Monthly Download: February 2026

February delivered a mixed but evolving market backdrop as leadership continued to broaden beyond U.S. Technology. Advances in AI capabilities reverberated across industries, while international equities extended their outperformance, supported by cyclical sector strength and a softer U.S. dollar. Fixed income markets benefited from declining Treasury yields, reinforcing expectations that the Federal Reserve remains patient as inflation moderates and growth stabilizes.

In this Monthly Download, our Investment Team also explores themes shaping the current backdrop: pressure on software stocks as AI-driven coding advances; the Supreme Court’s ruling limiting the administration’s emergency tariff authority; renewed focus on private credit; and the market implications following the launch of Operation Epic Fury, including rising oil prices and renewed geopolitical risk.