Firetrail Australian Small Companies Fund – Active ETF

ASX:FSML

Access big opportunities in Australian small companies

Accessible as an active ETF

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Overview

The Firetrail Australian Small Companies Fund – Active ETF is a concentrated portfolio of our most compelling Australian small company ideas. The strategy is built on fundamental, deep dive research guided by the philosophy that ‘every company has a price’.

The Fund aims to outperform the S&P/ASX Small Ordinaries Accumulation Index over the medium to long term after fees.

The Fund is also available as an active ETF – accessible for investment on the ASX under the ticker FSML.

Fund Flyer
Five Key Holdings
Latest Performance Report
Stewardship Report

Focused

A concentrated portfolio of our best ~40 ideas in Australian small companies.

Flexible

A flexible investment approach investing across different sectors and styles (including value and growth opportunities).

Experienced

A proven track record of outperformance for more than 15 years.

Investment 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.
Portfolio Manager

Matthew Fist

Matthew is a Portfolio Manager at Firetrail Investments for the Firetrail Australian Small Companies Fund – Active ETF. 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.
Portfolio Manager

Eleanor Swanson

Eleanor Swanson is a Portfolio Manager at Firetrail Investments for the Firetrail Australian Small Companies Fund – Active ETF. 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.

Key Features

ASX Ticker FSML
APIR WHT3093AU
Benchmark S&P/ASX Small Ordinaries Accumulation Index
Portfolio allocation^ Australian and New Zealand equities: Typically 90 – 100%
Cash: 0 – 10%
The maximum exposure to New Zealand securities is 20% of NAV
The maximum exposure to securities outside of Australia and New Zealand is 5% of NAV
The maximum exposure to securities outside of Australia is 20% of NAV
Stock numbers Approximately 40
Suitable investor profile This product is intended for use as a minor or satellite allocation for a consumer who is seeking capital growth and has a very high risk and return profile for that portion of their investment portfolio. It is likely to be consistent with the financial situation and needs of a consumer with a 5 - 7 years investment timeframe and who is unlikely to need to withdraw their money on less than one week’s notice.
Suggested investment timeframe 5 to 7 years or more
Risk Very high
Short selling Not permitted
Borrowings Not permitted
Inception Date (Fund) 20 February 2020
Active ETF Available From 18 November 2024
Distribution Semi-annually, subject to the Fund having sufficient distributable income as at 30 June and 31 December.
Registry Automic Group
Market Making Agent Citigroup
iNAV Providers Solactive (Primary) & ICE (Secondary)
^

The portfolio allocation ranges are indicative only. The Fund will be rebalanced within a reasonable period of time should the exposure move outside of these ranges.  The Fund may also participate in initial public offerings of New Zealand or domestic shares proposed to be listed within six months on any such recognised exchange, limited to 10% of the Fund’s NAV. The Fund will generally advance subscription monies for such shares up to six months in advance of such shares becoming listed on the relevant exchange. The Fund may gain exposure to investments by entering into derivative contracts.

Ratings

Further information on our Ratings and Certifications can be found in the Disclaimer & Disclosure section.

Unit Prices and distributions

Unit Price History

Unit prices are net of fees & do not include distributions. Calculation of unit prices is based on the net asset value plus/minus transaction costs divided by the total number of units on issue. Past performance is not a reliable indicator of future performance. The inception date is the date that the current investment strategy commenced, which is 20 February 2020. This material has been provided for general information purposes and must not be construed as investment advice.

Distribution History

Reports

Invest now

Invest via the ASX

The Fund is available on the ASX under the ticker: FSML. This means you can buy and sell units in FSML through your online trading account or via your broker or licensed adviser in the same way that you trade shares in ASX-listed companies. You can view your FSML investment alongside any other direct shareholding you have.

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Apply Online

Investor forms

FSML: now available on the ASX.

Firetrail Australian Small Companies Fund – Active ETF (ASX: FSML) is available as an active Exchange Traded Fund (ETF), allowing investors to buy and sell on the Australian Securities Exchange (ASX).

