About us

Firetrail is an investment management boutique that specialises in high conviction investing. We build concentrated portfolios of our best ideas, to generate outstanding long-term performance for our clients.

“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

Managing Director & Portfolio Manager

Patrick Hodgens

Patrick is the Managing Director at Firetrail Investments as well as Portfolio Manager for the Firetrail Australian High Conviction Fund, Firetrail Absolute Return Fund, Firetrail Australian Small Companies Fund, and Firetrail S3 Global Opportunities Fund. Patrick has over 36 years experience investing in equity markets.
Deputy Managing Director & Portfolio Manager

Blake Henricks

Blake is the Deputy Managing Director at Firetrail Investments as well as Portfolio Manager for the Firetrail Australian High Conviction Fund. Blake’s primary sector responsibilities are Resources and REITs. Blake has over 18 years’ experience investing in equity markets.

Investment Team (Alphabetical Order)

Equity Analyst

Alex Collen

Alex is an Equity Analyst at Firetrail Investments. Alex joined Firetrail in 2021 and has 4 years of relevant industry experience. Prior to joining Firetrail, Alex worked as an analyst in Business Development at Wesfarmers. Alex holds a Bachelors of Engineering (Mining) and Commerce (Finance, Hons.).
Equity Analyst

Annabel Riggs

Annabel is an Equity Analyst at Firetrail Investments. Annabel joined Firetrail in 2021 and has 6 years relevant industry experience. Annabel is a CFA Charter holder and holds a Bachelor of Finance and Commerce (International Business) from the University of Adelaide.
Head of Investment Strategy

Anthony Doyle

Anthony is the Head of Investment Strategy for the Firetrail S3 Global Opportunities Fund. His primary responsibilities include fundamental idea generation, portfolio analysis, and economic insights including currency and macroeconomic risk management. Anthony has two decades of experience including 10 years working as an investment manager in the UK.
Product Manager

Chris Robinson

Chris is a product manager at Firetrail Investments. His primary responsibility is providing investment and portfolio insights to professional investors and support to the Firetrail investment team. Chris has 8 years’ experience in financial services and investment management and holds a Bachelor of Economics from Sydney University.
Equity Analyst

Carta Ryan

Carta is an Equity Analyst at Firetrail Investments. Carta’s primary sector responsibility is Small Companies in the Media and Retail Sectors. Carta joined Firetrail in 2020 following a successful internship program with UQ.
Office Manager

Daisy Venn

Daisy is the Office Manager at Firetrail Investments. Daisy's primary responsibilities include office 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 6 years’ worth of event & administration experience.
Portfolio Manager

Eleanor Swanson

Eleanor is a Portfolio Manager at Firetrail Investments for the Firetrail Australian Small Companies Fund. Eleanor’s primary sector responsibilities include Small Companies. Eleanor has 6 years relevant industry experience.
Investment Specialist & Dealer

Eliza Clarke

Eliza is an Investment Specialist at Firetrail Investments. Her primary responsibility is providing investment and portfolio insights to professional investors. Eliza also acts as back-up dealer, supporting best execution, cashflow management, market intelligence and brokerage management. Eliza is an MBA graduate with over 9 years relevant industry experience across Asian and Australian markets.
Equity Analyst

Fred Skulley

Fred is an Equity Analyst at Firetrail Investments. Fred joined Firetrail in 2020 and has 6 years relevant industry experience. Fred holds a Bachelor of Commerce (Liberal Studies).
Equity Analyst

Georgia Locke

Georgia is an Equity Analyst at Firetrail Investments. Georgia’s primary sector responsibility is Global, ESG / Sustainability research. Georgia joined Firetrail in 2021 and holds a Bachelor of Economics majoring in Economics and Political Economy.
Portfolio Manager

James Miller

James is a Portfolio Manager at Firetrail Investments for the Firetrail High Conviction Fund and the Firetrail Absolute Return Fund. James’ primary sector responsibilities is Industrials stocks. James has over 14 years’ experience investing in equity markets.
Equity Analyst

