Investment Insights – February 2026

Investment Insights – February 2026

We’re pleased to share the latest edition of our Investment Insights report, which highlights the key trends shaping markets and portfolios. 

This month’s key takeaways:

• Leadership rotation: Equity returns were positive, but volatility rose as leadership shifted. AI-related concerns weighed on software, while commodities and infrastructure benefited.  
• Policy divergence: The US Federal Reserve held interest rates steady amid sticky inflation. The Reserve Bank of Australia moved the other way, hiking rates, with markets pricing another move higher in May. 
• The “Warsh Shock”: Kevin Warsh’s nomination as US Federal Reserve Chair triggered a sharp unwind in debasement trades, with gold and silver falling 9% and 30% respectively. The big question now is the impact on long-term bond yields. 

As outlined in our latest quarterly report, volatility is likely to remain a feature of 2026, not a bug. 

We hope you find this update useful. If you would like to discuss any of these themes, please feel free to reach out.

Warm regards,

Mackay Private Wealth 

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^{General Advice Warning: Any comments in this communication do not consider your objectives, financial situation or needs. Before acting on any general advice, consider whether it is appropriate for you.}