NAV: 373790.01
Total Shares Outstanding: 363418
NAV per share: 1.0285
Performance since inception: 2.11%

Global equities entered a selloff just days before our rebalancing, stopping out many of our positions as the conflict in the Middle East eroded investor confidence. February’s top performer (EWY) experienced one of its largest one-day drawdowns during U.S. overnight trading, falling approximately 13%, as the surge in oil prices raised concerns about its impact on South Korea’s economy.

We added bonds to the portfolio during this rebalancing as their momentum resumed, and we lowered overall portfolio volatility. As geopolitical risks increase, maintaining a more defensive positioning could help us better weather the uncertainty.

February’s monthly report is also ready for download here.