Markets firmed in February as investors weighed economic resilience against compounding risks. Growth and inflation prints were benign in developed markets, and there were hopes that trade risks might have peaked after the Supreme Court struck down some tariffs in the US. But investors were also kept on edge by tensions in the Gulf and potential disruptions of artificial intelligence to traditional business models. Global equities and global fixed income both made modest gains, up around 1%.
Income+ Performance
Against this backdrop, Syfe’s Income+ suite delivered another month of strong and stable returns, with a target payout of 6.0-10.0% p.a. Pure (100% fixed income allocation) delivered +0.73%, Enhanced (with some equity exposure) gained 1.02%, and the newly launched Max (with stocks, bonds, gold and options) performed the strongest of them all, generating 2.26%. Diversification was a key driver of returns. Our broad geographical exposure captured optimism about easing monetary policy in the first weeks of February, especially in emerging markets, while our US positions benefitted from safe haven demand later in the month.
Detractors were largely US megacaps. Concentration risks in equities have been high, with tech megacaps responsible for much of the market’s gains. We identified diversification as a key returns driver and a source of resilience going into the year. That weakness in the US was offset by strong equity gains elsewhere, for example, in Asia.
The advantage of diversification was most apparent in Income+ Max, our newest portfolio, which delivered a payout of 9.67% p.a., mostly derived from its options overlay. Our other two portfolios continued to fulfill their target payouts (with a 100% achievement rate since inception).
Pure Individual Fund Performance
Enhance Individual Fund Performance
Max Individual Fund Performance
Outperforming Benchmark
Source: Syfe. Product issuers, data providers. As of 28 Feb 2026 in the denominated currencies. Subject to rounding. Each portfolio may vary due to different times of deposits, withdrawals & weighting.
Looking Ahead
As we have already seen so far in March, the coming weeks likely will continue to be challenging for global markets. The oil surge triggered by the Iran War upended some of the market’s favourite trades, brought back inflation risks, and held back central banks from cutting interest rates. Futures markets are no longer expecting Fed cuts in 2026 at the time of writing.
In this environment, patience pays. Steady income provides a valuable source of stability to a diverse, multi-asset portfolio, even as the underlying assets become volatile. Research has shown that “time in market” always beats “timing the market”. The optimal strategy is simply to stay invested.
That doesn’t mean there’s nothing you can do. Now may be a good time to review your portfolio and risk appetite. If you have any questions or need assistance, please feel free to reach out to our Investment Advisory team via email or WhatsApp at +852-57162416.
Here’s to your investing journey,
The Syfe Team
Please note that past performance is not indicative of future results. Investments are subject to market risks, including the potential loss of principal. The information contained herein is for general information and reference purposes only. Information on this website is not and should not be construed as an offer to sell, or a solicitation of an offer to buy any security, investment product or service, nor a distribution of information for any such purpose. It is not intended to form the basis of any investment decision. Investors should not make any investment decision based solely on the information and services provided herein. Before making any investment decision, investors browsing this website should consider his/her own circumstances including but not limited to his/her financial situation, investment experience and investment objectives, and should understand the nature, terms and risks of the relevant investment funds in detail. Unless otherwise specified, all historical figures shown are for illustration purposes only and not necessarily indicative of future performance. All forms of investment carry risks, including fluctuation of prices of fund units and the possibility of loss of the capital invested. Please ensure that you fully understand the risks and costs involved by reading the Risk Disclosure Statement. Some of the fund(s) mentioned above have not been authorised by the Securities and Futures Commission (“SFC”) in Hong Kong. Please seek professional advice from an independent financial consultant where necessary. Syfe Hong Kong Limited (“Syfe”) is a Hong Kong Corporation licensed by the SFC (CE No. BRQ741) under Types 1 (Dealing in Securities), 4 (Advising on Securities), and 9 (Asset Management) for conducting relevant investment activities.
