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1. Turbulence on the path to net zero…

It’s a long and winding road to net zero…even in Europe. Firetrail research into wind turbine manufacturers show that even global leader in renewable wind technology Vestas will have negative EBIT margins of 2.5% this year…. One of the big issues is permitting. For example, in Germany it takes an average 4-years to get permitting approved to install a turbine. Just to install 3 wind turbines this year a German company had to print 36,000 pages for the application, spending more than 10,000 Euros to print them…

Source: EnBW

2. Rates up, loans down…

The RBNZ raised rates by 50bps to 2.0% this week… And is talking another +2.0% increase over the next 12-months…

With rates up, loan values and number of commitments are down across all borrower types.​​​​​​

Source: Macrobond, RBNZ, Macquarie Macro Strategy


3. Lendlease / Google urban development in San Francisco…

Did you know that Google runs 350 shuttle buses every day transferring staff to Google campuses? With an average 1-hr trip each way!

That’s why Google has partnered with Lendlease on a $15bn USD project to build over 15k apartments across 76 towers in San Fran. Below is Firetrail’s artist impression of where the projects are:​​​​

Source: Google


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

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

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