02 Feb 2023 RG8 investor letter – December 2022
“Our goal is to increase the middle-income population to more than 800 million in the next 15 years, and promote the sustained growth of our super-sized market.”
– Xi Jinping, President of the People’s Republic of China, November 2022
For the twelve months ended 31 December 2022 (CY22), Regal Asian Investments Limited (ASX:RG8) generated a net portfolio return of -5.3% after all fees.¹ For the second half of the year (2H CY22), which also marked the first semi-annual period for RG8 under the management of Regal Funds Management, the net portfolio return after all fees was +9.5%.
In this letter we discuss some of the regional themes impacting our investment decisions and a few key stocks of note. Before delving into the portfolio, it is also worth providing an update on some recent corporate activities of relevance to RG8.
¹ Past performance is not a reliable indicator of future performance and should not be relied upon as an indication of the future performance of any fund or strategy