From market record to market dip

February was a month we’re unlikely to forget. This was despite the year starting calmly, with stock markets breaking through magical barriers and the S&P500 even reaching 7,000 points. But, as is often the case on the stock market, the tide quickly turned. In the last days of February, we were hit by a geopolitical storm in the Middle East. How did that affect your Peaks portfolio and the global economy? 

How the Peaks portfolios performed

Despite the turmoil at the end of the month, February was still a good month for investments. All Peaks portfolios showed positive returns: from +1.1% for the Cautious portfolio to +1.4% for the Adventurous portfolio.

Table 1: Net returns of Peaks portfolios

Important to know: These net returns reflect Peaks' portfolios in February 2026, all of 2026 and since the launch of Peaks, after deducting Peaks, fund, and transaction fees. The value of investments can fluctuate, and past performance is no guarantee of future results.

The above figures assume a portfolio value of €10,000 without any deposits or withdrawals. If you made deposits or withdrawals this month, your personal return may differ. Your return will also vary if you have invested less or more than €10,000 due to the monthly fees Peaks charges.

Within the portfolios, the Asia-Pacific (+6.3%) and Emerging Markets (+6.1%) regions performed particularly well. Otherwise, the stock market was relatively quiet, with limited price fluctuations. It was a kind of calm before the storm that broke in early March.

Table 2: Risk of Peaks portfolios

Important to know: This table shows the risk levels of the 4 Peaks portfolios over different time periods (last month, this year, and the average since Peaks launched). Risk, also known as volatility, reflects the variation in annualised returns and is measured using the standard deviation of daily net returns converted to an annual basis.

US and Europe: economically stable but tech sector cools off

In the United States, we saw a mixed picture. The economic figures are solid: inflation fell to 2.4% (the lowest level in years) and consumer spending continues to grow. Producer confidence in the economy is also continuing to rise. Nevertheless, the US S&P 500 index fell by around 1.8% in February, mainly because the huge AI rally on Wall Street cooled off slightly. Fortunately, as a Peaks investor, you were less affected by this, as the sustainable North America ETF remained virtually unchanged in value.

In Europe, the economy is slowly climbing out of the trough. The ECB kept interest rates unchanged and sees a resilient economy. Inflation in the eurozone rose slightly to 1.9%, but remains neatly around the target.

Important to know: These net returns reflect the performance of index funds in February 2026, all of 2026, and since Peaks launched, after deducting Peaks, fund, and transaction fees. The value of investments can fluctuate, and past performance is no guarantee of future results.

Conflict in the Middle East affects stock markets

On 28 February 2026, the calm on the markets was severely disrupted by an escalation in the Middle East. The US and Israel carried out attacks on Iran, killing spiritual leader Ayatollah Khamenei. Iran responded immediately with missile and drone attacks on American bases and allies in the region. This caused turmoil in the markets. 

Oil and gas prices skyrocketed due to the blockade of the Strait of Hormuz, the sea strait between Iran and the United Arab Emirates. Approximately 20% of all oil and gas worldwide can only be transported to the rest of the world via this route. A prolonged blockade could lead to even higher energy prices, which could in turn lead to higher inflation. High energy prices therefore act as a brake on economic growth. 

Investors fled to “safe havens” for their money last week, such as gold and the US dollar. At Peaks, we also saw a clear increase in customers investing part of their money in gold.

But the stock market is resilient

It is understandable that you may be alarmed when you see the headlines or watch the stock market fluctuate. As we wrote earlier in an extra Market Update: staying calm is the best tactic.

Historically, the stock market has had a “thick skin”. Whether it's the financial crisis, the coronavirus pandemic or the import tariff crisis of 2025, the market has always recovered and broken new records after every dip. If you invest for the long term, as you do with Peaks, stock market dips are actually an opportunity to buy at a lower price.