Firetrail Investments

What Firetrail Investments does

Firetrail Investments is a Sydney-based Australian investment management boutique founded in 2018 that manages high-conviction active equity strategies for Australian and global mandates. The firm is majority owned by its investment staff, with Pinnacle Investment Management (ASX:PNP) as a partner and minority shareholder. It runs five core funds: the Firetrail Australian High Conviction Fund (concentrated portfolio of ~30 ASX-listed ideas), the Firetrail Australian Small Companies Fund – Active ETF (ASX:FSML, ~40 small-cap names), the Firetrail S3 Global Opportunities Fund – Active ETF (ASX:S3GO, ~30 global equities with a sustainable mandate), the Firetrail Absolute Return Fund (market-neutral long/short alternative), and the Firetrail Alpha Plus Fund – Complex ETF (ASX:FIRE, a 150/50 long/short strategy). Three of the five are wrapped as ASX-listed Active/Complex ETFs for retail and adviser access.

The investment process is built on deep fundamental research, a proprietary 6-segment style framework, and team-based decision-making that leverages a 19-person investment, dealing, and product specialist team with significant tenure continuity from the founders' prior decade-plus running the Macquarie High Conviction Fund. The firm does not disclose proprietary technology; its technology footprint consists of operational and risk analytics, with a dedicated Head of Risk and Analytics and an external iNAV provider (ICE Data Indices / Solactive) for the global ETF. ESG is integrated into decision-making, with the S3 Global Opportunities Fund holding RIAA's highest "Sustainable Plus" certification, and the firm being a signatory of PRI and TCFD.

Firetrail generates revenue through management fees (0.72%–1.28% p.a., varying by fund) and performance fees (15%–20% of outperformance relative to a hurdle rate) on assets under management. Distribution is multi-channel: direct wholesale applications, more than 17 Australian financial adviser platforms (Netwealth, HUB24, Mason Stevens, BT Panorama, Macquarie Wrap, CFS Edge, PowerWrap, among others), and ASX-listed ETFs accessible through any broker. Customers are wholesale/professional investors meeting Australian Corporations Act criteria and ASX retail investors, both in Australia and New Zealand.

Name

Firetrail Investments

Legal name

Firetrail Investments Pty Limited

Website

https://firetrail.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Ownership category

akta.pro rank

Product category

Active Equity Fund Management

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910)

SIC

Investment Advice (6282)

akta.pro primary industry

Target-Risk / Risk-Managed Allocation Funds (FSAAAEAG)

akta.pro secondary industries

ESG/SRI/Impact Mutual Funds (FSAAAEAI), Multi-Asset & Allocation ETFs (Balanced, Target Risk) (FSAAAFAF)

Keywords

• Active equity management
• High conviction funds
• Small cap equities
• Global equities investing
• Absolute return strategies

Headquarters

HQ city

Sydney

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. Management Fees: Fixed percentage fees charged on assets under management. Australian High Conviction Fund charges 0.90% p.a., Australian Small Companies Fund charges 0.85% p.a., S3 Global Opportunities Fund charges 0.72% p.a., Absolute Return Fund charges 1.28% p.a., and Alpha Plus Fund charges 0.89% p.a.
2. Performance Fees: Success fees based on outperformance of funds. Australian High Conviction Fund takes 15% of outperformance relative to hurdle rate. Australian Small Companies Fund and Alpha Plus Fund take 20% of outperformance. S3 Global Opportunities Fund takes 15% if applicable.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Firetrail Investments is an Australian investment management boutique that manages concentrated, high conviction equity portfolios across Australian large-cap, Australian small-cap, global equities, and long/short alternative strategies. The firm offers five flagship funds — the Australian High Conviction Fund, Australian Small Companies Fund (also listed as ASX:FSML), S3 Global Opportunities Fund (ASX:S3GO), Absolute Return Fund, and Alpha Plus Fund (ASX:FIRE) — distributed as unlisted wholesale funds and ASX-listed active ETFs, with revenue generated from asset-based management fees and performance fees.

Product overview

Firetrail Investments is an Australian investment management boutique offering a suite of five high conviction equity funds. The product lineup includes the Firetrail Australian High Conviction Fund (domestic large/mid-cap), Firetrail Australian Small Companies Fund – Active ETF (ASX:FSML) (domestic small-cap available both unlisted and as an active ETF), Firetrail S3 Global Opportunities Fund – Active ETF (ASX:S3GO) (global equities with sustainable focus, also available as active ETF), Firetrail Absolute Return Fund (market-neutral long/short alternative), and Firetrail Alpha Plus Fund – Complex ETF (ASX:FIRE) (150/50 long/short strategy now available as a Complex ETF). The funds range from pure long-only Australian equity strategies to global and alternative strategies, with several available as ASX-listed active ETFs for retail accessibility.

