February brought a market environment shaped by rotation, selectivity and rising geopolitical attention.

International equities and emerging markets gained momentum as capital flows gradually diversified beyond the United States. At the same time, gold stood out as one of the strongest performers of the month, reinforcing its role as a strategic hedge amid persistent geopolitical uncertainty and evolving monetary policy expectations.

Across equity markets, increasing sector dispersion reflected investors’ growing focus on structural themes, particularly the economic implications of artificial intelligence and the pace of investment by major technology companies.

The start of March introduced a new layer of uncertainty as geopolitical tensions escalated in the Middle East, reminding investors how quickly the global macro landscape can shift.

In our February Monthly Review, we analyze the key developments across global equities, fixed income and alternatives, and the forces shaping the current investment environment.