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Global financial markets delivered mixed performance through mid-February as sentiment surrounding the AI trade shifted from risk-on to risk-off positioning. The move was catalyzed by investors repositioning for potential weakness in companies whose revenues and business models may be threatened or disrupted by the accelerating use, expanding capabilities, and broad-based adoption of AI. Software companies experienced the most pronounced weakness amid this evolving trend. Global equity markets were mixed through mid-month, while both interest rates and the U.S. dollar declined. Commodities also posted declines for the month as Iran-related geopolitical uncertainty continued to rise. Commodity losses were led by Natural Gas, Oil, Platinum, and Copper.

The HFRI-I Liquid Alternative UCITS Index gained +0.16% through mid-February.

Comments reference performance figures as of February 17th, 2026