It's a timely month for Regal Funds Management's to knock it out of the park.

Investors in its Regal Australian Small Companies Fund were on Thursday that the fund was up 11.37 per cent in April, compared to a 4.1 per cent jump in the index, to be up 37.49 per cent for the calendar year (index: 17.2 per cent).

The manager said Zip Co and Megaport were among the biggest positive contributors, while a key detractor was its short positions in the retail sector, according to the monthly update.

Phil King says the local sharemarket is in the midst of a structural change. Photo: Sasha Woolley

Phil King says the local sharemarket is in the midst of a structural change. 

The numbers come as Regal rattles the tin for its first listed investment vehicle, Regal Investment Fund (RF1).

It's understood Regal's team has pitched to potential investors in New Zealand and Perth, is in Melbourne this week and is back to Sydney next week.