Firetrail Equity Edge | High Conviction Investing

Hidden risks of passive investing — where active has the edge

Passive and index-style investing now dominate global and Australian equity markets while active management has been falling out of favour. But it’s our view passive investing is riskier than ever, and well-executed active management offers patient investors a better way forward. In this episode, Firetrail Managing Director Patrick Hodgens and Product Specialist Catie Ryan unpack why the traditional promises of passive investing are breaking down, how index concentration and mechanical flows are distorting prices, and where genuinely active managers still have an edge. From fragile liquidity in mega caps to better value and volatility-driven opportunity outside the ASX 20, this conversation explores where active management is still alive and well — if you know where to look. Head to the full article for more detail and all the charts and data we referred to. [https://firetrail.com/active-management-is-alive-and-well-if-you-know-where-to-look/] This podcast is prepared by Firetrail Investments Pty Limited (‘Firetrail’) ABN 98 622 377 913 AFSL 51682. 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 Investment Case for Macquarie Group

Macquarie Group (MQG) is global financial services group based in Sydney. They provide the full spectrum of financial services across banking, funds management, advisory, and also hold significant investments on their own balance sheet. In this episode, Firetrail High Conviction Fund Portfolio Manager Scott Olsson joins product specialist Ben West and tells us what he thinks really matters for MQG’s earnings outlook, what the market is missing, and what the bull and bear case is for the company's stock price. MQG is a key holding in the Firetrail High Conviction 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 [https://firetrail.com/wp-content/uploads/Firetrail-Australian-High-Conviction-Fund-PDS.pdf], WHT5134AU [https://firetrail.com/wp-content/uploads/Firetrail-Absolute-Return-Fund-Class-A-PDS.pdf] Links to the Target Market Determination: WHT7794AU, WHT5134AU [https://firetrail.com/wp-content/uploads/Firetrail-Australian-High-Conviction-Fund-TMD-Factsheet.pdf] For historic TMDs please contact Pinnacle Client Service Phone 1300 010 311 or Email service@pinnacleinvestment.com [service@pinnacleinvestment.com]

Virgin is Taking Off: The Investment Case for this Airline

Virgin Australia Airlines has recently re-listed on the ASX. As one of only 3 airlines now operating domestic flights in Australia, Virgin holds a significant market position - but we believe the market is still undervaluing this stock. In this episode, Firetrail Australian High Conviction Analyst Oscar Gee joins product specialist Catie Ryan and tells us what he thinks really matters for Virgin's earnings outlook, what the market is missing, and what the bull and bear case is for the company's stock price. Virgin is a key holding in the Firetrail Australian 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 [https://firetrail.com/wp-content/uploads/Firetrail-Australian-High-Conviction-Fund-PDS.pdf], WHT5134AU [https://firetrail.com/wp-content/uploads/Firetrail-Absolute-Return-Fund-Class-A-PDS.pdf] Links to the Target Market Determination: WHT7794AU, WHT5134AU [https://firetrail.com/wp-content/uploads/Firetrail-Australian-High-Conviction-Fund-TMD-Factsheet.pdf] For historic TMDs please contact Pinnacle Client Service Phone 1300 010 311 or Email service@pinnacleinvestment.com [service@pinnacleinvestment.com]

Powering the World: Inside CATL

CATL is the world’s largest battery cell manufacturer, producing around one-third of all global battery cells. Dual-listed in China and Hong Kong, it is a key supplier to the global electric vehicle industry. 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 CATL’s earnings outlook, what the market is missing, and what the bull and bear case is for the company's stock price. CATL 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 [https://firetrail.com/wp-content/uploads/Firetrail-Australian-High-Conviction-Fund-PDS.pdf], WHT5134AU [https://firetrail.com/wp-content/uploads/Firetrail-Absolute-Return-Fund-Class-A-PDS.pdf] Links to the Target Market Determination: WHT7794AU, WHT5134AU [https://firetrail.com/wp-content/uploads/Firetrail-Australian-High-Conviction-Fund-TMD-Factsheet.pdf] For historic TMDs please contact Pinnacle Client Service Phone 1300 010 311 or Email service@pinnacleinvestment.com [service@pinnacleinvestment.com]

ServiceNow and the $400 billion AI opportunity: Why agentic AI could change everything

Agentic AI is the next frontier in enterprise automation—and ServiceNow is right at the centre of it. ServiceNow is a cloud-based software platform that helps businesses automate and streamline workflows across IT, HR, customer service, and more. The company uses agentic AI, enabling autonomous, AI-driven decision-making and task execution to boost efficiency and productivity. In this episode, global equities analyst Sophie Carran joins Catie Ryan and tells us what she thinks really matters for Service Now's earnings outlook, what the market is missing, and what the bull and bear case is for the company's stock price. Service Now 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 [https://firetrail.com/wp-content/uploads/Firetrail-S3-Global-Opportunities-Fund-PDS.pdf] Links to the Target Market Determination:  WHT3093AU [https://firetrail.com/wp-content/uploads/Firetrail-S3-Global-Opportunities-Fund-TMD-Factsheet-.pdf] For historic TMDs please contact Pinnacle Client Service Phone 1300 010 311 or Email service@pinnacleinvestment.com [service@pinnacleinvestment.com]