Firetrail S3 Global Opportunities Fund – Active ETF (ASX:S3GO) returned -2.42% after fees for the month ending 31 October 2026, underperforming the MSCI World Net Total Return Index by 0.55%, according to the fund's monthly investment update filed on 10 November 2026.

Key Points

  • The Fund returned -2.42% after fees in October 2026, compared to the benchmark return of -1.87%, representing an excess return of -0.55%.
  • Over one year, the Fund returned 5.49% after fees versus the benchmark's 4.32%, an excess return of 1.17%.
  • The Fund held 42 stocks at month end, with a fund size of $34 million and a NAV price of $6.5451.
  • Five key holdings disclosed include ICON, Deere & Company, Advanced Micro Devices, McKesson, and TSMC.
  • McKesson agreed to invest approximately US$1.4 billion for a 49% interest in Option Care Health, with the transaction expected to complete in the first half of 2027.

October 2026 Performance Across Time Periods

The Fund recorded a -2.42% return for the month of October 2026 after fees, while the MSCI World Net Total Return Index returned -1.87%, resulting in an excess return of -0.55%. Over the quarter, the Fund returned 0.50% against the benchmark's 0.41%. For the six-month period, the Fund returned 7.63% compared to 7.24% for the benchmark. Over two years on an annualised basis, the Fund returned 15.49% per annum versus the benchmark's 12.85% per annum. Since the S3GO listing date, the Fund has returned 19.00% per annum against the benchmark's 17.68% per annum.

Positive Contributors to October Returns

Three holdings contributed positively to the Fund during October 2026. Clinical research company ICON reported new business wins, after cancellations, of US$3.15 billion, equivalent to 1.56 times quarterly revenue, lifting its backlog of future work by 4.8% from June. Revenue remained 2.9% below a year earlier. McKesson, which distributes medicines and provides services to pharmacies and drug companies, agreed to invest approximately US$1.4 billion for a 49% interest in Option Care Health, extending its involvement in specialty medicine delivery. Cybersecurity firm Tenable reported third-quarter revenue growth accelerating to 9.5%, contributing positively to Fund performance.

Fund Details and Portfolio Composition

As at October 2026, the Firetrail S3 Global Opportunities Fund – Active ETF carried a NAV price of $6.5451, an application price of $6.5549, and a redemption price of $6.5353. The Fund held 42 positions and had a fund size of $34 million. The management fee is 0.72% per annum, with a performance fee of 15% of net outperformance of the benchmark. The Fund's risk/return profile is classified as Very High. The Fund is described as a concentrated portfolio of approximately 30 stocks from developed and emerging markets, built on fundamental research. The inception date is 3 November 2021.