21 Aug 2026Regal Funds ManagementBHPHeldRegal Funds Management continues to hold BHP Group because it views the company's result as the standout of the ASX reporting season, with copper production set to rise 50% by the mid-2030s as three major projects come online over the next 12-18 months, self-funded while generating a projected $35 billion of attributable free cash flow after growth investment over five years. Regal's Aitken believes consensus underestimates BHP's earnings and payout potential, arguing that forecasts assuming commodity prices revert to the cost curve are flawed given this has not occurred in iron ore for fifteen years and is unlikely in copper. The manager sees BHP's index weight potentially rising to around 15% versus CBA's 8.5%, with BHP possibly reaching double CBA's market capitalisation as earnings revisions turn positive and its dividend yield exceeds the bank's.
21 Aug 2026Regal Funds ManagementCBAReducedRegal Funds Management reduced its position in Commonwealth Bank of Australia because it believes Australia's largest mortgage bank faces a challenging domestic macro backdrop of slowing credit growth, softening house prices, margin pressure, and rising bad debts that will squeeze earnings per share. Regal's Aitken views consensus expectations for CBA earnings to grow every year through FY29 as an extremely optimistic assumption given the macro overlay, rather than an implausible one outright. The manager sees a net rotation of more than A$200 billion in market capitalisation away from CBA toward BHP as highly material for Australian equities, reflecting a view that capital is shifting from expensive, growth-challenged domestic banks toward resource companies with stronger earnings upgrade potential.
Regal Funds Management is a Sydney-based Australian hedge fund manager founded in 2004 by Phil King, specializing in long/short Australian and Asian equities alongside a range of alternative strategies including resources, healthcare and event-driven funds. Regal is known for a highly active, tactical trading style, combining fundamental research with a willingness to take significant short positions and rapidly adjust portfolio exposure in response to changing market conditions. The firm has expanded from its original flagship long/short fund into a diversified multi-strategy alternatives manager, including listed investment company vehicles for retail investors. Regal has built a strong reputation for generating strong absolute returns, particularly during volatile market periods.
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11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.
21 Aug 2026Regal Funds ManagementBHPHeldRegal Funds Management continues to hold BHP Group because it views the company's result as the standout of the ASX reporting season, with copper production set to rise 50% by the mid-2030s as three major projects come online over the next 12-18 months, self-funded while generating a projected $35 billion of attributable free cash flow after growth investment over five years. Regal's Aitken believes consensus underestimates BHP's earnings and payout potential, arguing that forecasts assuming commodity prices revert to the cost curve are flawed given this has not occurred in iron ore for fifteen years and is unlikely in copper. The manager sees BHP's index weight potentially rising to around 15% versus CBA's 8.5%, with BHP possibly reaching double CBA's market capitalisation as earnings revisions turn positive and its dividend yield exceeds the bank's.
21 Aug 2026Regal Funds ManagementCBAReducedRegal Funds Management reduced its position in Commonwealth Bank of Australia because it believes Australia's largest mortgage bank faces a challenging domestic macro backdrop of slowing credit growth, softening house prices, margin pressure, and rising bad debts that will squeeze earnings per share. Regal's Aitken views consensus expectations for CBA earnings to grow every year through FY29 as an extremely optimistic assumption given the macro overlay, rather than an implausible one outright. The manager sees a net rotation of more than A$200 billion in market capitalisation away from CBA toward BHP as highly material for Australian equities, reflecting a view that capital is shifting from expensive, growth-challenged domestic banks toward resource companies with stronger earnings upgrade potential.
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