Monthly, we update our wholesale investors on what’s happening in the market. Running what’s probably the only late-night trading desk from New Zealand, we’re well-positioned to feel the pulse of the market’s direction.

 

This February, our portfolios move up 5.8%.

It’s been a strange month, with the market shrugging off tariff uncertainty, swallowing the hard pill of AI disruption across software, and the resurgence of some sticky inflation.

Now, over the weekend, there are the events in the Middle East — which are yet to be priced.

The S&P 500 is down about 1.4%, with tech leaders like Microsoft down over 7%.

Skilled diversification insulates investors from the dangers of one sector or market.

Our lift has come from our long-standing investment in European real estate, copper, and other key materials.

For example, our stake in Immobiliare Grande Distribuzione [BIT:IGD], the Italian retail-property owner.

 

Porta a Mare, Livorno. Source: Author

 

I visited some of these properties back in 2024, and it cemented my view they were undervalued in the stock price.

IGD’s malls are concentrated in the north of Italy — one of the wealthiest regions in Europe.

The Company has:

  • Aggressively reduced debt.
  • Grown mall traffic.
  • Retained strong occupancy.
  • Benefited from stable, low interest rates returning to Europe.

In February alone, IGD delivered over 20% share price growth. The dividend due in a few months will add further income return.

Our exposure to copper through our London‑listed miner has also been a major contributor, rising over 140% in the past year as the market finally recognises the structural importance of the metal.

It is pleasing to see the market reward the value we have scrounged these past years.

There was also a welcome boost from our new US hardware pick, which saw its stock price rocket 20% on Friday with a breakout earnings announcement.

 

Managed Account performance*

 

For the month of February 2026, we were up 5.81% across the composite portfolio (total aggregate TWR return across all portfolios following the strategy).

Our average annualised return since inception is 15.41% p.a.

Please see our performance chart for more details.

 

Benchmarking

 

Our MSCI EAFE benchmark was up 3.93%.

The S&P 500 benchmark was down 1.40%.

Our blended MSCI EAFE/S&P 500 benchmark was up 3.13%.

 

Looking ahead

 

The key question is: ‘What to add next?’

Manufacturing is reshoring to the US. AI is simultaneously creating and destroying opportunity. Geopolitics remain fluid. Australian real estate is subdued.

Yes, across the longer view, we’re still seeing compelling value and opportunity for patient capital.

As we were going to press, the Iran crisis escalated dramatically with the death of Ayatollah Ali Khamenei and a wave of retaliatory strikes spreading across the Middle East.

Historically, markets often react sharply to geopolitical shocks, but they have also shown an ability to recover once the initial uncertainty clears.

These short‑term dislocations may create opportunities for investors who are prepared to look through the volatility.

 

 

Regards,

Simon Angelo

Editor, Wealth Morning 

*Past performance is not an indicator for future performance. Your actual portfolio will differ from the composite portfolio mentioned. The information contained in this document does not constitute an offer to sell or a solicitation to buy an investment, nor should it be construed as investment advice. Wealth Morning Managed Accounts are available to Eligible Investors and Wholesale Investors (not to Retail Investors) as defined in the Financial Markets Conduct Act (2013).

 

 

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