February ended dramatically with joint US-Israeli strikes on Tehran killing Ayatollah Khamenei, sparking a repricing of risk assets as oil surged on Strait of Hormuz closure fears and inflation expectations jumped, taking rate cuts off the table. Beneath the geopolitical shock, markets told a broader story: ex-US equities outperformed significantly – Japan up over 10%, UK nearly 7%, Emerging Market above 5% – while US markets lagged and the Mag 7 fell 6.5%, extending growth’s losing streak to four months. The “SaaSpocalypse” hammered software stocks on AI disruption fears, and Bitcoin dropped 17%, now nearly 50% off its October high. Listed real assets, bonds, gold, and alternatives posted solid gains, rewarding diversified multi-asset portfolios. With geopolitical risk elevated and inflation concerns rekindled, this does not feel like a straightforward buy-the-dip moment; portfolios remain diversified, tilted to quality, with moderate rate exposure.