• Global equity markets rose in February with the FTSE All World Index returning +2.4%, and the Global Leaders Equity portfolio returns were in line with this +2.3%.
• A steepening yield curve, and confidence in an economic rebound due to successful vaccination programs saw some rotation in market leadership, with traditional value stocks, indebted companies and smaller capitalisation companies perform particularly well.
• Within the portfolio a new position was established in Eaton, a global leader in electrification set to benefit from accelerating secular trends. A Japanese index tracker was also added with several positions trimmed to make way for this. Pharmaceutical giant Merck was sold.
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