Firetrail Australian High Conviction Fund

Performance Summary as at February 2025

The Firetrail Australian High Conviction Fund has a track record of 7 years and has underperformed the ASX 200 Total Return benchmark since inception in March 2018, providing investors with an annualised return of 6.06% compared with the benchmark's return of 8.57% over the same period.

On a calendar year basis, the fund has only experienced a negative annual return once in the 7 years since its inception. Over the past 12 months, the fund's largest drawdown was -5.11% vs the index's -3.79%, and since inception in March 2018 the fund's largest drawdown was -29.57% vs the index's maximum drawdown over the same period of -26.75%. The fund's maximum drawdown began in December 2019 and lasted 1 year, reaching its lowest point during March 2020. The fund had completely recovered its losses by December 2020.

The Manager has delivered these returns with 1.57% more volatility than the benchmark, contributing to a Sharpe ratio which has fallen below 1 five times over the past five years and which currently sits at 0.33 since inception. The fund has provided positive monthly returns 85% of the time in rising markets and 7% of the time during periods of market decline, contributing to an up-capture ratio since inception of 83% and a down-capture ratio of 101%.