Firetrail Absolute Return - Managed Fund

Fund Objective

The Fund aims to deliver returns above the RBA Cash Rate ('Benchmark') over the medium to long term.

Fund Strategy

The Fund is an absolute return fund which aims to generate positive returns in all market environments. The Fund is typically expected to be market neutral (net market exposure generally between 0% - 10%), which effectively means the Fund is constructed in a way where returns are not dependent on the performance of the underlying share market.

Fund Performance Comparison

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Peers

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The performance of the peers is calculated as the total of the performance for each time period for all the funds in the peer group, divided by the number of funds in the peer group.

Fees Comparison

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NOTE: Fee data has been provided by Morningstar, it may not include all costs being charged on your investment such as platform and adviser fees. You should check your fund manager or adviser statements to find out the exact fees you are being charged. Peers are funds that use the same benchmark in the Morningstar database.

Fund performance

	1M	3M	6M	1Y p.a.	2Y p.a.	3Y p.a.	5Y p.a.	10Y p.a.
Total return	2.02%	6.3%	10.63%	20.03%	18.83%	12.99%	5.25%	-%
Growth return	2.02%	6.3%	-16.68%	-9.66%	3.04%	2.72%	-0.93%	-%
Income return	0%	0%	27.31%	29.69%	15.79%	10.27%	6.18%	-%
Market index (RBA Bank accepted Bills 90 Days)
Total return	0.29%	0.88%	1.8%	3.88%	4.14%	4.05%	2.7%	2.09%

As at 30 Nov 2025. Returns for periods greater than 1 year are annualised. All figures are percentages.

Asset Allocation

Firetrail Absolute Return

Australian Equities: 0.85%

Cash: 99.15%

International Equities: 0%

Property & Infrastructure: 0%

Fixed Interest: 0%

Alternatives: 0%

Average Allocation of Peers

Australian Equities: 3.91%

Cash: 46.24%

International Equities: 7.32%

Property & Infrastructure: 1.87%

Fixed Interest: 20.38%

Alternatives: 20.29%

General Information

Fund Details

Type	Description
Fund Name	Firetrail Absolute Return
Responsible Entity	Pinnacle Fund Services Limited
APIR Code	WHT5134AU
Sector/Asset Class	Alternative - Other
Morningstar Rating	Not Rated
Legal Structure	Investment Fund
Fund Inception	14 Mar 2018
Fund Size	$63.8 million (as at 31 Oct 2025)
Entry Price	$1.1202 (as at 17 Dec 2025)
Exit Price	$1.1124 (as at 17 Dec 2025)
Fund Status	Open

Offer information

Type	Description
MER	2.42% (as at 30 Jun 2025)
Indirect Cost Ratio (ICR)	1.29% (as at 30 Jun 2024)
Performance fee (not included in ICR)	0
Minimum initial investment	$20,000

Top 10 holdings (as at 30 Sep 2025)

Holding (as at 30 Sep 2025)	Type	% of Portfolio
BHP Group Ltd	Equity	8.43%
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FAQs about the Firetrail Absolute Return

What is the objective of the Firetrail Absolute Return managed fund?

The objective of the Firetrail Absolute Return managed fund is The Fund aims to deliver returns above the RBA Cash Rate ('Benchmark') over the medium to long term.

What is the strategy for the Firetrail Absolute Return managed fund?

The strategy of the Firetrail Absolute Return managed fund is The Fund is an absolute return fund which aims to generate positive returns in all market environments. The Fund is typically expected to be market neutral (net market exposure generally between 0% - 10%), which effectively means the Fund is constructed in a way where returns are not dependent on the performance of the underlying share market.

What is the APIR code of the Firetrail Absolute Return managed fund?

The APIR code of the Firetrail Absolute Return managed fund is WHT5134AU.

What was Firetrail Absolute Return’s total return last month?

Firetrail Absolute Return’s total return last month was 2.02%. This was made up of a growth return of 2.02% and an income return of 0%. These returns were calculated as at 30 Nov 2025.

What was Firetrail Absolute Return’s total return for the last three months?

Firetrail Absolute Return’s total return for the last three months was 6.3%. This was made up of a growth return of 6.3% and an income return of 0%%. These returns were calculated as at 30 Nov 2025.

What is Firetrail Absolute Return’s one-year total return?

Firetrail Absolute Return’s one-year total return is 20.03%. This was made up of a growth return of -9.66% and an income return of 29.69%. These returns were calculated as at 30 Nov 2025.

What is Firetrail Absolute Return’s three-year total return?

Firetrail Absolute Return’s one-year total return is 12.99%. This was made up of a growth return of 2.72% and an income return of 10.27%. These returns were calculated as at 30 Nov 2025.

What is the asset allocation of the Firetrail Absolute Return managed fund?

The asset allocation of the Firetrail Absolute Return managed fund is :

Australian Equities: 0.85%

Cash: 99.15%

International Equities: 0%

Property & Infrastructure: 0%

Fixed Interest: 0%

Alternatives: 0%

Who is the responsible Entity of the Firetrail Absolute Return managed fund?

The Responsible Entity for the Firetrail Absolute Return managed fund is Pinnacle Fund Services Limited.

What sector/asset class does the Firetrail Absolute Return managed fund belong to?

The Firetrail Absolute Return managed fund belongs to the Alternative - Other sector/asset class.

What is the size of the Firetrail Absolute Return managed fund?

As at 31 Oct 2025, the size of the Firetrail Absolute Return managed fund was $63.8 million.

What is the inception date of the Firetrail Absolute Return managed fund?

The Firetrail Absolute Return managed fund has an inception date of 14 Mar 2018.

What is the current entry price of the Firetrail Absolute Return managed fund?

The current entry price of the Firetrail Absolute Return managed fund is $1.1202 per unit and the current exit price is $1.1124 per unit (as at 17 Dec 2025).

What is the current exit price of the Firetrail Absolute Return managed fund?

The current exit price of the Firetrail Absolute Return managed fund is $1.1124 per unit and the current entry price is $1.1202 per unit (as at 17 Dec 2025).

What is the minimum investment amount for the Firetrail Absolute Return managed fund?

The minimum initial investment amount for the Firetrail Absolute Return managed fund is $20,000.

Fund data sourced from Morningstar. Some material is copyright and published under licence from ASX Operations Pty Limited ACN 004 523 782 ("ASXO"). Data and content is provided for personal use only. Whilst every care has been taken in producing these numbers, neither Morningstar nor InvestSMART can make any guarantees around the complete accuracy of these figures. Should you decide to change investments, please read all relevant disclosure documents including the Product Disclosure Statements and if required, you may consider speaking to a financial professional for further guidance. A tax event may be realised as a result of switching investments. Past performance is not a reliable indicator of future performance.

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