Thomas Parry Jones @thomaspj: "Subject: Market summary - early..."

United Kingdom

Subject: Market summary - early February Dear investors, As we head into the first week of February, markets have moved higher, helped by strong earnings from names such as $PLTR (Palantir Technologies Inc.) and a solid close to January. January was a challenging start to the year, with markets largely driven by geopolitical headlines. Our portfolio declined -0.9% versus the broader market, which rose +1.3%. Not the start we would have hoped for, but I remain comfortable with the decisions made. We rotated into defence during the volatility, and recent earnings - including $PLTR - continue to support the longer-term case for the sector. While there has been some rotation out of defence as tensions around Greenland eased, global defence spending remains structurally supported, particularly when considering ongoing risks such as US-Iran relations. We have also seen some rotation out of US technology. In my view, as interest rates continue to trend lower, this should begin to reverse. These remain longer-term holdings, which I expect to play out more positively through Q1. Thanks, TJ

PLTR

Palantir Technologies Inc.

135.62

-0.08 (-0.06%)

1 Mentioned

PLTR

Palantir Technologies Inc.

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