Phil King backs DroneShield on Regal's road to redemption
It's had a difficult year, but Regal's bet on the now $2 billion company has proved spectacularly successful as it looks headed for index inclusion.
Sydney hedge fund titan Phil King has taken a beating this year, after his firm Regal Partners' bungled bets on biotech Opthea and luxury goods platform Cettire.
But this week, he bounced back in a big way as another Regal bet, DroneShield, soared to fresh record highs, allowing Regal to take some money off the table.
"We're very bullish on the stock because we think it's going to be a beneficiary of the increased defence spending across the world that's capturing headlines at the moment," King told Capital Brief.
Regal is one the biggest winners from a stunning rally in DroneShield, which is up more than 200% this year and closed with a market value above $2 billion on Thursday. And King thinks it could be headed for inclusion in the market's key benchmark index later this year.