  • Simple: Click to buy on the securities exchange. Easy to switch from unquoted to quoted unit
  • Accessible: No minimum investment amount
  • Liquid: Investors can buy/sell intraday on the ASX
  • Transparent: Live trading price, quarterly full portfolio disclosure

In this short video, Portfolio Manager Eleanor Swanson explains what the active-ETF offers investors and outlines Firetrail’s approach to investing across the asset class.

video previewPlay Video

What are Active ETFs?

Active ETFs are actively managed by fund managers with the aim to generate alpha and outperform relevant benchmarks. They were formerly known as Exchange Quoted Managed Funds (EQMFs), Exchange Traded Managed Funds (ETMF), or quoted managed funds.

Active ETFs will aim to beat the benchmark using a number of active investing strategies. They operate in a similar way to traditional managed funds but have the benefit of transparent, live intra-day pricing and market-making capability (which is intended to provide liquidity and facilitate settlement of transactions).

Investors invest in the active ETF by using a stockbroker, financial adviser or share trading platform.

Disclaimer
Investors who apply for units directly with Pinnacle Fund Services Limited (the Responsible Entity) may pay a different price per unit to an investor who purchases those units on the ASX at the same time, and such differences may have a material impact on the performance of that investment.
*An indicative NAV per Unit (iNAV) will be published on the Fund’s website throughout the ASX Trading Day. The iNAV will be based on the latest closing price of each security, and will take into account proxies (including futures) where a live price is unavailable (for example, if the relevant market is closed). The iNAV reflects the real time movements in stock markets and currencies during the ASX Trading Day and, for securities not trading during the ASX Trading Day, listed proxy instruments selected on the basis of correlations with the underlying investments. The proxies and their correlations with underlying instruments are reviewed regularly and updated as required.
The Responsible Entity has appointed Solactive AG as an iNAV calculation agent to independently calculate and disseminate an iNAV. The iNAV represents the best estimate by the Responsible Entity or its appointed agents of the value per unit in the Fund throughout the trading day. No assurance can be given that the iNAV will be published continuously or that it will be up to date or free from error. To the extent permitted by law, neither the Responsible Entity nor its appointed agent shall be liable to any person who relies on the iNAV.

Indicative NAV*

per unit as at
November 18, 2024 04:29:59 (pm)

$1.6372

1 second delayed price

NAV History

Frequently Asked Questions

What is the difference between an on-market and off-market unit?

You are investing in the same fund but you have a choice whether you hold off-market units via the Responsible Entity (RE) or buy the on-market units on the ASX in the same way you buy other publicly listed ETFs and shares.

Investors who apply for units directly with the Responsible Entity may pay a different price per unit to an investor who purchases those units on the ASX at the same time, and such differences may have a material impact on the performance of that investment. The above performance reflects the performance of the Fund where units are purchased and redeemed directly with the Responsible Entity only.

What is an Exchange Traded Managed Fund (Managed Fund)?

Exchange traded managed funds are actively managed by fund managers to generate alpha and outperform relevant benchmarks. They are also formerly known as active Exchange Traded Funds (ETFs), Exchange Quoted Managed Funds (EQMF), or quoted managed funds.

Exchange traded managed funds will aim to beat the benchmark using a number of active investing strategies. They operate in a similar way to traditional managed funds but have the benefit of transparent, live intra-day pricing and market making ability which ensures liquidity.

Investors invest in the exchange quoted managed funds by using a stockbroker, financial adviser or share trading platform.

How do I invest or redeem in FSML?

To invest via the ASX – You can buy and sell units in FSML via your online share trading platform, your stockbroker or your financial adviser.

To invest via the Responsible Entity (RE) – You can apply online at firetrail/invest. Alternatively, you can download a printer-friendly Application Form from the Fund Documents and Forms section of the relevant Fund page on our website, you will need to print the completed Form and return the original signed Form to the Registry via post:

Firetrail Australian Small Companies Fund – Active ETF (ASX:FSML)
C/- Automic Group
GPO Box 5193
Sydney NSW 2001

If you are a wholesale investor as defined in section 761G of the Corporations Act 2001 and wish to invest via the RE in the Firetrail Australian Small Companies Fund – Active ETF (ASX:FSML), please contact Client Services on 1300 010 311 Monday to Friday between 8.30am and 5.30pm (Sydney time) or via email at service@pinnacleinvestment.com.