Jasper Mainwaring

Jasper is an Equity Analyst at Firetrail Investments. Jasper joined Firetrail in 2021 as an analyst for Firetrail’s Australian High Conviction Fund following a successful internship. Jasper holds a Bachelor of Economics (Finance, Economics) and Bachelor of Arts (Mandarin).
Portfolio Manager

Justin Gray

Justin is Portfolio Manager of the Firetrail S3 Global Opportunities Fund and Head of Risk at Firetrail. Justin’s primary responsibilities include daily portfolio management, oversight of investment risk management and fundamental analysis. Justin is a qualified actuary and has over 20 years relevant industry experience.
Head of Dealing

Kathryn Koutouzis

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 8 years relevant industry experience.
Investment Director

Kyle Macintyre

Kyle is an Investment Director at Firetrail Investments. His primary responsibility is providing investment and portfolio insights to professional investors. Kyle is also member of the Firetrail Investment and Management Committees. Kyle is an MBA graduate with over 10 years relevant investment and SME experience.
Portfolio Manager

Matthew Fist

Matthew is a Portfolio Manager at Firetrail Investments for the Firetrail Australian Small Companies Fund. Matthew’s primary sector responsibility are Resources and Industrial Small Companies. Matthew has over 11 years industry experience.
Dealer

Mehul Medhekar

Mehul is a Dealer at Firertail Investments. Mehul’s primary responsibilities include best execution, cashflow management, brokerage management and portfolio analytics. Mehul has over 6 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 Chartered Financial Analyst (CFA) charter holder.
Portfolio Manager

Ramoun Lazar

Ramoun is a Portfolio Manager at Firetrail Investments for the Firetrail Absolute Return Fund. Ramoun’s primary sector responsibilities include Industrials, Materials and Steel. Ramoun has over 18 years industry experience.
Risk and Analytics

Sarah Akari

Sarah is part of the risk and analytics team at Firetrail Investments. Sarah’s primary responsibilities are investment risk management, portfolio analytics and systems. Sarah joined Firetrail in 2021 and has 5 years relevant industry experience, following prior roles at Westpac and Macquarie Group. Sarah holds a Bachelor of Applied Finance with a Bachelor of Actuarial Studies and is currently completing a Master of Statistics.
Portfolio Manager

Scott Olsson

Scott is a Portfolio Manager at Firetrail Investments for the Firetrail High Conviction Fund. Scott’s primary sector responsibilities include Financials, Healthcare and Telecommunications. Scott has over 16 years industry experience.
Equity Analyst

Sean Drennan

Sean is an Equity Analyst at Firetrail Investments. Sean’s primary sector responsibilities include Industrials. Sean has over 4 years relevant industry experience.

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:

1

Every company has a price – Any company may be an investment opportunity if it is mispriced. In our experience, investment opportunities are not confined to a particular industry, company type or investment style (e.g. value or growth).
2

Share prices follow earnings – No matter how undervalued a company may seem, if earnings expectations are downgraded, the share price will generally fall. Companies generally reach fair value when they meet or beat market earnings expectations.
3

Companies become mispriced when recent information is incorrectly extrapolated – The market is always trying to value a company by pricing the future. Often, the market will take current information and extrapolate it. But in our experience, the status quo rarely prevails. For example, an industry cycle may turn or a company’s fortunes may change. Significant investment opportunities arise when the market’s view on the future is inaccurate. To uncover and capitalise on the opportunities, you must be willing to look beyond the present.
4

Fundamental analysis allows the flexibility to capture unique opportunities – Every company is different. So is every investment opportunity. Fundamental analysis is the best way to capture all the different opportunities available in the market through time. A simple rules-based approach is not effective.

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.

To learn more about our sustainable investment credentials and approach view our Sustainability page.