Regal Asian Investments Limited
Overview
| LIC Name | Regal Asian Investments Limited |
| ASX Ticker | RG8 |
| Listing Year | 2019 (4 years operating) |
| Size (Market Cap) | $366M |
| Investment Focus | Asian Equities |
| Portfolio Bias | No Bias |
| Benchmark | Benchmark Unaware |
| Management Structure | Externally Managed |
| Investment Manager | Regal Funds Management |
| Management Fee Structure | 1.50% plus GST |
| Performance Fee Structure | 15% plus GST |
| Cost Indicator (FY23) | 1.63% (excluding Performance Fees) |
| Objective | 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. The company aims to deliver attractive risk adjusted returns over the long term (more than five years). |
| Objective | |
| 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. The company aims to deliver attractive risk adjusted returns over the long term (more than five years). |
|
| Recent Annual Reports | 2023, 2022, 2021, 2020 |
Key Personnel
Board Members
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Lawrence Myers
Independent Chairman
Joined RG8: 2019
Shares Owned: 600K
Share Value: $1.2M
*Share data from 2023 Annual Report
Member of the Company's Audit and Risk Committee.<br><br>Mr Myers is the Founder and Managing Director of MBP Advisory Pty Limited, a prominent, high-end Sydney firm of Chartered Accountants which he established in 1998. Mr Myers is also the CEO ...
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Adelaide H McDonald
Independent Director
Joined RG8: 2019
Shares Owned: 43K
Share Value: $87K
*Share data from 2023 Annual Report
Chair of the Company's Audit and Risk Committee.<br><br>Ms McDonald has over 15 years' experience in corporate advisory and equity research. Ms McDonald is currently a Non-Executive Director of XTEK Limited (ASX:XTE) as well as an Executive ...
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William F Brown
Independent Director
Joined RG8: 2019
Shares Owned: 100K
Share Value: $204K
*Share data from 2023 Annual Report
Member of the Company's Audit and Risk Committee.<br><br>Mr Brown has over 30 years of investment experience as a principal and advisor. Currently, Mr Brown is the Chief Investment Officer of Terrace Tower Group, a Sydney and New York based real ...
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David F Jones AM
Independent Director
Joined RG8: 2020
Shares Owned: 110K
Share Value: $225K
*Share data from 2023 Annual Report
Mr Jones has more than 30 years' experience in investment markets, the majority as a general partner in private equity firms, and prior to that in general management and management consulting. Mr Jones has been a board member of numerous private ...
Investment Management
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Phillip King
Chief Investment Officer of Regal Funds Management (Investment Manager)
Joined RG8: 2022
Philip King is the Chief Investment Officer at Regal and is responsible for the Portfolio Management of the individual funds. Prior to joining Regal in January 2006, Philip worked for De Putron Fund Management (DPFM) in London as a hedge fund ...
Shareholders & Portfolio Size
Number of Shareholders
Portfolio Size
Portfolio Holdings
Sample of Top Holdings at end of FY 2023 (Alphabetical Order)
Performance
Historical Performance
| Updated: February 2024 | 1yr | 3yrs | 5yrs | 10yrs |
|---|---|---|---|---|
| With Dividends Reinvested - Net | -0.7% | -1.4% | - | - |
| With Dividends Reinvested - Gross | 1.4% | 0.2% | - | - |
Chart of Historical Performance
Dividends
Dividend History
| Payment Date | Dividend Type | Dividend Amount | Franking Level |
|---|---|---|---|
| 25 Sep, 2023 | Final | $0.05 | 100% |
| 29 Mar, 2023 | Interim | $0.05 | 100% |
| 30 Sep, 2022 | Final | $0.05 | 51% |
| 19 Apr, 2022 | Interim | $0.05 | 100% |
| 29 Sep, 2021 | Final | $0.055 | 100% |
Chart of Dividend History
Corresponding Dividend Yields
Dividend Comparison
Costs
Cost Indicator (%)
Actual Costs
Share Price vs NTA
Some Common Questions about RG8
Regal Asian Investments Limited (ticker: RG8) is an Australian Listed Investment Company (LIC) that is publicly traded on the Australian Stock Exchange. RG8 focuses on investments in Asian equities, offering investors access to an actively managed and concentrated portfolio. This portfolio includes both long investments and short positions in Asian listed securities. Additionally, RG8 may take positions in other companies with significant exposure to the Asian market.
The primary objective of RG8 is to provide investors with attractive risk-adjusted returns over the long term, with a focus on investment horizons exceeding five years.
Regal Asian Investments Limited (RG8) commenced its operations when it was listed on November 13, 2019, and has an approximate market capitalisation of $400 million.
When evaluating Regal Asian Investments Limited (RG8) as an investment option, several key metrics should be considered:
- Growth and Risk Asset: recognise that RG8 invests directly in Asian equities, which are considered growth and risk assets. Therefore, it should also be viewed as a growth and risk asset when assessing your overall investment portfolio. One advantage of the LIC structure is that it can retain profits and provide a consistent income stream over time, resembling an income vehicle for investors. However, it's important to note that income isn't guaranteed, and market fluctuations could lead to potential pauses or reductions in future dividend payments.
- Long Term Performance: Evaluate RG8's long-term performance by assessing whether it has delivered consistent after-fee returns over an extended period, typically exceeding five years. This analysis helps gauge the fund's ability to generate returns over extended investment horizons.
- Dividend Reliability: Investigate RG8's historical track record of maintaining or increasing dividend payments to shareholders. Reliable dividend payments can be a crucial consideration for investors seeking income stability.
- Underlying Holdings: Gain insights into RG8's underlying portfolio holdings. As LICs on the ASX invest in a diverse range of assets, including Asian equities and potentially other companies with significant Asian market exposure, it's important to understand the composition of these investments. You can find detailed information on RG8's holdings in its monthly updates or, if not available there, in the most recent annual report. Ensuring alignment with your investment goals and risk tolerance is vital.
- Fees: Consider the cost of investing in RG8 by evaluating its Management Expense Ratio (MER). The MER for RG8 was calculated at 1.78% in the most recent financial year. The MER provides insight into the expenses associated with the fund, expressed as a percentage of its net tangible assets. For LICs on the ASX, MER can range from as low as approximately 0.15% to as high as 3%. Understanding the MER helps assess the impact of fees on your investment returns.
A Listed Investment Company (LIC) is one type of investment fund structure (i.e. shareholder funds pooled together and invested together, either actively by a manager, or passively). Other types of investment funds include Exchange Traded Funds (ETFs) (which can be both actively managed or passive), Listed Investment Trusts, or Managed Funds.
The different structures have their own positives and negatives, which are dependent on the goals of the investor and their own individual investment structure.
Some of the benefits of the LIC structure (the structure of RG8) include:
- It's a closed-end investment vehicle: Meaning the manager has a fixed pool of capital to invest with a long-term mindset, and doesn't have the risk of fast redemptions by investors in a time of market panic.
- They can smoothen out income to the investors: Which can be beneficial for both tax efficiency and emotional mindset, due to being able to retain profits over time (as compared to the trust structure, which must distribute income and crystallized capital gains to the investor in that financial year).
- The income will most likely be in the form of fully franked dividends: Which is an attractive form for Australian retirees due to the franking system in Australia. Since LICs are companies themselves and pay tax in Australia on profits, they receive franking credits paid on the tax they pay, in addition to the franking credits they receive from their investment portfolio. Well-managed LICs ensure their franking credit reserves are sufficient to pay future fully franked dividends (see 'franking reserves' chart above).