The new trading week begins in a markedly different atmosphere from the one in which the month ended. The attack by the United States and Israel on Iran, in which, according to reports, Ayatollah Ali Khamenei was killed, represents a significant escalation in the Middle East. This is no longer a targeted operation conducted in the shadows, but an open confrontation with direct consequences for global risk sentiment. Iran has announced retaliation, and the threat of further military action is clearly hanging over the markets.

The earnings season is drawing to a close, and markets are once again shifting their focus towards macroeconomic developments, geopolitics and the outlook for the months ahead. Beneath the surface, volatility remains present, yet we continue to navigate this environment with discipline and conviction. In recent weeks we have taken profits on a strong performer and added a new opportunity to the portfolio following a period of turbulence. As always, we remain focused on cash flow, margins and long-term value creation, while keeping a close eye on geopolitical tensions and global trade developments that could influence sentiment in the short term.

Last week felt like one of those market weeks in which equities show remarkable resilience, yet at the same time you sense that everyone is keeping one eye on the exit. AI remains the main engine behind sentiment. Precisely for that reason we are seeing something interesting unfold, investors are gradually rotating away from expensive winners and cautiously moving towards value stocks. This is not a panic driven rotation, but a rational shift. Technology has risen sharply, while value stocks tend to move more closely with the temperature of the economy. And that market temperature remains surprisingly comfortable for now. In the United States that uneasy balance once again became clear. On paper the jobs report looked solid. In January, 130,000 jobs were added and unemployment fell from 4.4% to 4.3%. However, once we look under the bonnet, the picture becomes less reassuring. Job growth is structurally slowing and the downward revisions were significant. For 2025 as a whole, only 181,000 jobs ultimately proved to have been created, whereas earlier estimates had pointed to 584,000. That is not a minor adjustment, it is an entirely different story, and moreover the weakest year since 2020. At the same time inflation cooled further. Headline inflation fell to 2.4% in January and core inflation declined from 2.6% to 2.5%. Normally such a combination would push markets directly towards pricing in rate cuts, but that hardly happened. Investors are reacting with notable restraint and are increasingly factoring in fewer rapid moves by the Federal Reserve. At present, a first rate cut is only being priced in towards the summer. ING still expects two cuts this year, in June and September, but explicitly leaves the door open for more if the labour market weakens further. For us as investors, and within Sharesunderten, this means selectivity is more important than ever. In an environment where growth is cooling but no recession is visible, the focus shifts to quality, valuation and balance sheet strength. In the coming week global attention turns to the United Kingdom, and not without reason. A series of data releases in London could, in one stroke, determine how markets assess the future rate path of the Bank of England. On Tuesday the Claimant Count Change will provide an initial signal on the British labour market. Expectations are that the number of new benefit claims will rise, which may point to an economy that is also gradually cooling. Wednesday becomes truly interesting with the release of inflation figures. The market expects a decline to 3.0% year on year, compared with 3.4% previously. That may seem a small difference, but for the Bank of England it is crucial. UK inflation has proved more persistent than in the eurozone and the United States, forcing the UK to maintain restrictive policy for longer. If inflation now genuinely moves towards 3%, the internal debate within the Monetary Policy Committee could shift. That could mark the starting point for a more concrete rate cut later this spring. For now, the calm in the markets appears intact, but beneath the surface the emphasis is shifting. It is precisely in such markets that opportunities arise, provided we remain disciplined on valuation and timing. JD Logistics Last week we added JD Logistics to the portfolio, as the share is currently extremely cheap relative to the company’s operational performance. The original rationale behind the IPO was that the market would finally recognise the true value of JD’s logistics division. Instead, the opposite has happened. Since the IPO in 2021, the share price has fallen by around 70%, while the company has continued to grow, further expand its infrastructure and clearly strengthen its cash flow generation. We are also seeing JD Logistics generate an increasing share of its revenue from external clients. This is important, as it reduces the company’s dependence on JD.com and positions it ever more clearly as an independent player in the Chinese logistics market. At the same time, it is logical that this expansion phase still puts pressure on margins, as external growth is relatively labour intensive and requires substantial investment. Yet this is precisely where the leverage lies, once growth normalises and investment intensity declines, there is room for margin expansion and value creation. Valuation at present is exceptionally low. We are paying a multiple that is typically associated with companies facing structural problems, whereas JD Logistics has a strong balance sheet and a clear technological edge. In our view, this makes the share too attractive to ignore. Owing to its depressed market capitalisation, JD Logistics has also become more attractive to its parent company. JD.com still holds a majority stake, and for them logistics is not a supporting activity, but a core weapon in the competitive battle with other ecommerce platforms.   Grab Holdings Grab recently reported mixed results for the fourth quarter of financial year 2025, yet the market ultimately responded constructively. Revenue increased by more than 18% year on year to 906 million dollars. That was slightly below expectations, but earnings per share surprised on the upside. This demonstrates that increasing scale is translating ever more clearly into operational leverage. More important than the quarter itself was the outlook. The market had anticipated cautious guidance for 2026 and potential pressure on commission rates in Indonesia. The fact that the outlook came in slightly above expectations was therefore seen as a moment of relief. Part of the uncertainty now appears to have been priced in and has eased. In addition, Grab presented a three year plan targeting 1.5 billion dollars in adjusted EBITDA in financial year 2028. Given the level of penetration in South East Asia, its strong position in mobility and deliveries, and its growing fintech ecosystem, this is not an unrealistic ambition. That ecosystem creates scale advantages and increases customer retention. We acknowledge that regulatory risks and competitive pressure remain, particularly in core markets such as Indonesia. At the same time, we see a company that is gaining control over its cost structure, maintaining

Our Dutch holding has performed notably well in recent weeks. We understand that subscribers may be eager to take profits, but the key question is whether the share price still has significant upside potential. More on that later.