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Regal Partners (RPL) $3.28

The fund manager was out with a quarterly update on Monday night showing net inflows of $200m, with an additional ~$100m earnt through performance. This takes the group Funds Under Management (FUM) to $5.5b and only requires an additional $100m in net flows in the fourth quarter to hit the $1b mark for the year. While the numbers were in line with expectations, we were slightly disappointed with the flows given $200m was earmarked earlier in the year for their new Private Credit fund. Despite this, Regal is one of only a handful of Fund Managers experiencing inflows to their products and they will be adding a new alternative Ag fund to their portfolio suite next month to further support flows. They have ~$210m in cash on the balance sheet and are incrementally putting it to work including the acquisition of Asian long/short manager East Point. We continue to see Regal as the premier listed alternative asset manager with the ability to grow FUM both organically and inorganically with its balance sheet.

MM is long RPL in the Emerging Companies Portfolio, and bullish above $3
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Regal Partners (RPL)
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