Monthly NTA update - February 2026

Welcome the monthly update for the Neverwinter Fund I SLP for February 2026.

The fund declined by 11.7% in February as a myriad of macro factors continued to add pressure to risk assets. Bitcoin (-14.9%) and Ethereum (-19.8%) were both down sharply over the month.

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A dominant headline throughout February was the fear of escalation in the Middle East, which materialised at the end of the month with the joint US/Israeli attack on Iran. Since then the conflict, its effect on oil prices, and the flow-on effects to the global economy have taken center stage.

Separately, markets continue to struggle with the arrival of AI. Once-loved software firms, now considered at risk of disruption, are bearing the brunt of the selloff. Some notable declines from recent all time highs include:

As outlined recently, cryptocurrencies, particularly Bitcoin, have been increasingly correlated with risk assets. As such this broader market volatility acted as a headwind for fund performance throughout the month.

Amongst the negative headlines were some positives for digital assets. While the Fear and Greed index spent most of February in record ‘extreme fear’ territory, it has since recovered and is moving closer to ‘neutral’. Meanwhile, institutional adoption continues, with one US Governor passing a law which enables State Pension Funds to include an option for their members to invest in crypto.