Market volatility picked up in February as investors grew concerned about falling US growth. This saw shares sell-off and bonds rally. The Portfolio has navigated this period well due to active decisions across asset allocation and stock selection. In late January, the Portfolios exposure to US shares was reduced as we became concerned about a slowing in growth. At the same time, exposure to bonds was increased. Given the rally in shares and fall in bond prices at that point, it was an opportune time to reallocate. Over February, US shares underperformed, and bond prices were strong, benefiting the Portfolio’s positions. Stock selection helped last month too. Given the high valuations of shares in the US, we have been allocating more to the UK and Europe where valuations are cheaper. Our UK shares performed strongly, despite the weakness in global shares. NatWest Group (+10.6%) and Bank of Ireland (+17.8%) continue to be strong performers, joined by BT Group (+12.6%) and Coca-Cola Europacific Partners (+9.8%). Looking ahead, it is likely that share and bond markets will continue to be choppy. US policies around tariffs and cuts to government spending are increasing uncertainty and weighing on sentiment. However, the underlying US economy is strong and whilst growth is slowing it is unlikely to be negative. The rest of the developed world is also supported by falling interest rates and in Europe, increased fiscal spending is on the cards. The outlook for returns remains reasonable, partly due to the solid returns available from bonds which can cushion returns, even if economic growth slows more sharply.