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 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.
Deputy Managing Director & Portfolio Manager

Blake Henricks

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 22 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)

Equity Analyst

Alex Collen

Alex is an Equity Analyst at Firetrail Investments. His primary responsibility is the fundamental analysis of Resources and supply / demand of Commodities. Alex joined Firetrail in 2021 and has over 6 years’ relevant industry experience. Prior to joining Firetrail, Alex worked as an analyst in Corporate Finance at Wesfarmers. Alex holds a Bachelor of Engineering (Mining) and Commerce (Finance, Hons.).
Equity Analyst

Annabel Riggs

Annabel is a Global Equity Analyst at Firetrail Investments. Annabel joined Firetrail in 2021 and has over 9 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.
Head of Investment Strategy, Global

Anthony Doyle

Anthony Doyle has over 21 years’ experience in global markets and is a highly regarded Economist and Investment Strategist. His role at Firetrail involves providing economic analysis that impacts portfolio decision making, currency risk management, portfolio analysis and insights.

Prior to Firetrail, Anthony worked as an investment strategist covering global capital markets for investment firms such as Fidelity International (Sydney), M&G Investments (London), Amundi Pioneer (Dublin) and Macquarie Group (Sydney).

He holds a Master of Business Administration from the University of London, a Master of Economic Studies from the University of New England, a Bachelor of Commerce from Macquarie University, and the CFA Institute Certificate in ESG Investing.

Equity Analyst

Carta Ryan

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 Ryan
Product Specialist

Catie Ryan

Catie is a Product Specialist at Firetrail Investments. Catie’s primary responsibility is product management and providing support to the Firetrail investment team. Catie is in her final year of her Bachelor of Economics (Business Law) at the University of Technology Sydney.
Investment Specialist

Chris Robinson

Chris is an Investment Specialist at Firetrail Investments. His primary responsibility is providing investment and portfolio insights to professional investors and support to the Firetrail investment team. Chris has over 6 years’ relevant experience in investment management, with prior roles at Fidelity International and Pinnacle Investment Management. Chris holds a Bachelor of Economics from The University of Sydney and is a CFA Charterholder.
Business Manager

Daisy Venn

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 Fremder
Equity Analyst

Dean Fremder

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. Matthew holds a Bachelor of Applied Finance from Macquarie University.
Portfolio Manager

Eleanor Swanson

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.
Investment Specialist

Eliza Clarke

Eliza is an Investment Specialist at Firetrail Investments. Her primary responsibility is providing investment and portfolio insights to professional investors across the Institutional and Retail marketplace.

Eliza has over 12 years’ relevant industry experience across Asian and Australian markets. Prior to joining Firetrail, Eliza worked as a Manager, structuring equity financing solutions, at Macquarie Group. Eliza holds a Bachelor of Commerce and a Master of Business Administration.

Equity Analyst

Fred Skulley

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.
Equity Analyst

Georgia Locke

Georgia is a Global Equity Analyst at Firetrail Investments. Her primary responsibilities include ESG and fundamental research support in Global Equities. Georgia 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 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.
Quantitative Risk Analyst

John Zhu

John is a Quantitative Risk Analyst 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.
Portfolio Manager

Justin Gray

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.
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 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.
Portfolio Manager

Matthew Fist

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 Thompson
Equity Analyst

Matthew Thomson

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.
Co-Lead Dealer

Mehul Medhekar

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.
Portfolio Manager

Oscar Hutchinson

Oscar is a Portfolio Manager at Firetrail Investments. Oscar joined Firetrail in 2022 and has over 10 years’ experience investing in global markets. Prior to joining Firetrail, Oscar worked as a Portfolio Manager at Anacacia Capital managing global equities. He also spent 8 years at Fidelity International as Deputy Portfolio Manager and Senior Equity Analyst.
Oscar has deep experience in global equities including coverage of European markets, metals and mining, healthcare, financials, property, and consumer sectors. He holds a Bachelor of Philosophy, Politics & Economics (converted to MA) from Oxford University and is a CFA Charterholder.
Portfolio Manager

Ramoun Lazar

Ramoun is a Portfolio Manager at Firetrail Investments for the Firetrail Absolute Return Fund. Ramoun’s primary sector responsibilities include Resources, Materials, Steel, and Industrials. Ramoun has over 21 years’ relevant industry experience. Prior to joining Firetrail, Ramoun worked as an analyst at Macquarie Group for the Macquarie Australian Equities strategies. Ramoun was also a highly rated sell-side analyst at UBS for over 12 years. Ramoun holds a Bachelor of Economics majoring in Economics and Finance.
Portfolio Manager

Scott Olsson

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.
Equity Analyst

Sophie Carran

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:

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 (Managed Fund).

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