SUMMARY
February was characterised by a recovery in value sectors and profit-taking in more growth-orientated sectors. Financials (banks) and Real Estate rose sharply while the Technology sector, and particularly segments such as Semiconductors, Cybersecurity, and Cleantech, dropped significantly. As an example, the Cleantech sector has declined 10% since the beginning of the year, following a very strong 2020. The Fund is overweight these more growth-orientated sectors and underweight value, and its performance suffered as a result.