About us
“Our mission is simple. To generate outstanding performance for our clients.”
The Firetrail story
Firetrail is an investment management boutique founded in 2018. The firm was established with a goal to align our people with our clients. Importantly, the firm is majority owned by our investment staff and the team is invested alongside our clients in the strategies.
Pinnacle Investment Management are partners and minority shareholders in the business.
The Firetrail history
While founded in 2018, the Firetrail staff have a long successful track record of investing in equities.
Prior to establishing Firetrail, the portfolio management team including Patrick Hodgens, Blake Henricks and James Miller worked together at Macquarie for over a decade. The team were responsible for managing the highly successful Macquarie High Conviction Fund, which delivered 10.6% p.a. (after fees) from inception in November 2005 to October 2017. The Fund was one of the top performing Australian equity funds over the medium and long term.*
*Mercer Insight
Our people
Leadership Team
Patrick is the Managing Director at Firetrail as well as a Portfolio Manager for the Firetrail Australian High Conviction Fund, Firetrail Australian Small Companies Fund, Firetrail Absolute Return Fund, and Firetrail S3 Global Opportunities Fund. Patrick has over 39 years’ experience investing in equity markets. Prior to joining Firetrail, Patrick spent 28 years at Macquarie Group as an Executive Director and Head of Listed Equities. Patrick holds a Bachelor of Business from the University of Technology Sydney.
Blake is the Deputy Managing Director at Firetrail as well as Portfolio Manager for the Firetrail Australian High Conviction Fund. Blake’s primary sector responsibilities are Resources, Oil and REITs. Blake has over 21 years’ experience investing in equity markets. Prior to joining Firetrail, Blake spent 12 years at Macquarie Group where he was Co-Lead Portfolio Manager of the Macquarie High Conviction Fund. Blake holds a Bachelor of Mathematics and Finance (First Class Honours) from the University of Wollongong (Australia). Blake is also a Chartered Alternative Investment Analyst (CAIA).
Investment Team (Alphabetical Order)
Annabel is a Portfolio Manager at Firetrail Investments for the Firetrail S3 Global Opportunities Fund. Annabel joined Firetrail in 2021 and has over 10 years’ relevant industry experience. Prior to joining Firetrail, Annabel worked as an analyst at Airlie Funds Management. Annabel holds a Bachelor of Finance and Commerce (International Business) and is a CFA Charterholder.
Ben is a Product Specialist at Firetrail Investments. Ben’s primary responsibility is providing investment and portfolio insights to professional investors and support to the Firetrail investment team. Ben holds a Bachelor of Commerce from Macquarie University and a Masters of Finance from UNSW.
Carta is an Equity Analyst at Firetrail Investments for the Firetrail Australian Small Companies Fund. Carta’s primary sector responsibility is Small Companies in the Media and Retail Sectors. Carta joined Firetrail in 2020 following a successful internship. Carta holds a Bachelor of Advanced Finance and Economics (Honours) from The University of Queensland.
Catie is a Product Specialist at Firetrail Investments. Catie’s primary responsibility is providing investment and portfolio insights to professional investors and support to the Firetrail investment team. Catie holds a Bachelor of Economics from the University of Technology Sydney.
Daisy is the Business Manager at Firetrail Investments. Daisy’s primary responsibilities include business management and administrative support to the Managing Director and the investment team. Daisy also plans and executes company events and ensures a vibrant office culture. She has over 7 years’ worth of event and administration experience.
Dean is an Equity Analyst at Firetrail Investments for the Firetrail Australian Small Companies Fund and Firetrail Absolute Return Fund. Dean has over 14 years’ relevant industry experience. Prior to joining Firetrail, Dean was Head of Emerging Companies ECM and Private Capital at Barrenjoey, and Deputy Portfolio Manager (Small Companies) at Perpetual Investments. Dean holds a Bachelor of Applied Finance from Macquarie University.
Eleanor Swanson is a Portfolio Manager at Firetrail Investments for the Firetrail Australian Small Companies Fund. Eleanor's primary sector responsibilities are Technology, Healthcare and Australian Small Companies. Eleanor has over 10 years’ relevant industry experience. Prior to joining Firetrail, she worked as an analyst at Macquarie Group with the Firetrail team on the Macquarie Australian Equities strategies. Eleanor holds a Bachelor of Science (Immunobiology) and a Bachelor of Commerce (Finance) from the University of Sydney. She is also a CFA Charterholder.
Fred is a Global Equity Analyst at Firetrail Investments. Fred joined Firetrail in 2020 and has over 8 years’ relevant industry experience. Prior to joining Firetrail, he was an Analyst at Goldman Sachs. Fred holds a Bachelor of Commerce (Liberal Studies) from The University of Sydney and is a CFA Charterholder.
James is a Portfolio Manager at Firetrail Investments for the Firetrail S3 Global Opportunities Fund. James’ primary sector responsibility is in Global Industrials. James has over 17 years’ experience investing in equity markets. Prior to joining Firetrail, James was Co-Lead Portfolio Manager for the Macquarie High Conviction Fund, the Macquarie Pure Alpha Fund and the Macquarie Australia Plus Fund. James holds a Bachelor of Engineering (Honours) and a Master of Applied Finance.
