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Hedge Fund Quarterly Review | February 2026

Global equities navigated a volatile week with limited damage. Although investors appear to be recalibrating risk exposures, the earnings season continues to underscore that EPS growth remains firmly driven by the technology sector.

Twelve Securis is pleased to announce the continuation and further strengthening of its cooperation with Union Bancaire Privée (UBP) through the launch of a newly developed ILS fund.

As we head into 2026, emerging market (EM) bonds offer a solid opportunity, backed by improved fundamentals, positive technicals, and attractive all-in yields thanks to high baseline Treasury levels.

The nomination of Kevin Warsh to serve as the next Chair of the Federal Reserve from May pushed the US dollar slightly higher, while gold and silver fell sharply in a deleveraging move that began in Asia.

The mining rally in 2025 was led by precious and base metals, with gold miners up roughly 150% year-to-date, and prices for gold, silver, and copper all at record highs.

Solid – but not overheated – growth could create fertile ground for carry-focused fixed income strategies in 2026.

Global power demand is entering a new and sustained growth phase, marking a clear shift from the flat or declining trends seen in developed markets over much of the past two decades. This change is being driven by the need to upgrade infrastructure and by rising power demand not seen for years in developed economies.

As we enter 2026, we maintain a constructive stance on gold, reflecting a widening investor base and its continued role in portfolio diversification.

Chinese authorities are now fully behind the technology sector after years of cracking down on it. Self-sufficiency in semiconductors and AI has become a top strategic priority, driven by geopolitical tensions.

The technology sector continues to be at the forefront of innovation, driven by the rapid adoption of artificial intelligence (AI).

Equity markets have seesawed in response to renewed geopolitical threats of a transatlantic trade war. A Greenland-related U-turn at the World Economic Forum (WEF) meeting in Davos offered momentary relief.