Overall Performance
February 2026 delivered a challenging month for the OnlyFin portfolio as global markets navigated a more risk-off backdrop. Geopolitical uncertainty resurfaced, commodity markets became the story of the month, and equities outside the US faced a patchwork of headwinds. China equities gave back some of their earlier gains, while European stocks showed resilience and upstream energy was the standout performer, living up to the month’s “Crude Awakening” theme as oil prices surged.
The portfolio declined 0.90% in February, trimming year-to-date 2026 returns to 0.87%. While the overall result was slightly negative, the underlying dispersion across positions was wide, with energy-linked exposure delivering a meaningful offset against weakness in Asian equities.
Portfolio Allocation Analysis
February’s overweight positions delivered a wide range of outcomes, with energy the clear winner and China the main detractor.
China (2828.HK): −4.7%. January’s rally reversed as sentiment shifted on mixed data and lingering property sector concerns. The structural case remains intact.
Europe (VGK): +3.1%. Held up well on improving manufacturing data and spillover support from energy sector strength.
Upstream Oil (XOP): +9.6%. The standout of the month. OPEC+ discipline and geopolitical tension drove a sharp move higher in crude
SD Bonds (DFSD): +0.6%. Steady as expected. Short-duration fixed income continued to provide stable income and low volatility amid equity swings.
Gem Finder Update
The Gem Finder list showed mixed performance in February, with longer-tenured picks broadly intact and a number of more recent additions continuing to face pressure.
Jul - Health Tech: Holding just above entry at +1.9%, having pulled back sharply from a peak of +75.5%. The thesis around healthcare technology adoption remains intact.
Sep - Agentic AI: Recovered to +5.8% from entry after a deeper pullback, as enterprise AI automation demand remains structurally intact despite periodic sentiment swings.
Nov - Advanced Batteries (ENVX): Position closed at -33.9% after price broke decisively below the key $5.50 technical support level that anchored the original thesis. Fundamentally, the exit was supported by continued delays to the Malaysia manufacturing ramp, rising debt-to-equity (1.83x), and slower-than-expected gross margin progression, signalling that the commercialisation timeline had slipped materially from initial expectations.
Dec - Cybersecurity Leader: Holding a modest gain of +1.9%, supported by resilient enterprise security budgets and steady demand for AI-enabled security solutions.
Jan - Humanoid Robotics: Down -24.5% from entry as the market maintains a cautious stance on near-term commercialisation timelines in automation. The long-term structural opportunity remains compelling.
Feb - Tea Beverages: Down -9.0% from entry in its first month, reflecting early-stage price discovery. The rapidly expanding Chinese premium tea consumption theme is intact and will be monitored closely.
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Disclaimer
This publication is for informational and educational purposes only. There is no consideration given to the specific investment needs, objectives, or risk tolerances of any of the recipients. The information or opinions provided are personal views and do not constitute investment advice, a recommendation, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein.