Firetrail Alpha Plus Fund – Complex ETF (ASX:FIRE) returned -0.34% after fees for the month ending 31 October 2026, underperforming the ASX 200 Accumulation Index by 1.72%, according to the fund's monthly investment update lodged on 10 November 2026.

Key Points

  • The Fund returned -0.34% after fees in October 2026, against a benchmark return of 1.38%, resulting in an excess return of -1.72% for the month.
  • Over one year, the Fund returned 6.95% after fees, compared to the benchmark return of 3.69%, producing an excess return of 3.26%.
  • Since inception, the Fund has returned 17.48% per annum after fees, versus the benchmark's 7.96% per annum, an excess return of 9.52%.
  • The Fund's NAV price as at October 2026 was $11.2815, with an application price of $11.3097 and a redemption price of $11.2533.
  • Fund size was reported at $75 million, with a management fee of 0.89% per annum and a performance fee of 20% of outperformance above an annual hurdle.

October 2026 Performance and Fund Details

The Firetrail Alpha Plus Fund – Complex ETF recorded a net return of -0.34% after fees for October 2026, underperforming the ASX 200 Accumulation Index, which returned 1.38% over the same period. Over the quarter, the Fund returned 2.29% against the benchmark's 0.45%, an excess return of 1.84%. Over six months, the Fund returned 4.64% against 4.60% for the benchmark. The Fund's inception date was 21 February 2025. The fund operates as a 150/50 long/short strategy and carries a Very High risk/return profile. The APIR code is WHT1841AU.

Market Conditions During October 2026

According to the filing, the ASX 200 was up 1.4% in October and 5.2% year to date. ASX 200 Industrials rose 4.9% while ASX 200 Resources fell 6.8% for the month. By sector, Utilities were the strongest performer, up 9.3%, followed by Financials, up 7.0%. Materials and Information Technology produced the lowest returns of -7.8% and -3.5% respectively. The filing states that Australian headline CPI rose to 4.3% in the year to September, up from 4.0% in August, and the RBA raised the cash rate to 4.85% at its Melbourne Cup Day meeting.

Key Portfolio Contributors in October 2026

The filing identifies Challenger, Resmed, and The Lottery Corporation as positive contributors to Fund returns in October 2026. Challenger outperformed after receiving a non-binding indicative offer from its 20% shareholder, Daiichi Life, alongside Q1 FY2027 sales results. Resmed outperformed alongside other healthcare stocks during the month. The Lottery Corporation outperformed following Powerball reaching $100 million for the first time since June 2025. The filing names Newmont, Resmed, and Santos as three key holdings. Portfolio managers are Patrick Hodgens, Co-Founder and Managing Director, and John Zhu, who leads Risk and Analytics.