Regal Investment Fund (ASX:RF1) reported estimated funds under management of about AU$21 billion as of April 30, according to a Tuesday filing with the Australian bourse.

Regal reported a fund size of AU$770 million as of April 30, and an annualized return of more than 17% since its inception in June 2019, per the filing.

In its market outlook, Regal also saw a 171% increase in the price of gold between September 2022 and March this year, saying that the "gold price cycle may be just starting." It also said small caps on the Australian stock exchange appear poised for a potential rebound.