Online Applications are available for individuals, partnerships, SMSF’s, superannuation funds, other regulated trusts, and companies. Note, applications for unregulated trusts (such as family and testamentary trusts) CANNOT be completed online.

The avenue by which you invested in the Fund, either via buying units from the RE or via the ASX, does not restrict how you can withdraw your investment.

To withdraw via the ASX – Log into your share trading platform and issue a sell order, just as you would for any listed ETF or share. This is a straight forward process if you have a Holder Identification Number (HIN) associated with your holding. If have a Security holder Reference Number (SRN), ask your stockbroker if they can sell your units on your behalf. If they are unable to do that, you will need to ask your stockbroker or trading platform if they can convert your holding into a HIN after which you will be able to sell your holding via the ASX.

To withdraw via the RE – Complete a redemption request form available at https://firetrail.com/invest/ and submit it to the RE. You will need to provide your SRN or Investor Number on the withdrawal form. If you have a HIN instead, you will need to convert your holding from a HIN to a SRN with the assistance of your stockbroker or online trading platform.

Please note that there are differences when you redeem via the RE or by selling on the securities exchange including the price you may pay. You should read the PDS or speak with your adviser before you decide which avenue you use.

Does FSML pay distributions? If so, can I reinvest them?

Firetrail Australian Small Companies Fund (ASX:FSML) pays a distribution semi-annually. Distribution payments are not guaranteed as they are subject to the earnings of the Fund. Any distributions paid will be automatically re-invested unless you advise otherwise.

Disclaimer & Disclosure

The name of the fund changed from the Firetrail Australian Small Companies Fund to Firetrail Australian Small Companies Fund – Active ETF on 18 November 2024 to facilitate quotation of the fund on the ASX.

This webpage is prepared by Firetrail Investments Pty Limited (‘Firetrail’) (ABN 98 622 377 913, AFSL 5168 21) as the investment manager of the Firetrail Australian Small Companies Fund – Active ETF (ARSN 638 792 113) (the ‘Fund’). Pinnacle Fund Services Limited (‘PFSL’) (ABN 29 082 494 362, AFSL 238371) is the product issuer of the Fund and is a wholly owned subsidiary of Pinnacle Investment Management Group Limited (‘Pinnacle’) (ABN 22 100 325 184). PFSL is not licensed to provide financial product advice.

The information contained in this webpage is general information only and does not take into account your objectives, financial situation or needs. Before making a decision to acquire, or continue to hold units in, the Fund, you should consider the Product Disclosure Statement (PDS) and Target Market Determination (TMD). For historic TMDs, please contact Pinnacle Client Services via phone 1300 010 311 or email service@pinnacleinvestment.com. Any persons relying on this information should obtain professional advice before doing so and consider the appropriateness of the information having regard to your specific circumstances.

Past performance is not a reliable indicator of future performance and the repayment of capital is not guaranteed. The specific risks associated with investing in the Fund, and the risks associated with the Fund’s investments, are discussed in Section 6 of the PDS. Any opinions and forecasts reflect the judgment and assumptions of Firetrail and its representatives based on information available as at the date of publication and may later change without notice.

The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) rating (Firetrail Australian Small Companies Fund – Active ETF assigned February 2024) referred to in this piece is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at Fund Research Regulatory Guidelines.

The rating issued 09/2023 is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec). Ratings are general advice only, and have been prepared without taking account of your objectives, financial situation or needs. Consider your personal circumstances, read the product disclosure statement and seek independent financial advice before investing. The rating is not a recommendation to purchase, sell or hold any product. Past performance information is not indicative of future performance. Ratings are subject to change without notice and Lonsec assumes no obligation to update. Lonsec uses objective criteria and receives a fee from the Fund Manager. Visit lonsec.com.au for ratings information and to access the full report. © 2023 Lonsec. All rights reserved.