I wrongly thought seasonality was when you had summer horses coming to the end of their season racing against winter horses prepping for their season. And then repeated at the end of Winter which in turn could lead to some volatility.
But what you mean is in the quieter months the fields are weaker so less turnover equals more volatility and less liquidity
Yeah I agree summer in Aussie is to hot for their better horses I know sometimes they start early so they don't run at the hottest part of the day