03.03.2026
News
Monthly Recap: February 2026
As February draws to a close, we are pleased to share the strong performance of our three strategies, all of which outperformed their benchmarks this month.
The NDT US-Equities Momentum strategy delivered a +2.5% return in February, outperforming its benchmark, which declined by -2.7%. The NDT Europe-Equities Quality Momentum strategy gained +6.2%, compared to +3.9% for its benchmark. The NDT Global Multi Asset Momentum model advanced +2.7%, versus +1.3% for its benchmark.
Market Commentary
US Equities & Economic Backdrop: US equities delivered mixed results in February, with the S&P 500 declining -0.8% and the Nasdaq 100 falling -2.3%. However, the average S&P 500 stock rose, suggesting investors were rotating rather than retreating. Economic data remained supportive, with business activity still expanding, though job growth slowed in January.
Key Drivers: The dominant theme was a shift away from mega-cap tech toward more traditional sectors. The Magnificent Seven fell -7.3% as investors questioned the returns on massive AI spending, with software stocks particularly hard hit. The US Supreme Court ruled against the use of emergency powers for tariffs, removing a source of trade policy uncertainty.
Eurozone & Global: Global markets outperformed the US, with Japan’s Nikkei 225 surging +10.4% and emerging markets gaining 5.5%. UK equities rose +6.5%, while the ECB held rates steady as eurozone inflation remained below target at 1.7% and the tensions between the US and Iran escalated into armed conflict.
Rates, Sectors & Themes: Bond yields fell notably, with the 10-year Treasury dropping to 3.9%, signaling expectations for slower growth and eventual rate cuts. Defensive and commodity-linked sectors led: Utilities, Energy and Materials rose, while Technology, Communication Services, and Consumer Discretionary all declined.
Commodities & Other Assets: Gold continued its remarkable run, gaining +7.9%, while silver rose +10.1%. Oil prices climbed +2.8% and have strengthened further into March amid geopolitical tensions. Bitcoin remained under pressure, falling -10.8% as it continued to correct from its late 2025 highs.
Celebrating the first birthday of our UBS-AMC
One year ago in February, we launched our first UBS-issued AMC, the NDT US-Equities Momentum strategy.
In the latest edition of NDT Insights, we reflect on the first twelve months, from early drawdowns to recovery and successfully capturing major momentum rotations in US equities.
Read the full article on LinkedIn or on our blog.
And if you would like to go beyond our regular email updates, follow NDT Insights on LinkedIn, where we share deeper perspectives on systematic investing, momentum regimes and dynamic exposure management.
Our Top 3 Performers in the US
Below are the three stocks from our NDT US-Equities Momentum Strategy that posted the strongest gains in February:
Comfort Systems USA Inc | +25.1% | Mechanical & Electrical Contracting
The mechanical contractor surged after Q4 earnings significantly beat estimates at $9.37 vs. $6.75, powered by booming data center and AI infrastructure demand. Backlog nearly doubled to approximately $11.9 billion.Analog Devices Inc | +15.9% | Semiconductors & Analog Chips
Strong fiscal Q1 results drove the rally, with revenue up 30% to $3.16 billion and record data center orders. Q2 guidance of $3.40-$3.60 billion came in well above the $3.23 billion consensus, while the dividend was raised by 11%.Applied Materials Inc | +15.5% | Semiconductor Equipment
Shares surged after a blowout Q1, with Q2 revenue guidance of approximately $7.65 billion far exceeding the $7.02 billion consensus. Accelerating AI-driven semiconductor investment fueled the bullish outlook.
Our Top 3 Performers in Europe
Here are the three stocks from our NDT Europe-Equities Quality Momentum Strategy that posted the strongest returns in February:
Nordex SE | +29.4% | Renewable Energy
The wind turbine manufacturer hit multi-decade highs as 2025 EBITDA margins more than doubled to 8.4% and the order backlog grew to EUR 16.1 billion. A record net cash position of EUR 1.9 billion reinforced confidence.Koninklijke Ahold Delhaize NV | +25.3% | Food Retail
Strong Q4 results sparked a nearly 10% single-day rally, with net sales up 6.1% to EUR 23.5 billion and online sales growing 12.9%. A stable 2026 outlook for mid- to high-single-digit EPS growth added support.HOCHTIEF AG | +18.6% | Construction & Engineering
The construction giant extended a 170% twelve-month rally to new all-time highs, driven by booming data center and semiconductor facility demand. Its US subsidiary "Turner" saw operating profit rise over 50% in 2025.
Last Month's Strategy Returns
NDT US-Equities Momentum:
A satellite solution to complement existing portfolios with a concentrated selection of US large-cap stocks with strong momentum.
NDT Europe-Equities Quality Momentum:
Complement your portfolio with a selection of high-momentum and quality stocks out of the STOXX Europe 600.
NDT Global Multi Asset Momentum:
A systematic strategy designed to complement discretionary portfolios for long-term participation in global growth.
Given the ongoing geopolitical tensions in the Middle East, we expect markets to remain volatile in the near term. We wish you all a safe March ahead.
If you have any questions or would like to connect, do not hesitate to contact us.
We look forward to hearing from you.
Best regards,
Adrian, Andreu & Loris
For marketing purposes only. Advertising according to Art. 68 FinSA. All rights reserved.
