Firetrail Equity Edge | High Conviction Investing

In this special edition of the Firetrail Equity Edge podcast, Catie Ryan is joined by Eleanor Swanson, Co-Portfolio Manager of the Firetrail Australian Small Companies Fund, and Blake Henricks, Co-Portfolio Manager of the Firetrail Australian High Conviction Fund.
This episode covers Firetrail insights on the Aussie February 2025 reporting season across large caps and small caps. Blake, Eleanor and Catie discuss the key themes that were seen across the season, some of the winners and losers, and key positioning changes made as a result. Stocks mentioned include Light & Wonder, BlueScope, WiseTech, Block, A2 Milk, Bravura Solutions, Viva Energy, and Integral Diagnostics.
 
This podcast is prepared by Firetrail Investments Pty Limited (‘Firetrail’) ABN 98 622 377 913 AFSL 516821 as the investment manager of the Firetrail High Conviction Fund ARSN 624 136 045 and Firetrail Australian Small Companies Fund – Active ETF ARSN 638 792 113 (‘the Funds’). 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.
Pinnacle Fund Services Limited ABN 29 082 494 362 AFSL 238371 ('PFSL') is the product issuer of the Funds. 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 Funds are available via the links below. Any potential investor should consider the PDS and TMD before deciding whether to acquire, or continue to hold units in, the Funds.
Links to the Product Disclosure Statement: WHT7794AU, WHT3093AU
Links to the Target Market Determination: WHT7794AU, WHT3093AU
 
For historic TMDs please contact Pinnacle Client Service Phone 1300 010 311 or Email service@pinnacleinvestment.com

Taiwan Semiconductor Manufacturing Company (TSMC) is a Taiwan based pure-play semiconductor foundry, focused exclusively on the manufacturing of logic chips. The chips TSMC manufacture are essential to many technology giants and are at the heart of numerous everyday products such as smartphones, laptops and electric vehicles.
In this episode, Firetrail S3 Global Opportunities Fund Portfolio Manager James Miller joins product specialist Ben West and tells us what he thinks really matters for TSMC’s earnings outlook, what the market is missing, and what the bull and bear case is for the company's stock price.
TSMC is a key holding in the Firetrail S3 Global Opportunities Fund.
This podcast is prepared by Firetrail Investments Pty Limited (‘Firetrail’) ABN 98 622 377 913 AFSL 516821 as the investment manager of the Firetrail High Conviction Fund ARSN 624 136 045 and the Firetrail Absolute Return Fund (ARSN 624 135 879) (‘the Funds’). 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.
Pinnacle Fund Services Limited ABN 29 082 494 362 AFSL 238371 ('PFSL') is the product issuer of the Funds. 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 Funds are available via the links below. Any potential investor should consider the PDS and TMD before deciding whether to acquire, or continue to hold units in, the Funds.
Links to the Product Disclosure Statement: WHT7794AU, WHT5134AU
Links to the Target Market Determination: WHT7794AU, WHT5134AU
For historic TMDs please contact Pinnacle Client Service Phone 1300 010 311 or Email service@pinnacleinvestment.com

John Deere is a U.S.-listed agricultural and construction equipment manufacturer, best known for its iconic green tractors seen on farms worldwide. With 187 years of history, Deere is a high-quality cyclical business.
In this episode, global Portfolio Manager Annabel Riggs joins Catie Ryan and tells us what she thinks really matters for Deere's earnings outlook, what the market is missing, and what the bull and bear case is for the company's stock price.
Deere is a holding in the Firetrail S3 Global Opportunities Fund.
This podcast is prepared by Firetrail Investments Pty Limited (‘Firetrail’) ABN 98 622 377 913 AFSL 516821 as the investment manager of the Firetrail S3 Global Opportunities Fund ARSN 653 717 625 (‘the Fund’). 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.
Pinnacle Fund Services Limited ABN 29 082 494 362 AFSL 238371 ('PFSL') 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 links 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: WHT3093AU
Links to the Target Market Determination:  WHT3093AU
For historic TMDs please contact Pinnacle Client Service Phone 1300 010 311 or Email service@pinnacleinvestment.com
 

Telstra is Australia’s leading telecommunications provider, with over 50% market share. Despite charging more than its competitors, it continues to grow its market share, highlighting the strength of its service and customer loyalty. 
In this episode, Firetrail High Conviction Fund co-portfolio manager Scott Olsson joins product specialist Catie Ryan and tells us what he thinks really matters for Telstra’s earnings outlook, what the market is missing, and what the bull and bear case is for the company's stock price.
Telstra is a holding in the Firetrail High Conviction Fund and the Firetrail Absolute Return Fund.
This podcast is prepared by Firetrail Investments Pty Limited (‘Firetrail’) ABN 98 622 377 913 AFSL 516821 as the investment manager of the Firetrail High Conviction Fund ARSN 624 136 045 and the Firetrail Absolute Return Fund (ARSN 624 135 879) (‘the Funds’). 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.
Pinnacle Fund Services Limited ABN 29 082 494 362 AFSL 238371 ('PFSL') is the product issuer of the Funds. 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 Funds are available via the links below. Any potential investor should consider the PDS and TMD before deciding whether to acquire, or continue to hold units in, the Funds.
Links to the Product Disclosure Statement: WHT7794AU, WHT5134AU
Links to the Target Market Determination: WHT7794AU, WHT5134AU
For historic TMDs please contact Pinnacle Client Service Phone 1300 010 311 or Email service@pinnacleinvestment.com

