ / pound (log scale) Logarithmic scale 2024 to 2026: 5.0 +39% 2002 to 2011: +465% 0.5 1932 to 1956: +625% 0.1 1921 1935 1948 1961 1974 1987 2000 2013 2026 Source: Bloomberg as at 27 March 2026 (annual data). Past performance i
Slide 12: RF1 Portfolio Update
May 2026 | Strictly Confidential RF1 Portfolio Update 12
Slide 13: RF1 performance since inception
RF1 performance since inception Adjusted NAV and share price Distribution A$/share RF1 PERFORMANCE SINCE LISTING A$/share Launch date 4.00 1.40 3 3 Adjusted NAV (LHS) Adjusted share price (LHS) Distribution (RHS) 17 June 2019 3.50 1.20 Fund size1 $770m 3.00 1.00 Annualised Return Since Inception1,2
Slide 14: Increasing allocations to uncorrelated investment strategies
Increasing allocations to uncorrelated investment strategies RF1 STRATEGY ALLOCATIONS RF1 STRATEGY ALLOCATIONS As at 31 October 2020 As at 30 April 2026 Strategies added since inception: Global Long Market Water Strategy Short Neutral 8% 8% Resources Royalties Global Alpha Private Credit 9% Market N
Slide 15: RF1 portfolio & investment characteristics
RF1 portfolio & investment characteristics As at 30 April 2026 BALANCE SHEET EXPOSURES (% OF NAV) CURRENT EXPOSURE BY STRATEGY SECTOR LONG SHORT NET Percentage of Positive Months (NAV) 3 -2 1 Communication Services 71% Market Neutral 8% Consumer Discretionary Consumer Staples 5 1 -6 -2 -2 -1 Diversi
Slide 16: Resources Royalties Update
Resources Royalties Update Regal Resources Royalties Fund
Slide 17: Since inception returns & distributions of the Regal Resources Royalties Fund
Since inception returns & a strong track record of distributions of the Regal Resources Royalties Fund 500% Since Inception Returns & Track Record of Distributions of The Fund D 450% D Resources Royalties strategy D 400% added to RF1 portfolio D D 350% D D 300% 250% D 200% D D D 150% 100% 50% Aug-19
Slide 18: Latest acquisition further diversifies income for the Regal Resources Royalty Fund
Latest acquisition further diversifies income for the Regal Resources Royalty Fund PORTFOLIO PROVIDES DIVERSIFICATION AND INCREMENTAL INCOME A GROWING PORTFOLIO1 COMMODITY EXPOSURE1 Exposure by Commodity (ex-Liquid portfolio) Energy, 25% 7 Battery & Critical Minerals, 37% TOTAL DIRECT INVESTMENTS, W
Slide 19: Water Strategy Update
Water Strategy Update Kilter Water Fund
Slide 20: Target Investment Region - Southern Murray Darling Basin
May 2026 | Strictly Confidential Target Investment Region - Southern Murray Darling Basin (sMDB) The world’s most sophisticated water market that feeds into the food bowl of Australia. Of water entitlements on issue, 65% owned by farmers, 10% by investors, while the government currently owns 26% and
Slide 21: Kilter Water Strategy performance
May 2026 | Strictly Confidential Kilter Water Strategy performance Through prudent investment in water entitlements, Kilter has a track record of delivering returns through all weather cycles PERFORMANCE OF THE KILTER WATER STRATEGY1 240% Kilter Water Strategy 12% KEY PERFORMANCE +209% METRICS1 (sin
Slide 22: Water Strategy: Low correlation to other asset classes
May 2026 | Strictly Confidential Water Strategy: Low correlation to other asset classes KILTER WATER STRATEGY RETURN PROFILE IS 18.0% UNCORRELATED TO TRADITIONAL ASSET CLASSES 16.0% GOLD S&P 500 INDEX CORRELATION KILTER WATER STRATEGY (total return) KILTER WATER STRATEGY 14.0% MSCI WORLD 12.0% S&P50
Slide 23: Positioned to capture both contracted income and tactical market opportunities
May 2026 | Strictly Confidential Positioned to capture both contracted income and tactical market opportunities Active portfolio optimisation in a tightening water market: water is deployed into Strategy targets 60–80% of the portfolio in multi-year lease the spot market to enhance portfolio yield a
Slide 24: Disclaimer
May 2026 | Strictly Confidential Disclaimer Equity Trustees Limited (“Equity Trustees”) (ABN 46 004 031 298), AFSL 240975, is the Responsible Entity for the Regal Investment Fund and has authorised the issue of this document (Information). Equity Trustees is a subsidiary of EQT Holdings Limited (ABN
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