I was just reading their April newsletter today. Not a client,...

I was just reading their April newsletter today. Not a client, just found it on their website after their recent selling.

https://www.regalfm.com/site/PDF/1079_0/LatestMonthlyNewsletterRALS

The Regal Australian Long Short Equity Fund returned 7.2% for themonth of April, compared to a 2.5% rise in the ASX 300 AccumulationIndex, representing relative outperformance of 4.7%.

For the first 4-months of 2019 the Fund is up 25% compared to a 14%increase in the ASX 300 Accumulation Index, hence adding alpha of11% for the calendar year to date.

Positive contributors to Fund performance for the month included along position in Zip Co (+79%) on the back of a positive quarterlyupdate and undervalued status relative to other listed peers (includingAfterpay). A long position in Appen also positively contributed (+14%)which was supported by global strength in technology stocks andcompletion of the Figure Eight acquisition, a machine learningplatform, following the announcement in March.

A key detractor for the month were our short positions in the retailsector which we feel will continue to come under pressure from a weakhousing market and the growing shift to on-line retailing.