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Firetrail Investments Pty Ltd
Patrick Hodgens · Asset Manager · Long/Short Equity
Firetrail Investments is an investment management boutique based in Sydney, Australia, founded in 2018 by a team of experienced investment professionals led by Managing Director Patrick Hodgens. The firm specializes in high-conviction, fundamental equity research and is a partner of Pinnacle Investment Management. Firetrail is majority-owned by its staff, ensuring a strong alignment of interest with its clients. The firm manages several concentrated strategies across Australian and global markets, including long-only high conviction portfolios and absolute return funds. Their investment process is built on deep fundamental research and the belief that unconventional thinking can uncover significant mispricing in the market, allowing the team to generate alpha through stock-specific opportunities regardless of prevailing market cycles.
Simulated Performance
| Metric | Value |
|---|---|
| Total return | +26.7% |
| YTD return | +23.9% |
| Sharpe ratio | 3.14 |
| Win rate | 51% |
| AUM | $0.3B |
| Inception | Oct 1, 2025 |
| Updated | Sep 22, 2026 |
Institution Status
| Field | Value |
|---|---|
| AUM | $0.3B |
| Turnover | Low (<15%) |
| Avg holding | 18 Months |
| Inception | Oct 1, 2025 |
| Website | https://firetrail.com/ |
Current Holdings
Updated on Sep 22, 2026.
| Ticker | Name | Portfolio % | Return |
|---|---|---|---|
| AAPL | Apple Inc | 11.8% | +29.9% |
| AMZN | Amazon.com Inc | 9.2% | -4.0% |
| AMD | Advanced Micro Devices Inc | 8.7% | +135.0% |
| TSM | Taiwan Semiconductor Manufacturing | 8.4% | +41.5% |
| NVDA | NVIDIA Corporation | 6.6% | +20.4% |
| DE | Deere & Company | 5.8% | +34.5% |
| MCK | McKesson Corporation | 5.1% | +12.0% |
| MA | Mastercard Inc | 5.1% | +0.1% |
| ELV | Elevance Health Inc | 4.7% | +14.2% |
| ICLR | ICON PLC | 4.1% | +7.8% |
| DAR | Darling Ingredients Inc | 4.0% | +33.6% |
| ECL | Ecolab Inc | 3.7% | +1.8% |
| MSFT | Microsoft Corporation | 3.5% | +0.4% |
| IBKR | Interactive Brokers Group Inc | 3.3% | +6.9% |
| WY | Weyerhaeuser Company | 3.2% | -9.8% |
| MTN | Vail Resorts Inc | 3.2% | -3.4% |
| KEYS | Keysight Technologies Inc | 3.2% | +22.5% |
| TT | Trane Technologies plc | 3.2% | +1.9% |
| AZO | AutoZone Inc | 3.1% | -2.2% |
Recent activity
| Date | Action | Ticker | Weight |
|---|---|---|---|
| Sep 14, 2026 | BUY | DE | 5.7% → 5.8% |
| Sep 14, 2026 | SELL | ELV | 4.5% → 4.7% |
| Sep 14, 2026 | BUY | AZO | 3.0% → 3.1% |
| Sep 14, 2026 | BUY | KEYS | 3.1% → 3.2% |
| Sep 14, 2026 | BUY | AMD | 7.9% → 8.7% |
Investment Style Analysis
Firetrail Investments Pty Ltd is widely recognized for employing a Long/Short Equity strategy. As of Sep 22, 2026, the firm oversees approximately $0.3B in assets under management (AUM). The portfolio demonstrates a clear preference for the Semiconductors and Consumer Electronics sectors, reflecting a high-conviction approach to capital allocation.
Recent Market Moves
During the latest rebalancing period ending Sep 14, Firetrail Investments Pty Ltd made a significant move by increasing exposure to DE. This adjustment aligns with the fund's dynamic approach to risk management and capital deployment in current market conditions.
Investment Philosophy
Firetrail's investment philosophy is built on the core belief that every company has a price and share prices ultimately follow earnings. The firm focuses on identifying companies that are mispriced by the market due to the incorrect extrapolation of recent information or a lack of deep fundamental understanding. By concentrating on "What Matters"—the key drivers of medium-term earnings—Firetrail's analysts aim to uncover value and growth opportunities that others might overlook. The strategy is style-agnostic and bottom-up, emphasizing a team-based decision-making process where only the highest-conviction ideas enter the portfolio. This rigorous approach seeks to exploit market inefficiencies and provide superior long-term performance through both long-only and absolute return frameworks.
Disclaimer
The content provided on this page, including the simulated portfolio performance, holdings analysis, and AI-generated insights, is for informational and educational purposes only. It does not constitute financial advice, investment recommendations, or an offer to buy or sell any securities. All data is derived from historical SEC 13F filings and other public disclosures, which have a reporting lag. The "Simulated Performance" is a hypothetical reconstruction based on past disclosures and does not represent the actual returns of the institution. Past performance is not indicative of future results. Tritonix.ai is not affiliated with Firetrail Investments Pty Ltd.
Similar Investment Style
Based on Long/Short Equity.
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Frequently asked questions
How is the simulated portfolio for Firetrail Investments Pty Ltd constructed?
This simulation is powered by Tritonix AI using official SEC filings. We focus on the "Best Ideas" by filtering for only the Top 20 largest holdings and rebalancing them to 100%. The simulation tracks performance starting from Oct 1, 2025. Our AI monitors for updates every Monday to capture major shifts. This concentrated approach highlights the manager's true stock-picking skill and mirrors their actual investment returns.
What is Firetrail Investments Pty Ltd's largest holding?
As of the latest filing, Firetrail Investments Pty Ltd's top position is Apple Inc (AAPL), representing 11.8% of the portfolio. This reflects a high-conviction bet by the institution.
What is Firetrail Investments Pty Ltd's historical performance and risk profile?
Our simulation indicates a total return of +26.7% with a win rate of 51%. Notably, the portfolio maintains a Sharpe Ratio of 3.14, suggesting an exceptional level of risk-adjusted returns compared to the broader market.
What sectors does Firetrail Investments Pty Ltd primarily invest in?
Firetrail Investments Pty Ltd has a strong preference for the Semiconductors sector, which makes up 23.7% of their disclosed assets. The portfolio also has exposure to Consumer Electronics, indicating a specific thematic focus.
Is Firetrail Investments Pty Ltd's portfolio concentrated or diversified?
Firetrail Investments Pty Ltd runs a highly concentrated portfolio with 19 disclosed positions. The top 3 holdings alone account for 29.8% of the total portfolio weight, suggesting a strategy that favors deep research into a few key names.
How has Firetrail Investments Pty Ltd performed in 2026?
Our AI-simulated model portfolio for Firetrail Investments Pty Ltd tracks a Year-to-Date (YTD) return of +23.9%. This metric helps investors gauge the institution's effectiveness in the current market environment.
Does Patrick Hodgens manage Firetrail Investments Pty Ltd directly?
Yes, Patrick Hodgens serves as the key portfolio manager for Firetrail Investments Pty Ltd, overseeing the investment strategy and final capital allocation decisions.