As February draws to a close, we are pleased to share the strong performance of our three strategies, all of which outperformed their benchmarks this month.
The NDT US-Equities Momentum strategy delivered a +2.5% return in February, outperforming its benchmark, which declined by -2.7%. The NDT Europe-Equities Quality Momentum strategy gained +6.2%, compared to +3.9% for its benchmark. The NDT Global Multi Asset Momentum model advanced +2.7%, versus +1.3% for its benchmark.
Market Commentary
US Equities & Economic Backdrop: US equities delivered mixed results in February, with the S&P 500 declining -0.8% and the Nasdaq 100 falling -2.3%. However, the average S&P 500 stock rose, suggesting investors were rotating rather than retreating. Economic data remained supportive, with business activity still expanding, though job growth slowed in January.
Key Drivers: The dominant theme was a shift away from mega-cap tech toward more traditional sectors. The Magnificent Seven fell -7.3% as investors questioned the returns on massive AI spending, with software stocks particularly hard hit. The US Supreme Court ruled against the use of emergency powers for tariffs, removing a source of trade policy uncertainty.
Eurozone & Global: Global markets outperformed the US, with Japan’s Nikkei 225 surging +10.4% and emerging markets gaining 5.5%. UK equities rose +6.5%, while the ECB held rates steady as eurozone inflation remained below target at 1.7% and the tensions between the US and Iran escalated into armed conflict.
Rates, Sectors & Themes: Bond yields fell notably, with the 10-year Treasury dropping to 3.9%, signaling expectations for slower growth and eventual rate cuts. Defensive and commodity-linked sectors led: Utilities, Energy and Materials rose, while Technology, Communication Services, and Consumer Discretionary all declined.
Commodities & Other Assets: Gold continued its remarkable run, gaining +7.9%, while silver rose +10.1%. Oil prices climbed +2.8% and have strengthened further into March amid geopolitical tensions. Bitcoin remained under pressure, falling -10.8% as it continued to correct from its late 2025 highs.
Celebrating the first birthday of our UBS-AMC
One year ago in February, we launched our first UBS-issued AMC, the NDT US-Equities Momentum strategy.
In the latest edition of NDT Insights, we reflect on the first twelve months, from early drawdowns to recovery and successfully capturing major momentum rotations in US equities.
Read the full article on LinkedIn or on our blog.
And if you would like to go beyond our regular email updates, follow NDT Insights on LinkedIn, where we share deeper perspectives on systematic investing, momentum regimes and dynamic exposure management.
Our Top 3 Performers in the US
Below are the three stocks from our NDT US-Equities Momentum Strategy that posted the strongest gains in February:
Comfort Systems USA Inc | +25.1% | Mechanical & Electrical Contracting
The mechanical contractor surged after Q4 earnings significantly beat estimates at $9.37 vs. $6.75, powered by booming data center and AI infrastructure demand. Backlog nearly doubled to approximately $11.9 billion.Analog Devices Inc | +15.9% | Semiconductors & Analog Chips
Strong fiscal Q1 results drove the rally, with revenue up 30% to $3.16 billion and record data center orders. Q2 guidance of $3.40-$3.60 billion came in well above the $3.23 billion consensus, while the dividend was raised by 11%.Applied Materials Inc | +15.5% | Semiconductor Equipment
Shares surged after a blowout Q1, with Q2 revenue guidance of approximately $7.65 billion far exceeding the $7.02 billion consensus. Accelerating AI-driven semiconductor investment fueled the bullish outlook.
Our Top 3 Performers in Europe
Here are the three stocks from our NDT Europe-Equities Quality Momentum Strategy that posted the strongest returns in February:
Nordex SE | +29.4% | Renewable Energy
The wind turbine manufacturer hit multi-decade highs as 2025 EBITDA margins more than doubled to 8.4% and the order backlog grew to EUR 16.1 billion. A record net cash position of EUR 1.9 billion reinforced confidence.Koninklijke Ahold Delhaize NV | +25.3% | Food Retail
Strong Q4 results sparked a nearly 10% single-day rally, with net sales up 6.1% to EUR 23.5 billion and online sales growing 12.9%. A stable 2026 outlook for mid- to high-single-digit EPS growth added support.HOCHTIEF AG | +18.6% | Construction & Engineering
The construction giant extended a 170% twelve-month rally to new all-time highs, driven by booming data center and semiconductor facility demand. Its US subsidiary "Turner" saw operating profit rise over 50% in 2025.
Last Month's Strategy Returns
NDT US-Equities Momentum:
A satellite solution to complement existing portfolios with a concentrated selection of US large-cap stocks with strong momentum.
NDT Europe-Equities Quality Momentum:
Complement your portfolio with a selection of high-momentum and quality stocks out of the STOXX Europe 600.
NDT Global Multi Asset Momentum:
A systematic strategy designed to complement discretionary portfolios for long-term participation in global growth.
Given the ongoing geopolitical tensions in the Middle East, we expect markets to remain volatile in the near term. We wish you all a safe March ahead.
If you have any questions or would like to connect, do not hesitate to contact us.
We look forward to hearing from you.
Best regards,
Adrian, Andreu & Loris
For marketing purposes only. Advertising according to Art. 68 FinSA. All rights reserved.