What got the team talking this week

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Weekly insights from the Trail

April 17, 2025

Inflation anticipation heating up

The latest New York Fed Consumer survey showed a sharp rise inflation expectation among American consumers, jumping by 0.5% in March.

Source: New York Fed Survey of Consumer Expectations (April 2025)

Trade tensions take a tech turn…

This week, Trump announced a temporary tariff exemption to smartphones and other electronics. The chart below shows the US has a heavy reliance on Chinese produced electronics – over 80% of smartphones and 66% of laptops are imported from China.

Source: The Economist (April 2025)

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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.

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Weekly insights from the Trail