Monthly Roundup
February 2026
Factsheets
Quarterly Reviews
Amati Insights
A fortnightly call where Amati Managers aim to share opinions on key events over the previous weeks. 10 – 15 minutes of concise comment at 8:45am every second Tuesday.
24 February 2026 - Do androids dream of electric sheep? A pragmatic look at humanoid robotics and physical AI
One of the themes of the recent CES (consumer electronics show) was “physical AI”, a new term for robotics, including humanoid robots, where AI algorithms will train machines to perform real world tasks.
Join Amati managers Mikhail Zverev and Graeme Bencke as they take a look at what is happening today, what has yet to happen in the future and how investors can benefit without having to believe their wilder dreams.
10 February 2026 - Great software sell-off of 2026 - an "insane" buying opportunity?
The software sector experienced an indiscriminate sell-off in the past weeks, in some ways comparable to the dot-com crash and global financial crisis. Companies recently regarded as the best business models in the world are now perceived to be at existential risk from AI.
Join Amati managers Mikhail Zverev and Graeme Bencke as they discuss risks and opportunities that this sell-off presents to investors.
Additional Monthly Highlights
Amati to reduce fees for the Amati AIM IHT Portfolio Service
We are pleased to announce that from 1 April 2026, the annual management charge (AMC) applied to the Amati AIM IHT Portfolio Service will be exempt from VAT. Based on the current AMC for service (1.0%) this reduces the overall ongoing fee from 1.5% per annum to 1.3% per annum when combined with the existing 0.3% custody and administration charge.
This change follows our conversations with HMRC and our understanding that their current policy allows management fees for AIM IHT portfolio services, like Amati’s, to be treated as VAT‑exempt.*
Amati continues to provide a highly competitive service, and we are pleased to extend this valuable benefit to investors in the Amati AIM IHT Service.
*Please be aware that if HMRC decide that the AMC exemption no longer applies in the future, we reserve the right to reapply VAT.
WS Amati Strategic Metals Fund: What a difference a week makes!
On Thursday and Friday last week (29/30 January 2026) the gold price dropped US$1,000/oz and the silver price shed US$45/oz, sending panic among investors and speculators who arrived late to the trade.
Trying to make sense of the dramatic moves in gold and silver last week is difficult and we don’t profess to have any better insights than anybody else. We wrote the same during the parabolic move upwards that we witnessed over the preceding two weeks. We felt then that the shares were not following through (market suspicion about the sustainability of the very sharp move) and that a correction was due. Gold and silver prices need to stabilise before investors have any confidence about the investment opportunity in the underlying companies – irrespective of how cheap they appear!
Read the full article here
Press Coverage
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| Date | Description. |
| 24/02/2026 | Dr Paul Jourdan quoted in Darius McDermott’s FundCalibre article “Hunting for growth after the AI trade”. |
| 19/02/2026 | The WS Amati Global Innovation Fund has been highlighted in the following article by FE Trustnet “The best young global funds that have shone in their first three years”. |
| 09/02/2026 | The WS Amati UK Listed Smaller Companies Fund has been highlighted in the following FundCalibre article “Companies set to win big this Valentine’s Day”. |
| 09/02/2026 | The WS Amati Strategic Metals Fund has been highlighted in the following Interactive Investor article “The fund winners storming into 2026”. |
| 09/02/2026 | Georges Lequimes from Amati Strategic Metals Fund is quoted in Portfolio Adviser Building resilience for an unpredictable year article, commenting “We continue to prefer the mid-caps that are still trading at 50-70% discounts to the large liquid names”. |
| 03/02/2026 | The WS Amati Strategic Metals Fund has been mentioned by Fairview Investing’s Ben Yearsley in the following Interactive Investor article “Gold, silver and defence: reasons to be bullish and bearish”. |
| 02/02/2026 | WS Amati Strategic Metals Fund has been highlighted in the following FundCalibre article “The golden rule of diversification”. |
| 02/02/2026 | The WS Amati Strategic Metals Fund has been highlighted as one of the top performing funds in January in the following article by FE Trustnet “The best and worst funds and trusts of January 2026”. |
| 02/02/2026 | Georges Lequime quoted in Darius McDermott’s FT Adviser article “Precious metals bull run likely to continue in 2026”. |
