FSML Falls Short but Still Leads in August Returns

The Firetrail Australian Small Companies Fund Active ETF (ASX: FSML) delivered a return of 5.02% in August 2026, falling short of the ASX Small Ordinaries Accumulation Index's 5.18%. Despite this, the fund outperformed its benchmark over the past year with a return of 4.77%, compared to the index's -1.22%. Over three years, FSML has returned an annualized 19.97% against the benchmark's 9.77%.

The fund held 68 positions in August, including 23 event-driven holdings each below 1%, with a total fund size of $938 million. The portfolio management team comprises Matthew Fist, Eleanor Swanson, and Patrick Hodgens, Co-Founder and Managing Director. Key holdings include Channel Infrastructure, GemLife, and Minerals 260.

The ASX Small Ordinaries sector saw significant returns in August, with a 17.5% surge from the ASX Small Resources sector. The Reserve Bank of Australia maintained its cash rate at 4.35% during its August meeting, while Brent crude oil prices fluctuated between $79 and $94 per barrel.