MyNest US Fund Jan 26

Dear Investors,

February 2026 proved to be one of the most challenging months for our fund since its inception. A wave of “AI anxiety” swept through the Software-as-a-Service (SaaS) sector, triggering severe multiple contractions across the board as the market grappled with the potential for AI-driven disruption.

Core Holdings and Market Volatility

Our portfolio was not immune to this shift. We saw substantial declines in Adobe and Salesforce. Despite both companies maintaining high-quality earnings, “Mr. Market” is currently pricing in a high degree of forward-looking uncertainty. We view this as a period of price adjustment to a new technological reality rather than a reflection of deteriorating fundamentals.

The pressure continued with PayPal, where poor results and management upheaval weighed heavily on the stock. The recent departure of the CEO combined with stalling growth led many long-term investors to “throw in the towel.” While the position has been painful, we are maintaining our conviction for now, despite the heightened uncertainty.

Healthcare Headwinds

We also faced a significant setback with UnitedHealth, which saw an immediate sell-off following our entry into the position. The Trump administration proposed a nearly flat 0.09% net rate increase to Medicare Advantage payment in 2027 an expected 4% – 6% increased—spooked the market. This regulatory headwind led to an immediate and sharp discounting of the shares.

Amidst what some are calling the “SaaSpocalypse,” we have selectively added a new position in Intuit. As the provider of QuickBooks and TurboTax, Intuit is a staple for SMEs and individuals in the U.S.

Similarly, Novo Nordisk faced volatility as it overhauled its U.S. business model. The company significantly reduced pricing for Wegovy and Ozempic. While the launch of the “Wegovy Pill” initially boosted sentiment, the market is now focused on the uncertainty surrounding this new, lower-priced volume strategy.

Strategic Adjustments: Entering Intuit

While the valuation is not “cheap” by traditional metrics, we believe Intuit’s aggressive integration of AI into its ecosystem positions it at the forefront of the industry. They are not just reacting to the AI era; they are built to thrive within it.

Our Investment Philosophy: Conviction Over Chaos

While the headlines focus on the “SaaSpocalypse,” our focus remains on the structural advantages of our portfolio. We are positioning the fund for a year of historic expansion; we project the US economy will grow by 5% in 2026, a trajectory further bolstered by the One Big Beautiful Bill (OBBB). The OBBB is set to “juice up” corporate profitability through permanent tax certainty and restored R&D expensing—providing a direct tailwind to the innovative companies we hold.

The road is rarely smooth, but our conviction in this disciplined process has never been higher. 

MyNest US Fund Portfolio Compositions

MyNest US Fund Performance

Performance & Alignment

Year-to-date, the fund has declined 6.2%, trailing the S&P 500 by 4.79%. While our objective is to outperform the benchmark over the long term, short-term periods of divergence are an inherent part of a concentrated, high-conviction strategy.

We take our role as the guardians of your capital with the utmost seriousness. Because the majority of our own capital is invested alongside yours, our interests are perfectly aligned. We are navigating this volatility with the same caution and discipline we apply to our own savings, ensuring we do not expose the portfolio to permanent impairment in pursuit of short-term recovery.

Segment Chart

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