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Good evening,

Regal Partners turned heads earlier this month when it announced it expected to recognise at least $35 million in performance fee revenue in the first half of the financial year. How did it get there? Regal called out two strategies, including its Global Small Companies, launched in April.

Three months’ worth of performance does not a track record make, but a fund update put in front of investors on Tuesday gives us some clues as to how portfolio manager Jessica Farr-Jones pulled off a jaw-dropping 14.7 per cent return in June, and 40.4 per cent since inception (see chart below).

Regal Global Small Companies Fund is first and foremost a global small and mid-cap listed strategy, and boy did some of those bets pay off. But, it wasn’t just the listed positions where Regal found winners. 3.8 per cent of the 14.7 per cent return for the month came from a single unlisted position: ATI Global.

Read the full story tomorrow and more on the Street Talk page.

The Australian sharemarket closed at a fresh record on Tuesday in a broad rally led by technology and healthcare stocks as investors brushed off US President Donald Trump’s latest tariff threats.

Click here for the latest equity market wrap.