Regal Partners Ltd

2. Key Holdings

The portfolio is dominated by a few high-conviction positions in the Basic Materials, Financial Services, and Healthcare sectors.

• Freeport-McMoRan Inc (FCX): Remains the largest holding, valued at $95.34 million, representing 15.80% of the portfolio. Despite a reduction of 2.43 million shares (-15.2%), FCX retains its position as the primary anchor, indicating a continued bullish stance on copper and gold.
• Apollo Global Management Inc (APO): The second-largest holding at $84.58 million (14.02%). The firm increased this stake by 32.3%, adding $16.54 million, signaling strong confidence in alternative asset management.
• Sanofi SA (SNY): A major healthcare position valued at $78.24 million (12.97%). This position was increased by 7.1%, suggesting a defensive value play in the pharmaceutical sector.
• Alphabet Inc (GOOG): The top technology holding, valued at $52.19 million (8.65%).
• Royalty Pharma PLC: Represents 8.39% of the portfolio ($50.63M), further diversifying the healthcare exposure through a royalty model.