What got the team talking this week

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Weekly insights from the Trail

May 16, 2025

Where will tariffs land?

A BofA fund manager survey shows the consensus is for US tariffs on China to land at 37% — higher than the temporary 30% rate announced last week.

Source: BofA Global Fund Manager Survey (May 2025)

While trade policy uncertainty has cooled slightly, it’s still hovering near all-time highs.

Source: Economic Policy Uncertainty (May 2025)

AI is going mainstream in the office…

Data from corporate card startup Ramp says that 32.4% of US businesses using Ramp cards had OpenAI subscriptions in April, up from <20% in at the end of 2024. Open AI is the clear leader, with the next most popular model Anthropic at 8% share.

Source: Ramp (May 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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Featured

Weekly insights from the Trail