Monthly report February 2026

At the beginning of the month, the usefulness and economic viability of the huge investment plans of leading tech companies once again became a topic of discussion. Software companies in particular saw their share prices fall due to fears that their business models could be undermined by increasingly efficient AI models. This fear also led to losses for financial sector stocks and logistics companies. In the middle of the month, the US Supreme Court declared the majority of imposed by US President Trump to be unlawful. Many of the flat-rate additional tariffs, which had been in force since April 2025, thus lost their legal basis. The
response from the Oval Office followed immediately, with an executive order imposing additional tariffs of 10% on all imports.
The issue is therefore likely to continue to preoccupy the markets.

Our equity fund has continued to grow. This is all the more significant given that we have steadily made the portfolio more defensive overall and also reduced the level of investment. This demonstrates our immense expertise in risk management and confirms the correctness of active investing.