Firetrail S3 Global Opportunities Fund (Managed Fund)

ASX:S3GO

A high conviction portfolio with a sustainable edge

Overview

The Firetrail S3 Global Opportunities Fund (Managed Fund) is a concentrated portfolio of Firetrail’s best global equity ideas. The investment process employs fundamental analysis to identify the most attractive investment opportunities with sustainable characteristics.

The Fund aims to outperform the MSCI World Net Total Return Index (AUD) over the long term after fees.

The Fund is also available as an active ETF – accessible for investment on the ASX under the ticker S3GO.

Global High Conviction

A concentrated portfolio of our best global equity ideas.

Value and Growth

A style agnostic approach with the flexibility to invest in both Value and Growth opportunities.

Sustainable Edge

Actively seeking investment opportunities that meet Firetrail’s sustainable investment criteria.

S3GO: now available on the ASX.

The Firetrail S3 Global Opportunities Fund (Managed Fund) (ASX: S3GO) 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

What are Active ETFs?

Active ETFs are actively managed by fund managers with the aim to generate alpha and outperform relevant benchmarks. They are also sometimes 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.

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 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
December 09, 2022 03:46:49 (pm)

$4.4651

1 second delayed price

NAV History

ASX announcements

Investment 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.
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.
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 Investment Strategy

Anthony Doyle

Anthony is the Head of Investment Strategy for the Firetrail S3 Global Opportunities Fund (Managed 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.

Key Features

ASX Ticker S3GO
APIR WHT7794AU
Benchmark MSCI World Net Total Return Index (AUD)
Portfolio allocation^ Global equities: Typically 90% – 100%
Cash: 0 – 10%
Stock numbers Approximately 30
Suggested investment timeframe 5 years or more
Short selling Not permitted
Borrowings Not permitted
Inception Date (Fund) 3 November 2021
Active ETF Available From 11 October 2022
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)

This product is likely to be appropriate for a consumer seeking capital growth to be used as a small allocation within a portfolio where the consumer has a minimum investment timeframe of 5 years, and a high risk/return profile. View the Target Market Determination (TMD).

Ratings and Certifications

Firetrail S3 Global Opportunities Fund (Managed Fund) has been certified by the Responsible Investment Association Australasia according to the strict operational and disclosure practices required under the Responsible Investment Certification Program.
See www.responsiblereturns.com.au for details.

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

Unit Prices and distributions

Unit prices are net of fees & include distributions. Calculation of unit prices are based on the net asset value plus/minus transaction costs divided by units on issue. Distribution history is available by clicking the arrows at the bottom of the table or by downloading the PDF using the download button above the table. Past performance is not a reliable indicator of future performance. The inception date is the date that the current investment strategy which is 3 November 2021. This material has been provided for general information purposes and must not be construed as investment advice.

Invest now

Invest via the ASX

The Fund is available on the ASX under the ticker: S3GO. This means you can buy and sell units in S3GO 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 S3GO investment alongside any other direct shareholding you have.

Platform Availability List

You can also invest in the Fund on the below platforms. If the Fund is not available on your preferred platform, please contact us. Please check with your platform for minimum investment requirements and fees.

BT Panorama

HUB24

Macquarie Wrap

Netwealth

Investor forms

The carbon emissions estimate for the Firetrail S3 Global Opportunities Fund (Managed Fund) has been calculated by Firetrail Investments Pty Limited (‘Firetrail’). The estimate of the carbon emissions for the Fund are based on the Fund’s portfolio holdings as at the end of the most recent calendar quarter following calculation by Firetrail. The carbon emissions calculation is performed by Firetrail on a quarterly basis. Please note these carbon emissions numbers are an estimate only and are subject to change. The actual carbon emissions attributable to your investment in the Fund may vary considerably from the estimate provided.

Carbon footprint includes Scope 1 and Scope 2 emissions. Company emissions data is sourced from MSCI. Portfolio carbon footprint is calculated based on the ownership methodology (e.g. owning 1% of the shares is owning 1% of emissions). The calculation also takes into account carbon removed from the atmosphere by portfolio companies. For example, via planted trees or carbon removal technologies. Carbon removal data is sourced from the applicable company.

carbon-offser

How to choose a high-quality carbon offset?

Firetrail has been a carbon-neutral business since inception. Further information can be found in our PDS and ESG Policy.

As part of offsetting our emissions each year, we have done substantial research into the carbon offsets market. You can read some of this research here. Below, we provide links to two third parties we believe provide high quality carbon offsets:

  1. Greenfleet Australia: Greenfleet is a 25-year-old not-for-profit organisation and Australia’s first carbon offset provider. Greenfleet plants native biodiverse forests in Australia and New Zealand to restore critical ecosystems and capture carbon emissions. Offset purchases of $2 or more through Greenfleet are tax deductible in Australia.
  2. South Pole: South Pole is an independent third-party specialising in carbon reduction projects. They provide a full portfolio of carbon projects to choose from across the globe.

For more information on Firetrail’s approach to sustainability, contact us.

*Carbon footprint includes Scope 1 and Scope 2 emissions. Company emissions data is sourced from MSCI. Portfolio carbon footprint is calculated based on the ownership methodology (e.g. owning 1% of the shares is owning 1% of emissions). The calculation also takes into account carbon removed from the atmosphere by portfolio companies. For example, via planted trees or carbon removal technologies. Carbon removal data is sourced from the applicable company.

