Equity markets: mixed bag in February
It was very much a mixed bag between the different battery materials markets in February, with differentiation by material and also a lot of regional differentiation in performance. The wider market was robust although there was a factor shift in the second half of the month towards value and the reflation trade, at the expense of growth and within that Tech stocks in particular. Many of the stocks in our Downstream basket, by nature of their performance and the segments they are in, are classified by the wider market as Tech stocks and hence they have been underperformers. The negative...