Gold has been on a rally for seven consecutive months. Global stocks remain strong, but tech stocks need a break.

The Treasurist All Fund Index, as of February 20, 2569, compared to January 23, 2569, shows an increase of +3.93%. This data reflects the overall movement of all Treasurist funds.

The top 3 fund indices with the highest positive changes are:

• The SET 50 index, a Thai equity mutual fund index, experienced the largest increase at +11.95%.
• The Japanese equity fund index increased by +5.53%.
• The Asia Pacific Equity Fund Index increased by +5.17%.

respectively

The top 3 fund indices with the highest negative changes are:

• The technology equity fund index experienced the largest decline, at -4.02%.
• The Chinese equity fund index decreased by -2.20%.

The U.S. equity fund index changed by -1.38%, respectively.

 Author's view

Data from January 23, 2026 to February 20, 2026 shows that despite recurring pressure from the Greenland conflict, global financial markets reacted without panic. Subsequently, Trump signaled a retreat on Davos, easing global concerns about Greenland. This resulted in the USD Index falling to its lowest level in almost four months, dropping below 97 earlier last week, causing the THB/USD to close at 30.98. The currency's trend remains strong.

Gold prices surged throughout the month. Looking at the bigger picture, February 2026 marked the seventh consecutive month of gains, reaching as high as 5,599 at one point. Since the beginning of the year, gold has risen over 13%, and the medium-term trend remains upward.

In the US, Japan, South Korea, Europe, and Vietnam, the trend remains upward, while tech stocks closed lower for the third consecutive week and fell more than -5% from their all-time highs.

Above The Line: Examples of funds whose prices change above the group index

From the data on changes in the Treasury Fund Index, we present examples of funds with higher unit price (NAV) changes than the group index over the same period as follows:

Thai equity mutual funds SET50 : Investing in or holding equity instruments in Thailand. Examples of funds include:

• Krungsri Enhanced SET 50 Accumulation Fund (KFENS50-A)
• Wann AMSET 50 Open-Ended Fund, Non-Dividend Paying Units, for General Investors (RA) (1AMSET50-RA)
• Eastspring SET50 Dividend Paying Open-Ended Fund (ES-SET50-D)

Japanese equity mutual fund: Investing in or holding equity instruments in Japan. Examples of funds include:

• Asset Plus Japan Small Cap Fund (ASP-JPSMALL)
• KTAM Japan All Cap Equity Fund (Accumulated Type) (KT-JAPANALL-A)
• Eastspring Japan Active Equity Accumulation Fund (ES-JPNAE-A)

Vietnam Equity Mutual Funds: Investing in or holding equity instruments of Vietnam, for example:

• Talis FVMR Asia Pacific X Japan X China Open-ended Fund (TLFVMR-ASIAX)
• Krungsri Asian Equity Hedge FX Fund - Accumulation (KFHASIA-A)
• Principal Asia Pacific Dynamic Income Equity Fund (Accumulation Class) (PRINCIPAL APDI-A)

Data from the overall Treasury Fund Index helps investors see the changing investment market conditions and, importantly, can identify groups of funds that are outstanding and not outstanding at different times in order to select funds that outperform the outstanding index (Outperforming funds in top fund categories), which should be useful for investment decisions at a practical level.