John is Head of Risk and Analytics at Firetrail Investments. John’s primary responsibilities include investment risk management, portfolio analytics and systems. John has over 18 years’ quantitative investment experience. Prior to joining Firetrail, he spent 10 years at hedge fund Triple3 Partners as Portfolio Manager and Quantitative Analyst. John holds a Bachelor of Science, Mathematics and Statistics (Honours, University Medal) from the University of Sydney. He has completed all three levels of the CFA program.
Justin is a Portfolio Manager at Firetrail Investments for the Firetrail S3 Global Opportunities Fund. Justin’s primary responsibilities include daily portfolio management, investment risk management, and fundamental analysis of global equities. Justin has over 22 years’ relevant industry experience. Prior to joining Firetrail, he spent 10 years at Macquarie Group as Head of Quantitative Research and Co-Lead Portfolio Manager and Analyst for the Macquarie Small Companies Fund. Justin holds a Bachelor of Commerce and is a Fellow of the Institute of Actuaries of Australia.
Kathryn is the Head of Dealing at Firetrail Investments. Kathryn’s primary responsibilities include best execution, cashflow management, market intelligence and brokerage management. Kathryn has over 11 years’ relevant industry experience. Prior to joining Firetrail, Kathryn spent 6 years as an Equities Sales and Portfolio Trader at a top-rated global institutional securities house. Kathryn holds a Bachelor of Commerce with a double major in Finance and International Business.
Matthew is a Portfolio Manager at Firetrail Investments for the Firetrail Australian Small Companies Fund. Matthew’s primary sector responsibilities are Resources and Industrial Small Companies. Matthew has over 14 years’ relevant industry experience. Prior to joining Firetrail, Matthew was Co-Lead Portfolio Manager for the Macquarie Australian Small Companies Fund. Matthew holds a Bachelor of Mechanical Engineering and a Bachelor of Science majoring in Economic Geology.
Matthew is an Equity Analyst at Firetrail Investments for the Firetrail Australian High Conviction Fund. Matthew is responsible for sourcing compelling investment ideas from across the Australian market. Matthew joined Firetrail in 2024 and has over 10 years’ relevant industry experience. Prior to joining Firetrail, Matthew was a Portfolio Manager for South Africa’s most successful hedge fund, Peregrine Capital. Matthew holds a Bachelor of Commerce (Honours). He is a qualified Chartered Accountant and a CFA Charterholder.
Mehul is a Co-Lead Dealer at Firetail Investments. Mehul's primary responsibilities include best execution, cashflow management, brokerage management and portfolio analytics. Mehul has over 11 years’ experience as a buy-side equity dealer, including 3 years at a hedge fund in London. Mehul holds a Bachelor of Commerce with a double major in Finance and Information Systems Management and is a CFA Charterholder.
Scott is a Portfolio Manager at Firetrail Investments for the Firetrail Australian High Conviction Fund. Scott’s primary sector responsibilities include Financials, Healthcare and Telecommunications. Scott has over 19 years’ relevant industry experience. Prior to joining Firetrail, he worked as an analyst at Macquarie Group for the Macquarie Australian Equities strategies. Scott was also a highly rated sell-side analyst at UBS for over 10 years. Scott holds a Bachelor of Commerce and Applied Finance majoring in Actuarial Studies and is a Fellow of the Institute of Actuaries of Australia.
Sophie is an Equity Analyst at Firetrail Investments. Sophie’s primary sector responsibilities are in Consumer and Industrials. Sophie joined Firetrail in 2023 and has over 5 years’ relevant industry experience. Prior to joining Firetrail, Sophie was an Equity Analyst at Goldman Sachs. Sophie holds a Bachelor of Commerce and Bachelor of Economics (Finance, Honours Class I) from the University of Queensland.
Our approach
Focused
We only focus on ‘What Matters’
Flexible
Portfolios are built on the best opportunities
Experienced
High conviction investing experts
Philosophy
Our philosophy is built on four beliefs:
Process
Idea Generation – Idea generation reduces our universe down to attractive opportunities for further research. We have a diverse range of sources for investment ideas: proprietary screening, analyst ideas, corporate events (such as IPOs), and identifying positive change catalysts.
Focused Research – The focused research stage is the most important and intensive part of the investment process. During the focused research stage we aim to develop our investment thesis on ‘What Matters’ for the individual company we are researching, undertake rigorous fundamental research to build and test our investment thesis, finalise our earnings forecast and company valuation.
We value companies based on a medium term earnings horizon. We look to buy companies that are cheap based on our medium term forecast. We aim to avoid investing in companies that we believe are at risk of a material earnings downgrade. In our long short strategy, these companies become candidates for our short portfolio.
Team Decision Making – Decisions are made by a team of experienced portfolio managers who have worked together for over ten years. Investment decisions are made formally at an investment committee based on rigorous fundamental research.
The clear benefits of a team based approach is a reduction in key person risk and increased diversity of thought in the portfolio.
Portfolio Construction and Risk Management – Following the decision making process, investment ideas with our highest conviction will enter the portfolio. When constructing our portfolios key considerations include:
- Position Sizing: Which will reflect our conviction in the position, risk and liquidity
- Risk analysis: How a position will affect the portfolio and thematic risks
- Portfolio Manager review: Top down portfolio and risk management review
- Buy/Sell discipline: Allocation of capital is determined by best available opportunities
We aim to build high conviction equities portfolios of our best investment ideas.
Sustainability
Learn more about our approach to sustainable investing in our Firetrail S3 Global Opportunities Fund (Managed Fund).
To learn more about our sustainable investment credentials and approach view our Sustainability page.