Webinar Feedback

A few notes/thoughts from the webinar that took place today:

- Format was different to the previous webinars that I attended from Regal that were always just audio and a slide pack. This one was more a Q&A format with Philip King (CIO) and Brendan O'Connor (CEO) on video face to face with the odd chart shown but not much in the way of powerpoint slides. Only went for around 30 minutes all up.
- They seemed very happy with the performance this year (even thought they admit they were caught off-guard and performed poorly during the March crash).
- The question was asked about dividends given they had some great payouts the last year. Philip said they'd hope to continue this level of payout but with the way it is structured (as an investment Trust), there isn't as much flexibility. I feel that if they can have another 12 months with a good dividend return, RF1 might start to attract more SMSF/Boomer/Retirees investment which may well be the support RF1 needs to trade at a nice premium to NTA.
- Sticking to high growth stocks that they can get in to early or on good cap raise terms. Value stocks on the radar and will continue to monitor. The bank stocks were mentioned as short term gain but low earnings growth in the medium-long term with all of the growing competition.
- RF1 allocating funds more towards the alternative Regal strategies rather than largely in the Market Neutral strategy fund. Recently added their Long Short Healthcare strategy fund to the RF1 mix (8%). Large RF1 weighting in Emerging and Small Companies funds (around 50%) which has performed very well in 2020.
- Buyback program has been deemed successful and highly accreditive to the current NAV. They mentioned the average buyback price for the year has been around $1 less than the current NTA.
- Mentioned that it's difficult shorting these days any many funds have stopped shorting all together but Regal will maintain their strategy. They noted they are looking lately at shorting what they deem to be over bought/valued stocks. They singled out Tesla, but said they haven't shorted Tesla yet.
- Gold was mentioned. RF1 have some exposure to a producer (can't recall the name) and DEG as well. Philip mentioned that they still see a lot of upside to DEG even at current market cap. Also a couple of other junior explorers in the RF1 portfolio.
- Philip is optimistic on the 2021 outlook, with low interest rates and free money from central banks pushing along the economy along with a lot of growth with countries and international travel resuming.

It would be great to get the thoughts from others here who also attended.

Very happy with my holding and even happier I was able to average down a few times in late March/April. Looking forward to the next dividend announcement.