The Firetrail Australian High Conviction Fund named Qantas Airways Limited (ASX:QAN) shares as one of the top contributors to fund performance in the month of May.
The Qantas share price rose 10 per cent in May, and has been one of the top performers in the ASX 200 index over the past four years.
Despite the strong historical gains for the Qantas Airways share price, Firetrail say the company still shows “compelling upside.”
In early May Qantas shares jumped higher after the airline said it expects to post a record pre-tax profit of between $1.55 billion and $1.60 billion. That would beat the record $1.5 billion it made in 2016 and comfortably exceed last year’s $1.4 billion.