How to choose a high-quality carbon offset?

Firetrail has been a carbon-neutral business since inception. As part of offsetting our emissions each year, we have done substantial research into the carbon offsets market. You can read some of this research here. Below, we provide links to two third parties we believe are able to delivering high quality carbon offsets:

  1. Greenfleet Australia: Greenfleet is a 25-year-old not-for-profit organisation and Australia’s first carbon offset provider. Greenfleet plants native biodiverse forests in Australia and New Zealand to restore critical ecosystems and capture carbon emissions.
  2. South Pole: South Pole is an independent third-party specialising in carbon reduction projects. They provide a full portfolio of carbon projects to choose from across the globe.

For more information on Firetrail’s approach to sustainability, contact us.

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 sometimes 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 S3GO?

To invest via the ASX – You can buy and sell units in S3GO 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 S3 Global Opportunities Fund (Managed Fund)
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 S3 Global Opportunities Fund (Managed Fund), please contact Client Services on 1300 737 240 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 responsible entity (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 responsible entity (RE) – Complete a redemption request form available at https://firetrail.com/invest/ and submit it to the responsible entity (RE). You will need to provide your SRN or Investor Number on the withdrawal form. If you have a Holder Identification Number (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 responsible entity (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 S3GO pay distributions? If so, can I reinvest them?

Firetrail S3 Global Opportunities Fund (Managed Fund) 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.

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The portfolio allocation ranges provided are indicative only. The Fund will be rebalanced within a reasonable period of time should the exposure move outside these ranges. The Fund is typically expected to be fully invested. A portion of the portfolio may be allocated to cash or derivatives for liquidity purposes. The Fund may hold exchange traded derivatives to a maximum of 10% of the Fund’s NAV.

Disclaimer & Disclosure

The name of the Fund changed from Firetrail S3 Global Opportunities Fund to Firetrail S3 Global Opportunities Fund (Managed Fund) on 11 October 2022 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 S3 Global Opportunities Fund (Managed Fund) (ARSN 653​ 717​ 625​) (the ‘Fund’). Pinnacle Fund Services Limited (‘PFSL’) (ABN 29​ 082​ 494​ 362​, AFSL 238​371) is the product issuer of the Fund. PFSL is not licensed to provide financial product advice. PFSL is a wholly-owned subsidiary of the Pinnacle Investment Management Group Limited (‘Pinnacle’) (ABN 22​ 100​ 325​ 184​). The Product Disclosure Statement (‘PDS’) and Target Market Determination (‘TMD’) of the Fund are available via the link below. Any potential investor should consider the PDS and TMD before deciding whether to acquire, or continue to hold units in, the Fund.

Links to the Product Disclosure Statement: WHT7794AU

Links to the Target Market Determination: WHT7794AU

For historic TMD’s please contact Pinnacle Client Service Phone 1300 010 311 or Email service@pinnacleinvestment.com

This communication is for general information only. It is not intended as a securities recommendation or statement of opinion intended to influence a person or persons in making a decision in relation to investment. It has been prepared without taking account of any person’s objectives, financial situation or needs. Any persons relying on this information should obtain professional advice before doing so. Past performance is for illustrative purposes only and is not indicative of future performance.

Whilst Firetrail, PFSL and Pinnacle believe the information contained in this communication is reliable, no warranty is given as to its accuracy, reliability or completeness and persons relying on this information do so at their own risk. Subject to any liability which cannot be excluded under the relevant laws, Firetrail, PFSL and Pinnacle disclaim all liability to any person relying on the information contained in this communication in respect of any loss or damage (including consequential loss or damage), however caused, which may be suffered or arise directly or indirectly in respect of such information. This disclaimer extends to any entity that may distribute this communication.

Any opinions and forecasts reflect the judgment and assumptions of Firetrail and its representatives on the basis of information available as at the date of publication and may later change without notice. Any projections contained in this presentation are estimates only and may not be realised in the future.

The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) rating (assigned November 2022) 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 Lonsec ratings (assigned August 2022) presented in this document are published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421445. The Ratings are limited to “General Advice” (as defined in the Corporations Act 2001 (Cth)) and based solely on consideration of the investment merits of the financial products. Past performance information is for illustrative purposes only and is not indicative of future performance. They are not a recommendation to purchase, sell or hold Resolution Capital products, and you should seek independent financial advice before investing in these products. The Ratings are subject to change without notice and Lonsec assumes no obligation to update the relevant documents following publication. Lonsec receives a fee from the Fund Manager for researching the products using comprehensive and objective criteria. For further information regarding Lonsec’s Ratings methodology, please refer to our website at: www.lonsec.com.au/fund-manager/investment-product-ratings

**The Responsible Investment Certification Program does not constitute financial product advice. Neither the Certification Symbol nor RIAA recommends to any person that any financial product is a suitable investment or that returns are guaranteed. Appropriate professional advice should be sought prior to making an investment decision. RIAA does not hold an Australian Financial Services Licence.

Sustainable edge refers to Firetrail’s investment philosophy that sustainable companies deserve premium valuations. That is, companies that the market perceives to have sustainable characteristics, such as good environmental practices, a social license to continue operations over the long-term, or strong corporate governance, deserve premium valuations relative to companies that do not.