Over the March 2025 quarter major Australian and US equity indices retreated, with selling pressures increasing over the second half of this period, amid Trump’s promised wide-ranging ‘Liberation Day’ tariffs In the face of this cautiousness, only two companies joined the ASX during Q3 FY25. One was MA Credit Income Trust, which targets returns via private credit strategies. The other was Dominion Income Trust 1, which targets returns by investment in debt securities, loans, trusts, notes, and bank facilities.