Highlights

  • Firetrail Alpha Plus Fund (ASX:FIRE) provides Australian equity exposure through a long-short investment strategy.
  • Basic Materials is its largest sector allocation at 29.34%, followed by Financial Services at 14.22%.
  • The fund reports 119 company holdings, with its ten largest accounting for 40.59%.
  • Australian equities account for 81.34% of geographic exposure, while the United States accounts for 9.65%.

Firetrail Alpha Plus Fund (ASX:FIRE) is an actively managed complex exchange-traded fund that primarily invests in Australian equities through both long and short positions. Proceeds generated from short positions are reinvested in long investments, maintaining equity market exposure while allowing flexibility in portfolio construction.

Australian Equity Exposure Through Long-Short Positions

The fund may hold long positions of up to 150% and short positions of up to 50%, with typical net equity-market exposure between 80% and 100%. Unlike conventional long-only ETFs, it can benefit from positive positions in selected companies while expressing negative views through short positions. Reported asset allocation comprises 135.56% equities, negative 35.83% cash and 0.28% other assets. Negative cash reflects the leveraged portfolio structure, rather than an ordinary uninvested cash balance. This approach carries leverage, short-selling and market risks.

Materials and Financial Stocks Dominate Sector Exposure

Basic Materials accounts for 29.34% of reported sector exposure, above the category comparison of 23.82%. Financial Services represents 14.22%, Technology 10.31%, Industrials 10.09%, Energy 9.79%, Healthcare 9.20% and Consumer Cyclical 8.94%. Real Estate accounts for 4.19%, Consumer Defensive 2.48% and Utilities 1.18%. Both Technology and Energy exceed their respective category comparison weights of 5.11% and 4.64%.

BHP and Santos Feature Among Major Holdings

The fund reports holdings in 119 companies, with the largest ten positions representing 40.59% of reported holdings. BHP Group (ASX:BHP) leads at 8.92%, followed by Santos (ASX:STO) at 4.12% and Commonwealth Bank (ASX:CBA) at 4.05%. Newmont represents 3.86%, ResMed 3.69%, Megaport (ASX:MP1) 3.39%, Minerals 260 (ASX:MI6) 3.31%, QBE Insurance 3.23%, Glencore 2.99% and GemLife Communities Group 2.98%. Australia makes up 81.34% of geographic exposure and the United States 9.65%, with smaller positions in other markets.

Fund Structure and Trading Information

FIRE carries a stated management fee of 0.90% and uses the S&P/ASX 200 Total Return AUD Index as its benchmark. Its bid-offer range was AUD 11.20 to AUD 11.25 and its reported beta was 1.23. The ASX listing identifies a final distribution of AUD 0.368 per unit, paid on 13 July 2026.

Key Insights

Firetrail Alpha Plus Fund (ASX:FIRE) combines Australian share exposure with actively managed long-short positions. Materials, Technology, Industrials and Energy contribute substantially to its sector mix. Relevant monitoring points include changing long and short positions, leverage, concentration, international exposures and sector-specific developments.