Portfolio Review (Feb 2026)

The market tests conviction

Mar 02, 2026

∙ Paid

January 2026 Markets Review

S&P 500: -1.35%
NASDAQ: -3.01%

February continued where January left off, volatile and unforgiving, particularly for technology and growth-oriented names. The month was defined by a handful of themes: sticky inflation rearing its head again (a surprisingly hot PPI print on the final trading day of the month spooked markets), mounting anxiety over AI's impact on the broader economy, and continued rotation into international equities as foreign markets trounced the US for the second month running.

The MSCI World ex-US index is now up roughly 9% year-to-date, a striking contrast to the S&P 500's flat performance and Nasdaq’s negative performance. Capital appears to be chasing cheaper valuations overseas, and a weaker dollar has only accelerated that dynamic.

On the corporate front, Jack Dorsey’s Block announced it would lay off over 4,000 employees (nearly half its workforce) sending a chill through the broader FinTech space, with a notable effect on Software too. The Netflix vs. Warner Bros./Paramount Skydance saga dominated headlines mid-month, with Netflix ultimately pulling back from its bid. Meanwhile, Trump’s reported nomination of Kevin Warsh as Fed Chair added another layer of uncertainty around monetary policy going forward.

Tech bore the brunt of February’s pain. Software names in particular remain deeply out of favour.

Portfolio Performance (Since Inception)

(Portfolio Inception Date: 27th October 2023)

Portfolio: +158.49%

S&P 500: +66.27% (Outperformance: +92.22%)

NASDAQ: +83.10% (Outperformance: +75.39%)

Portfolio Performance (YTD)

Portfolio: -13.04%

S&P 500: +0.49% (Underperformance: -13.53%)

NASDAQ: -2.39% (Underperformance: -10.65%)

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