February offered a positive but more choppy market than the previous month. Developments were mixed across regions and risk appetite shifted rapidly in
pace with the news flow. Geopolitics in the Middle East regained a clear leading role and influenced the energy market, which in turn contributed to the movement of inflation expectations. In parallel, the market continued to reassess the pace of a coming interest rate cut cycle. The Federal Reserve signaled
that further easing requires clear progress in inflation data, which contributed to longer-term interest rates rising periodically.

In this environment, risk management becomes crucial. When uncertainty is high and the market quickly reallocates capital, the value of
selective exposure and flexibility. Risk management strengthens the stability of the portfolio and reduces the risk of being forced to act in stressful situations.