Differentiator

Problem solved

Functional benefit

Brands

• Firetrail Australian High Conviction Fund: A concentrated portfolio of approximately 30 of Firetrail's best ideas in Australian equities.
• Firetrail Australian Small Companies Fund – Active ETF (ASX:FSML)
• Firetrail S3 Global Opportunities Fund – Active ETF (ASX:S3GO)
• Firetrail Absolute Return Fund
• Firetrail Alpha Plus Fund – Complex ETF (ASX:FIRE)

Products and services

• Firetrail Australian High Conviction Fund A concentrated portfolio of approximately 30 of Firetrail's best ideas in Australian equities, built on deep fundamental research, aiming to outperform the S&P/ASX 200 Accumulation Index over the medium to long term. Aimed at wholesale and professional investors with a minimum investment of A$20,000.
• Firetrail Australian Small Companies Fund – Active ETF (ASX:FSML) A concentrated portfolio of approximately 40 of Firetrail's most compelling Australian small company ideas, built on fundamental research. Available both as an unlisted wholesale fund and as an Active ETF on the ASX under ticker FSML, aiming to outperform the S&P/ASX Small Ordinaries Accumulation Index. No minimum investment for ASX investors.
• Firetrail S3 Global Opportunities Fund – Active ETF (ASX:S3GO) A concentrated portfolio of approximately 30 of Firetrail's best global equity ideas with sustainable investment characteristics, employing fundamental analysis. Available as an Active ETF on the ASX under ticker S3GO, aiming to outperform the MSCI World Net Total Return Index (AUD). Holds RIAA's highest 'Sustainable Plus' certification.
• Firetrail Absolute Return Fund A market-neutral, uncorrelated alternative investment strategy using fundamental analysis for long positions and a combination of fundamental and systematic strategies for short positions, aiming to deliver positive absolute returns above the RBA Cash Rate. Aimed at wholesale and professional investors.
• Firetrail Alpha Plus Fund – Complex ETF (ASX:FIRE) A 150/50 long/short equity strategy of compelling equity ideas, available as a Complex ETF on the ASX under ticker FIRE, seeking alpha generation on both sides of the market with typical net market exposure of 80-100%. No minimum investment via ASX.

Quantifiable outcome

• 10.6% p.a. after fees from November 2005 to October 2017 (Macquarie High Conviction Fund track record)
• +2 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Seven partnerships are on record, tiered core and minor.

• Automic GroupcoreOthersAutomic Group serves as the registry for Firetrail's ASX-listed ETF products (FSML, S3GO, FIRE). They provide unit registry services and platform infrastructure for direct applications and investor management.
• CitigroupcoreOthersCitigroup acts as the Market Making Agent for Firetrail's Australian Small Companies Fund - Active ETF (FSML), providing liquidity and facilitating trading on the ASX.
• United Nations-supported Principles for Responsible Investment (PRI)minorOthersFiretrail is a signatory of PRI, committed to including ESG factors in their decision making. PRI is an investor initiative in partnership with UNEP Finance Initiative and UN Global Compact.
• Responsible Investment Association Australasia (RIAA)minorOthersFiretrail is a Member of RIAA, which champions responsible investing and a sustainable financial system in Australia and New Zealand. The S3 Global Opportunities Fund holds RIAA's highest 'Sustainable Plus' certification.
• Task Force on Climate-related Financial Disclosures (TCFD)minorOthersFiretrail is an official supporter of TCFD, committed to improving and increasing reporting of climate-related financial information.
• 40:40 VisionminorOthersFiretrail is a signatory of 40:40 Vision, an investor-led initiative calling for gender balance at the top levels of corporate Australia, pledging to support ASX300 companies to achieve gender balance in executive leadership teams by 2030.
• FAIRR InitiativeminorOthersFiretrail is a Member of FAIRR Initiative's investor network, helping to build a more sustainable food system by raising awareness of material risks and opportunities in global protein supply chains.

Scale indicators6 records

Recent moves9 records

Expansion highlights6 records

Broad incumbents

• Perpetual Limited: Long-established Australian fund manager with concentrated Australian equities, small cap, and alternative strategies; competing in similar adviser and platform channels as Firetrail.
• Magellan Financial Group: Largest Australian active global equities manager, offering both unlisted and ASX-listed ETFs; a much larger incumbent competing for the same retail and adviser global equity allocations as Firetrail.
• Pinnacle Investment Management: ASX-listed multi-affiliate platform and minority shareholder/partner of Firetrail; houses several comparable boutique equity managers, providing both partnership context and indirect competitive overlap.
• BetaShares Capital: Major Australian ETF issuer with an expanding active ETF lineup; competes directly with Firetrail's FSML, S3GO, and FIRE in the ASX active ETF wrapper category.

Direct peers

• Antipodes Partners: Sydney-based active global equities manager with a concentrated, valuation-driven philosophy; competes with Firetrail S3 Global Opportunities Fund for the same wholesale/retail global equity mandate.
• Loftus Peak: Sydney-based concentrated active manager with ASX-listed active ETFs (LPGD, MVA) focusing on global and Australian equities; similar boutique size, ETF wrapper strategy, and high-conviction approach to Firetrail.
• Plato Investment Management: Australian boutique active equity manager offering high-conviction Australian and global equity strategies, including ASX-listed active ETFs — directly comparable in philosophy, scale, and distribution model to Firetrail.
• Spheria Asset Management: Australian boutique specializing in concentrated Australian and global small/mid-cap equities; mirrors Firetrail's high-conviction approach and Pinnacle-style boutique distribution model.
• Airlie Funds Management: Concentrated Australian equities boutique, formerly part of the Macquarie group — Firetrail PM Annabel Riggs previously worked at Airlie, and the firm shares the active, high-conviction Australian equity thesis.

Emerging players

• Alphinity Investment Management: Australian boutique active equities manager with concentrated strategies and global mandates; smaller and more emerging than Firetrail but with comparable philosophy and wholesale distribution.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/firetrail-investments

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles19 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments4 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Firetrail Investments