What got the team talking this week

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Weekly insights from the Trail

April 11, 2025

Whiplash Week on Wall Street…

Market volatility hit new highs this week, triggered by Trump’s Liberation Day tariff saga. After falling to the lowest levels in nearly a year, the S&P 500 saw its biggest reversal since the GFC.

The whiplash came as markets digested escalating trade tensions, only for Trump to announce a temporary halt on many of the proposed tariffs, sparking a dramatic recovery.

Source: Bloomberg (April 2025)

It wasn’t just price action that grabbed attention—trading volume soared past pandemic-era peaks, with more than 30 billion shares changing hands on US exchanges.

Source: Bloomberg (April 2025)

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Disclaimer

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 service@pinnacleinvestment.com

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Weekly insights from the Trail