Portfolio Highlights

Enbridge Inc. (ENB) rose 10.49% in February, driven by very strong earnings in its latest quarter. The company continues to generate stable cash flows, with 98% of its business coming from contracted revenue, allowing it to maintain a defensive position within the Canadian energy sector. Enbridge also increased its distribution payout to shareholders in February, further signaling profitability and stability within the pipeline business.

Shares of Microsoft Corp. (MSFT) declined in February, finishing the month down 8.48% amid ongoing market speculation around AI spending, slower cloud growth, and concerns about the company’s relationship with OpenAI. OpenAI recently announced multi-billion-dollar partnerships with companies such as Amazon and Nvidia, leading investors to question the exclusivity of its relationship with Microsoft. However, OpenAI remains under contract to deliver 20% of its revenue to Microsoft through 2032. Broader concerns around AI spending have become more prominent, with investors increasingly focused on long-term profitability and market leadership. Despite this, Microsoft’s underlying fundamentals remain strong.

Shares of Procter & Gamble (PG) increased 9.55% last month as investors shifted toward more defensive sectors amid market volatility. When higher-growth, more volatile sectors like information technology begin to weaken, investors often rotate into defensive industries such as consumer staples, where Procter & Gamble is a key player. This rotation, combined with strong earnings reported in January, has supported continued momentum for the company, building on a strong start to the year.

Alphabet Inc. (GOOG) shares fell 8.19% in February for reasons similar to Microsoft. At its quarterly shareholder meeting, the company announced that AI-related capital expenditures are expected to rise to $175 billion in 2026, which was met with a negative market reaction. Despite this, the company’s core business performance remains strong. However, broader concerns around AI spending have overshadowed its fundamental growth. From a profitability standpoint, Alphabet remains well-positioned for long-term growth.​

All data sourced from FACTSET and Bloomberg L.P.
All data is for the reported month and in local currency.

Macro Watch

• The ongoing conflict in Iran has created disruption and uncertainty in the global economy, with a strong impact on oil prices. The Strait of Hormuz accounts for about 20% of the world’s oil supply, so any interruptions to this key route have led to a rapid increase in oil prices.
• Both Canada and the U.S. saw notable declines in employment in February. Canada lost 84,000 jobs, pushing the unemployment rate up to 6.7%, while the United States lost 92,000 jobs, bringing its unemployment rate to 4.4%. A large portion of Canada’s job losses came from Quebec, which reduced its workforce by 57,000.
• Even prior to the conflict in Iran, U.S. inflation remained persistent at 2.4%, above the Federal Reserve’s 2% target. Any prolonged disruptions are likely to put further upward pressure on costs in the short to medium term.

All data sourced from FACTSET and SIACharts.
All data is for the reported month and in local currency.

Portfolio Returns

February 2026