Monthly Portfolio Review

February 2026

Hi Apes!🍌

This is our monthly portfolio review, where we look at the performances of our respective portfolios and deep dives. For the new apes, we have the:

• Banana Index: Best ideas within a global, unconstrained portfolio (15-25 stocks)

• Small Banana Index: Best ideas limited to global companies under US$10 billion in market capitalization (15-25 stocks)

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Our portfolios charge ahead with some serious outperformance in February, and are comfortably ahead of all market indices. We have raised about 5-7% cash in each of the portfolios by trimming positions in Gold, Silver and PGM miners. Risk management against a (still very) shaky macro backdrop given ongoing US-Iran war means preserving dry powder and the optionality of playing from a position of strength. Cash at key decision points (particularly when the technicals support the macro view) frees up both mental and actual capital for redeployment.

Portfolio Rules

1. There is no day-trading, leverage, or options in these portfolios. As with my investment philosophy, I seek the best ideas with favourable risk/reward over 1-3 years. Also, leverage is usually where portfolios go to die :/ (don’t ask me how I know this)
2. Maximum of 10% cash position in each portfolio
3. There will be tactical buys/sells (maybe a few times per month) and I send these through the chat as and when I make the changes (remember to join the chat here if you haven’t)