Phil King's Regal Funds Management has returned money to external investors for one of its smaller funds, but will continue to run the strategy internally.
The Regal Global Equity Income Fund used a quantitative approach to screen for relative value opportunities in the global options and futures markets, and was open to wholesale investors with the minimum investment size set at $100,000.
The strategy will continue to run internally, with plans to "possibly" open it back to external investors down the line.
The amount it returned to investors is less than $10 million.
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"We are being cautious with extreme levels of volatility in the market," Regal Funds Management chief executive Brendan O'Connor told Financial Standard.
"We are focused on our core business at the moment."
Regal manages about $2 billion across all its strategies as at February end, with almost all of its funds reporting double digit returns since inception.
In recent years it has looked to diversify its offering, with a partnership with agricultural manager Kilter Rural, an ASX-listed fund-of-funds, a resources sector royalties fund with Gresham.