Report Summary:

The stock market has been fascinating so far this year, with several stocks hitting new all-time highs (ATHs). Earnings season is nearly over, with 95% of the S&P 500 reporting Q4 results. For large-cap companies, results were better than analysts initially expected, as 73% of the S&P 500 members beat projections. 

In February, the markets registered another solid month, as U.S. equity indices closed out February in record territory. The market’s recent surge to all-time highs is driven by blockbuster earnings and artificial intelligence-driven investor enthusiasm. 

The other big story of the month was the hawkish shift in market expectations for the first rate cut from March to June. The FOMC statement reiterated how data-dependent the Fed will be. 

In the fixed income market, The U.S. bond market retreated in February as yields rose following hawkish takeaways on rate cuts, leading to a broad repricing of Fed rate-cut expectations. The yield on the benchmark U.S. 10-year Treasury now sits at 4.23%, up from 3.88% at the start of the month. 

In the real estate market, home values remained stable even as mortgage rates continued to rise in line with high rates. Mortgage rates averaged 7.57% in February 2024, attributing to a shortage of housing supply, with inventories in the US persistently tight.

Let’s now delve into the performance of our asset classes and our outlook for the remainder of the year.

Asset Classes Overview


The S&P 500 was up 5.3% in February 2024. Our Rise Equity portfolio outperformed the market, closing the month up 8.36%. Our Rise Equity portfolio soared last month, buoyed by a strong rally in Meta Platforms, which gained over 6% on February 2nd.

One of the top headlines from 2023 was the outperformance of the “Magnificent Seven” mega-cap stocks: Alphabet (GOOG), Amazon (AMZN), Apple (AAPL), Meta Platforms (META), Microsoft (MSFT), NVIDIA (NVDA), and Tesla (TSLA). In 2024, these seven mega-cap stocks sustained their momentum, with the exception of Tesla Inc. 

Our outlook for the stock remains positive for the remainder of the year. Our upside case suggests that the stock market will continue its 2023 rally into 2024, buoyed by tech-related stocks. In February, we expect big-tech blockbuster earnings to extend the rally. Also, with improved earnings guidance from companies, we see continued buy interest in the stock market. In our thesis, the stock market is still one of the best wealth-creating opportunities in 2024. The strategy remains centred on investing in fundamentally sound companies and riding the upward momentum.

Real Estate:

Our Rise Real Estate portfolio returned 1.13% in rental income for February 2024. Monthly returns for our real estate portfolio are dependent on the overall performance of the underlying assets. As we’ve always strived for consistent returns, we are happy to return to our historical performance, as February’s was in line with what we have always realised historically.

Looking ahead, we anticipate that our real estate portfolio will continue to deliver favourable returns to our investors. This expectation is driven by the combination of high mortgage rates and a tight inventory in the US. Real estate investment remains a lucrative opportunity for investors, and our real estate asset class is positioned to offer stable and consistent cash flow. 

Fixed Income:

At Rise, our fixed-income investments generated a return of 0.83% for February 2024. This performance underscores the resilience and stability of our fixed-income strategy.

The U.S. bond market retreated in February as yields rose following hawkish takeaways from the January FOMC meeting that led to a broad repricing of Fed rate-cut expectations. The yield on the benchmark U.S. 10-year Treasury was at 4.23% by the end of February, up from 3.88% at the start of the month. The 30-year yield rallied nearly 5% and ended the month at 4.365%. The yield curve remains inverted but is flattening.

Through diversification and a keen eye for opportunities, we expect our fixed portfolio to continue to provide better and steady returns to our investors. At Rise, we are committed to helping you achieve your financial goals through thorough analysis and careful selection of investment opportunities. So remember to stay invested.