Firetrail Australian High Conviction Fund >

A concentrated portfolio of our best Australian equities ideas

Firetrail Absolute Return Fund >

Absolute returns uncorrelated to traditional asset classes

 

Performance

Firetrail Australian High Conviction Strategy

Strategy Composite Performance as at 31 May 2019 (after fees)*

Month

(%)

Quarter

(%)

1 year

(%)

3 years

(% p.a.)

5 years

(% p.a.)

10 years

(% p.a.)

Inception

(% p.a.)

Strategy Performance (1.78) 1.07 (3.40) 12.49 11.77 13.90 9.78
S&P/ASX 200 Accumulation Index 1.71 4.88 11.08 14.51 8.21 11.59 7.11
Outperformance/underperformance (3.49) (3.81) (14.48) (2.02) 3.56 2.31 2.67

Firetrail Absolute Return Strategy

Strategy Composite Performance as at 31 May 2019 (after fees)**

Month

(%)

Quarter

(%)

1 year

(%)

3 years

(% p.a.)

Inception

(% p.a.)

Strategy Performance (5.03) (4.33) (13.26) 2.94 11.53
RBA Cash Rate 0.13 0.38 1.50 1.52 1.61
Outperformance/underperformance (5.15) (4.70) (14.76) 1.41 9.92

Past performance is not an indicator of future performance.

*The Firetrail Australian High Conviction Strategy Composite Performance has been calculated using the monthly returns (after fees) of the Firetrail Australian High Conviction Fund from 14 March 2018 to current date, as well as the monthly returns of the Macquarie High Conviction Fund between 29 November 2005 to 23 November 2017. The Firetrail Australian High Conviction Fund employs the same strategy as was used by the same investment team that managed the Macquarie High Conviction Fund as at 23 November 2017. The Composite returns for the Strategy and the S&P/ASX 200 Accumulation Index (Benchmark) excludes returns between 24 November 2017 and 13 March 2018. During this period the investment team did not manage the strategy. As such, the annualised performance periods stated are inclusive of the combined composite monthly returns, and do not include the period when the team were not managing the strategy. For example, the annualised return over 3 years for the strategy and benchmark are inclusive of 36 monthly performance periods available in the Composite return period, excluding the period between 23 November 2017 and 13 March 2018. For additional information regarding the performance please contact us through the link on our website.

**The Firetrail Absolute Return Strategy Composite Performance has been calculated using the monthly returns (after fees) of the Firetrail Absolute Return Fund from 14 March 2018 to current date, as well as the monthly returns of the Macquarie Pure Alpha Fund between 30 June 2015 to 23 November 2017. The Firetrail Absolute Return Fund employs the same strategy as was used by the same investment team that managed the Macquarie Pure Alpha Fund as at 23 November 2017. The Composite returns for the Strategy and the RBA Cash Rate (Benchmark) excludes returns between 24 November 2017 and 13 March 2018. During this period the investment team did not manage the strategy. As such, the annualised performance periods stated are inclusive of the combined composite monthly returns, and do not include the period when the team were not managing the strategy. For example, the annualised return over 3 years for the strategy and benchmark are inclusive of 36 monthly performance periods available in the Composite return period, excluding the period between 23 November 2017 and 13 March 2018. For additional information regarding the performance please contact us through the link on our website.

1.The management fee is payable to the Investment Manager for managing the investments of the Fund. The management fee is calculated on the Fund’s net asset value, reflected in the daily unit price and payable monthly in arrears from the Fund.

2.Fees are inclusive of GST and of any applicable reduced input tax credits (‘RITC’).

3.The performance fee is calculated and accrued each business day and is payable quarterly, if applicable

4.The Firetrail Australian High Conviction Fund’s benchmark is the S&P/ASX 200 Accumulation Index. The Firetrail Absolute Return Fund’s benchmark is the RBA Cash Rate. Refer to ‘Performance fees’ information in ‘Additional explanation of fees and costs’ in the Product Disclosure Statement for further information.

5.The Responsible Entity has the discretion to accept lower initial investments. Does not apply to IDPS investments.

^The portfolio allocation ranges provided are indicative only. The Fund will be rebalanced within a resonable 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.

 

Prices and distributions

Firetrail Australian High Conviction Fund

Firetrail Absolute Return Fund

 

Key information

Firetrail Australian High Conviction Fund

Investment guidelines

The Fund’s key investment guidelines are summarised below. For further details, please refer to the latest Product Disclosure Statement.

APIR WHT3810AU
Benchmark S&P/ASX 200 Accumulation Index
Portfolio allocation^

Australian and New Zealand equities: Typically 0 – 90%

Cash: 0 – 10%

Stock numbers Approximately 25
Suitable investor profile The Fund may be suitable for investors who are looking to outperform the S&P/ASX 200 Accumulation Index over the medium to long term and are prepared to accept the risks of the Fund set out in section 4 of the Product Disclosure Statement.
Suggested investment timeframe 5 years or more
Short selling Not permitted
Borrowings Not permitted

Firetrail Absolute Return Fund

Investment guidelines

The Fund’s key investment guidelines are summarised below. For further details, please refer to the latest Product Disclosure Statement.

APIR WHT5134AU
Benchmark RBA Cash Rate
Market exposure

Typical net market exposure +/-5%

Max net market exposure range +/-30%

Derivatives may be used to gain equities exposure up to a max of 200% of the net asset value of the Fund.

Suitable investor profile The Fund may be suitable for investors who are looking to outperform the RBA Cash Rate over the medium to long term and are prepared to accept the risks of the Fund set out in section 6 of the Product Disclosure Statement.
Suggested investment timeframe 3 years to 5 years
Short selling Permitted
Borrowings The Fund will borrow stock to enable short positions as part of the investment strategy. The Fund will not borrow cash.
 

Investor Forms

Firetrail Australian High Conviction Fund

Investor Forms
Available Platforms

 

 

AMP North
AMP PortfolioCare
Asgard
BT Panorama
BT Wrap
CFS FirstWrap
FNZ
HUB24
IOOF Pursuit
Linear Managed Accounts
Macquarie Wrap
Mason Stevens
MLC Navigator
MLC Wrap
Netwealth
uXchange

 

Ratings

**

Firetrail Absolute Return Fund

Investor Forms
Available Platforms
AMP North
AMP PortfolioCare
Asgard
BT Panorama
BT Wrap
HUB24
IOOF Pursuit
Linear Managed Accounts
Macquarie Wrap
Mason Stevens
MLC Navigator
MLC Wrap
Netwealth
uXchange
Ratings

**

 

** The Zenith Investment Partners (“Zenith”) Australian Financial Services License No. 226872 rating (WHT5134AU assigned February 2019, WHT3810AU assigned June 2018 ) referred to in this document 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 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 https://www.zenithpartners.com.au/regulatory-guidelines-funds-research