“It’s all about the Strait of Hormuz”.…John Mauldin, Thoughts from the Frontline, 3/14/2026
“$95 oil will take a toll on the economy if it were to last for a week, two weeks, a month. Something sustainably over $100 becomes a major issue.…”, The Bahnsen Dividend Café, 3/14/2026
Where Are We, End of February 2026?
How different the world is one month after last month’s newsletter! In terms of markets and investment performance, things were crazier than ever. The major indexes and averages lost money, but small and mid-size company funds made money – with the differences sometimes pushing 6%! Fortunately, I use those funds and therefore many of you made money,
The other major change is of course the Iran war. All of the talk about “affordability” and inflation now transitions to how long the Strait remains closed and oil prices remain dramatically higher. I have absolutely no idea whether this situation will resolve tomorrow or if it persists indefinitely. War in 2026 is no longer only about military installations, heavy equipment, ballistic missiles and monster aircraft – it’s about cheap drones and lasers.
Following is the performance of the market indexes and our funds in February:
| Feb-26 | |||
| S&P 500 | -0.87% | ||
| Nasdaq (technology) | -3.38% | ||
| Dow 30 | 0.17% | ||
| Morningstar US Mkt (all stocks) | -0.73% | ||
| Morningstar US Small Companies | 2.32% | ||
| 2 year Treasury YIELD | 3.38% | ||
| 5 year Treasury YIELD | 3.50% | ||
| FBCG | -2.81% | Fidelity Blue Chip Growth | stock ETF |
| SPMO | -0.33% | S&P 500 Momentum | stock ETF |
| XSMO | 4.67% | Invesco Small cap Momentum | stock ETF |
| XMMO | 6.96% | Invesco Midcap Momentum | stock ETF |
| TMFC | -2.39% | Motley Fool 100 | stock ETF |
| VBR | 3.05% | Vanguard Small Cap Value | stock ETF |
| RSP | 3.48% | Invesco S&P Equal Wt | stock ETF |
| NOBL | 4.20% | Dividend Aristocrats | stock ETF |
| NLR | -0.29% | Van Eck Nuclear | stock ETF |
| FBGRX | -2.31% | Fidelity Blue Chip Growth | stock mutual fund |
| OBMCX | 9.13% | Oberweis Micro-Cap | stock mutual fund |
| FSLVX | 1.76% | Fidelity Large Cap Value | stock mutual fund |
| FSMVX | 4.89% | Fidelity Mid Cap Value | stock mutual fund |
| FCPVX | 3.77% | Fidelity Small Cap Value | stock mutual fund |
| CPEFX | 0.39% | Cascade Private Capital | private equity mutual fund |
| BUCK | 0.27% | Simplify Stable Income | ETF Income Fund |
| CCLFX | 0.29% | Cliffwater Corporate Lending | income mutual fund |
| CELFX | 0.46% | Cliffwater Enhanced Lending | income mutual fund |
| CFRAX | -1.42% | Catalyst floating rate | income mutual fund |
| EIFAX | -1.04% | Eaton Vance floating rate | income mutual fund |
| FFRAX | -0.86% | Fidelity floating rate | income mutual fund |
| RNDLX | 0.52% | RiverNorth Strategic | income mutual fund |
| FAGIX | 0.77% | Fidelity Capital & Income | income mutual fund |
| Starwood REIT, class I | -0.07% | Jan* | real estate investment trust |
| Blackstone REIT, class I | 0.92% | Jan* | real estate investment trust |
| Fidelity Credit Fd, class I | 0.92% | Jan* | private lending trust |
| Blackstone Credit Fd, class I | 0.30% | Jan* | private lending trust |
| Blackrock Credit Fd, class I | 0.59% | Jan* | private lending trust |
(Courtesy morningstar.com)
* 1-month reporting lag
Following are your February investment results:
We should talk if you would like to review exactly where you stand or if we should consider a change. I am available at your convenience. I have Google Meet and Zoom in case you would like to do a video conference. Also, please consult your Fidelity statement for advisor fee information.
Best,