Firetrail Alpha Plus Fund delivered a 19.05% pre-fee return in the year to 30 June 2026, more than tripling the S&P/ASX 200 Accumulation Index’s 6.01% gain. Net assets almost doubled to $42.944 million as the fund added an ASX-listed unit class and expanded its investor base.
- 19.05% pre-fee return versus 6.01% benchmark gain
- Net assets rose to $42.944 million from $22.553 million
- A Class units began trading on ASX under ticker FIRE
- $2.027 million paid or payable in distributions
- $21.745 million of short and derivative liabilities at year-end
Strong return drives Firetrail fund growth
Firetrail Alpha Plus Fund (ASX:FIR) produced a 19.05% return before fees for the year ended 30 June 2026, comfortably ahead of the 6.01% return from its S&P/ASX 200 Accumulation Index benchmark. Profit attributable to unitholders reached $5.155 million, up from $3.259 million in the fund’s shorter initial reporting period.
The result came alongside a sharp expansion in the fund’s balance sheet. Net assets attributable to unitholders climbed to $42.944 million from $22.553 million a year earlier, while financial assets at fair value increased to $57.314 million. Applications by unitholders totalled $19.559 million during the year, against $3.047 million in redemptions, although investment gains also contributed to the increase.
ASX listing broadens access to the strategy
The fund’s A Class units began quoting on the ASX under ticker FIRE on 4 March 2026 under the AQUA Rules. That gives investors a second access point alongside dealing directly with the responsible entity. The fund also launched its M Class in August 2025, leaving it with three unit classes by year-end: A, M and Z.
Distributions paid or payable for the year totalled $2.027 million. A Class accounted for $433,000, M Class for $3,000 and Z Class for $1.591 million. The classes carry different fee arrangements: A Class has a 0.89% annual management fee, M Class 0.74%, while Z Class has no management fee under the disclosed structure.
Long-short exposure carries a sharper risk profile
Firetrail’s strategy is not a straightforward long-only equity portfolio. The fund can hold up to 150% long exposure and up to 50% short exposure, with typical net market exposure of 80% to 100%. At 30 June, listed equity assets stood at $46.053 million, while listed equities sold short were valued at $21.649 million. A further $96,000 was recorded as a futures liability against $7.995 million of futures notional exposure.
That structure helped produce the year’s result, but it also sets a clear limit on how far the headline return can be read. The fund identifies Banks and Mining as its largest industry exposures, at approximately 35% and 29% of the investment portfolio respectively. Its own sensitivity analysis estimates that a 10% move in equity and derivative prices would change net assets by about $3.557 million, with the filing noting that losses on equities sold short can theoretically be unlimited.
Fees and next-period performance remain key tests
Total expenses rose to $815,000, including $409,000 in short-selling expenses, $222,000 in transaction costs and $78,000 in performance fees. The performance fee is calculated at 20% of returns above the benchmark, net of management fees, and applies to A and M Class units. The reported 19.05% return is therefore a pre-fee figure rather than the return ultimately received by every unitholder.
PricewaterhouseCoopers issued an unmodified audit opinion, and the report records no significant post-year-end event. The fund held $7.462 million in cash and $1.171 million in margin accounts at year-end, while its policy requires at least 60% of net assets to be held in liquid investments. The next report will show whether the strong performance translated into continued net subscriptions, and whether the fund’s short book and sector concentrations remained manageable as its ASX-listed footprint matured.
Bottom Line?
The headline return is compelling, but the more revealing next test is whether Firetrail can preserve benchmark outperformance after fees while managing a much larger short book.
Questions in the middle?
- How much of the 19.05% pre-fee return remains for A, M and Z Class investors after their different fee structures?
- Will net applications continue after the initial expansion that took assets to $42.944 million?
- How will the fund’s Banks and Mining concentrations, short positions and derivatives affect returns in a weaker equity market?