VGI Partners is a global equity manager that merged with Regal Funds in 2022, while the portfolio is an active long-short global equity fund.
In its result for FY25, it said the company reported a net loss after tax of $17.6 million, while the portfolio lost 3 per cent compared to gains of 17.8 per cent over the previous year. A large part of this was attributed to a holding in biotech Opthea which saw its shares suspended from trading after the failure of a clinical trial.
As a result, the board of the LIC stated portfolio responsibility will be handed to Regal Partners’ chief investment officer for global equities, Paul Moore, who joined Regal in 2023 with the acquisition of PM Capital.
Portfolio managers Marco Anselmi and Henry Hill will continue in their roles, and the investment guidelines will remain unchanged.
It stated: “Given Paul’s significant investing success and deep global equity investing experience, the board is confident the transition in investment management duties will lead to not only continuing portfolio performance but also a closing of the discount to NTA.”
Following the change, King will now focus on Regal’s existing domestic and Asia-focused long-short equities strategies in his capacity as chief investment officer for long-short equities.
David Jones, chairman of VG1, said: “Paul Moore has established an impressive long-term track record in investing in global equities, dating back to his establishment of the PM Capital business in 1998 and his earlier career success at Bankers Trust.
“We look forward to the long-term stewardship and investment oversight he will bring to the VG1 portfolio for the years ahead.
“As a result of this realignment of responsibilities, Philip King, CIO long-short equities, will step down from investment management oversight of VG1, focusing on Regal’s existing domestic and Asia-focused long-short equity strategies.”
