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1. Full of beans…

It’s an oil chart…but a different kind of oil! The Soybean oil price has been on a tear as demand has been strong along with constrained supply. Its nearly tripled in price over the past three years.

Soybean oil is used for sustainable biofuels and food, and the world can’t get enough of it. Soybeans contain 19% oil and 34% protein. The world has increased production of soybeans by 7x in the past 50 years.

S3 Global Opportunities portfolio holding Archer Daniels Midland (ADM) is one of the largest crushers of soybeans in the world to create this oil. On their results call this week they talked about strong markets to come for several years yet.

Source: Bloomberg


2. The buyers are back…

Now that borders have reopened Australia is seeing an influx of foreign students. NAB’s survey of Australian housing market participants suggests that the share of new homes bought by foreigners is also on the rise.

Source: Department of Home Affairs, NAB, Macquarie Macro Strategy


3. Tap and go

Mastercard and Visa gave confident updates this week on the state of consumer spending. Mastercard said overall spending on the company’s cards jumped 22% to $1.52 trillion. Overseas spending climbed 53%! They also said that in the first three weeks of April, cross-border travel was up 38% versus Q1. Cross-border travel is now at 110% of 2019 levels.


This article is prepared by Firetrail Investments Pty Limited (‘Firetrail’) (ABN 98 622 377 913, AFSL 516821) as the investment manager of the Firetrail Australian High Conviction Fund (ARSN 624 136 045), the Firetrail Absolute Return Fund (ARSN 624 135 879), the Firetrail Australian Small Companies Fund (ARSN 638 792 113) and the Firetrail S3 Global Opportunities Fund (ARSN 653 717 625) (‘the Funds’). Pinnacle Fund Services Limited ('PFSL') (ABN 29 082 494 362, AFSL 238371) 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 relevant 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: WHT3810AU, WHT5134AU, WHT3093AU, WHT7794AU

Links to the Target Market Determination: WHT3810AU, WHT5134AU, WHT3093AU, WHT7794AU

For historic TMD’s please contact Pinnacle client service Phone 1300 010 311 or Email

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