Monthly Update
When strong markets meet rising uncertainty
February delivered a powerful start to the year for investors, with equities gaining over 11% in the first two months of 2026 and resource counters continuing their strong momentum. While market performance has been encouraging, the global backdrop reminds us that uncertainty is never far away.
Offshore, geopolitical tensions resurfaced as the United States launched attacks on Iran late in February, triggering renewed market caution. At the same time, weaker-than-expected manufacturing data from China raised concerns about slowing global demand, while the U.S. Federal Reserve opted to hold interest rates steady, reflecting a more cautious stance on inflation.
Locally and globally, markets continue to present a mix of opportunity and risk. Gold and precious metal shares have been key drivers of recent returns, supporting broader index performance. However, periods of strong gains can often mask underlying volatility, and drawdown risk remains an important consideration for long-term investors.
At Salvo Capital, we remain focused on navigating these dynamics through disciplined portfolio positioning — balancing participation in growth opportunities with a mindful approach to risk.
👉 Read more in our Monthly Market & Fund Update.
