From global market turmoil to the writedown of a $220 million bet on biotech hopeful Opthea, the past year has been more difficult than most for Regal Funds Management, one of the country’s highest profile stock-pickers.

But the firm’s latest strategy, a global small caps fund run by 33-year-old Jessica Farr-Jones, is providing more than a glimmer of optimism after sealing a 40 per cent return in its first three months. That compares to an 8 per cent gain in the Russell 2000, which tracks companies with an average market capitalisation of $US4.8 billion ($7.4 billion).