I'll add that I can't be sure Regal has been selling because nominee accounts hide these things. However based on what Regal has said, it seems likely they have been a big part of the selling and if I am right about which nominee they held through, that selling is almost finished.
"Regal Partners has written off hundreds of millions of dollars invested in biotech hopeful Opthea and acknowledged the failure of its experimental vision loss treatment would mean a substantial hit to returns.
In a letter to investors, the firm’s veteran stockpicker Phil King said he took full responsibility for the loss, adding that the fund would pare back on risky bets in the future. Opthea represents one of Regal’s biggest investment failures and sent the firm’s share price tumbling last week.
“We got Opthea wrong and are reviewing what has happened to ensure it does not occur again,” King wrote. “What I can confirm is that stocks with event-driven binary outcomes will be limited to a far smaller weighting within our strategies going forward.”
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