In this final episode of the Firetrail Equity Edge podcast for 2024, Firetrail Managing Director Patrick Hodgens joins Catie Ryan to spotlight the newly listed ETF for the Firetrail Small Companies Fund - Active ETF (ASX: FSML). FSML offers investors access to 40–60 of Firetrail’s best small-cap ideas in a single trade, with no minimum investment.
Paddy discusses what sets Firetrail’s small-cap investing approach apart, including its coverage of all market styles and deep expertise in resources and biotech. These factors have driven the Fund’s exceptional performance since inception.
Catie also reflects on the podcast’s successful year, with 23 episodes released and 75% of featured stocks outperforming their benchmarks. Don’t miss this exciting wrap-up of a great year for both the fund and the podcast!
 
This podcast is prepared by Firetrail Investments Pty Limited (‘Firetrail’) ABN 98 622 377 913 AFSL 516821 as the investment manager of the Firetrail Australian Small Companies Fund – Active ETF ARSN 638 792 113 (‘the Fund’). 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.
Pinnacle Fund Services Limited ABN 29 082 494 362 AFSL 238371 ('PFSL') 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 links 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: WHT3093AU
Links to the Target Market Determination:  WHT3093AU
For historic TMDs please contact Pinnacle Client Service Phone 1300 010 311 or Email service@pinnacleinvestment.com

SEEK is an Australian-based online employment marketplace that connects job seekers with employers across various industries. SEEK also has a venture capital arm that invests in high growth technology businesses.
In this episode, Firetrail High Conviction Fund co-portfolio manager Blake Henricks joins product specialist Catie Ryan and tells us what he thinks really matters for SEEK’s earnings outlook, what the market is missing, and what the bull and bear case is for the company's stock price.
SEEK is a holding in the Firetrail High Conviction Fund and the Firetrail Absolute Return Fund.
This podcast is prepared by Firetrail Investments Pty Limited (‘Firetrail’) ABN 98 622 377 913 AFSL 516821 as the investment manager of the Firetrail High Conviction Fund ARSN 624 136 045 and the Firetrail Absolute Return Fund (ARSN 624 135 879) (‘the Funds’). 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.
Pinnacle Fund Services Limited ABN 29 082 494 362 AFSL 238371 ('PFSL') is the product issuer of the Funds. 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 Funds are available via the links below. Any potential investor should consider the PDS and TMD before deciding whether to acquire, or continue to hold units in, the Funds.
Links to the Product Disclosure Statement: WHT7794AU, WHT5134AU
Links to the Target Market Determination: WHT7794AU, WHT5134AU
For historic TMDs please contact Pinnacle Client Service Phone 1300 010 311 or Email service@pinnacleinvestment.com

Qoria (ASX:QOR) is a technology company in the rapidly-growing global parental control and cyber safety market. Qoria offers a comprehensive suite of digital safety technology including classroom management, firewall tools, parental controls, digital wellbeing resources and monitoring solutions.
In this episode, small caps analyst Carta Ryan joins product specialist Catie Ryan and tells us what she thinks really matters for Qoria’s earnings outlook, what the market is missing, and what the bull and bear case is for the company's stock price.
This podcast is prepared by Firetrail Investments Pty Limited (‘Firetrail’) ABN 98 622 377 913 AFSL 516821 as the investment manager of the Firetrail Australian Small Companies Fund ARSN 638 792 113 (‘the Fund’). 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.
Pinnacle Fund Services Limited ABN 29 082 494 362 AFSL 238371 ('PFSL') 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 links 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: WHT3093AU
Links to the Target Market Determination:  WHT3093AU
For historic TMDs please contact Pinnacle Client Service Phone 1300 010 311 or Email service@pinnacleinvestment.com
 
 

Fisher & Paykel Healthcare is a manufacturer and designer of products for use in respiratory care, acute care, and the treatment of obstructive sleep apnoea.
In this episode, Firetrail High Conviction Fund co-portfolio manager Scott Olsson joins product specialist Catie Ryan and tells us what he thinks really matters for Fisher & Paykel Healthcare’s earnings outlook, what the market is missing, and what the bull and bear case is for the company's stock price.
Fisher & Paykel Healthcare is a holding in the Firetrail High Conviction Fund and the Firetrail Absolute Return Fund.
This podcast is prepared by Firetrail Investments Pty Limited (‘Firetrail’) ABN 98 622 377 913 AFSL 516821 as the investment manager of the Firetrail High Conviction Fund ARSN 624 136 045 and the Firetrail Absolute Return Fund (ARSN 624 135 879) (‘the Funds’). 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.
Pinnacle Fund Services Limited ABN 29 082 494 362 AFSL 238371 ('PFSL') is the product issuer of the Funds. 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 Funds are available via the links below. Any potential investor should consider the PDS and TMD before deciding whether to acquire, or continue to hold units in, the Funds.
Links to the Product Disclosure Statement: WHT7794AU, WHT5134AU
Links to the Target Market Determination: WHT7794AU, WHT5134AU
For historic TMDs please contact Pinnacle Client Service Phone 1300 010 311 or Email service@pinnacleinvestment.com