What did Morningstar subscribers buy and sell during February?
How the most traded shares stack up against our analysts views.
Sharesight is a portfolio tracker that is integrated into Morningstar Investor. Their data shows the top 20 trades by Morningstar users in February 2026. Given February was earnings season, the trends in this data may indicate shifts in sentiment relating to results.
In addition, the data shows strong net flows into international equities, particularly the US market via ETF’s. This is a structural trend with investors looking to gain international exposure via broad indexes. Among the top February trades were WiseTech, CSL and IVV. Let’s take a deep dive into the top three and highlight our analysts’ views on each one.
WiseTech Global (ASX.WTC)
- Fair Value Estimate: $138 (68% premium at 04 March)
- Rating: ★★★★★
- Moat: Wide
WiseTech was by far the most purchased share in February. Investors are clearly backing the logistics software company despite its recent fall from grace. WiseTech shares are down 60% from its peak in June 2025. Following its recent earnings result, the shares jumped 11% on growing revenues and planned cuts to its workforce. WiseTech announced it would be reducing its workforce by 25% by FY27 with the accelerating deployment of AI agents.
If you take a deeper look, the headcount reduction reflects prior plans to reduce staff costs at recently acquired e2open. Our analyst Roy Van Keulen believes e2open has a lower talent density than the WiseTech business following its financial struggles. Deployment of AI agents is expected to half labour costs for WiseTech’s clients over the next two years.
Software companies have been in the firing line from investors with the rise of AI disruption. The important differentiator for WiseTech is its wide moat. CargoWise, the main engine for WiseTech, is both incredibly comprehensive and complex. Roy believes replicating CargoWise at scale would not be financially viable for any competitor. WiseTech is inherently larger than any of its competitors, mitigating the risk of competitive threats. Roy’s $138 fair value for WiseTech stands and the shares remain materially undervalued.
CSL Ltd (ASX.CSL)
- Fair Value Estimate: $270 (47% discount at 04 March)
- Rating: ★★★★★
- Moat: Narrow
The CSL share price has seen a gradual decline since mid-2024, down 50%. While CSL’s souring market sentiment has persisted, our data for February might suggest the tide is turning. During earnings this month, the company reported a softer than expected plasma result. Think of CSL Behring (plasma) as the engine room driving the majority of earnings. On top of this, CSL announced the unexpected retirement of CEO Paul McKenzie. This was enough to push the share price down 11% on the day.
Our analyst Shane Ponraj cut his fair value for CSL by 8% to $270 following the result. The cut was driven by a weaker US dollar and a slower plasma margin recovery. However, Shane reiterated that the market has become overly pessimistic on plasma margins. At the current valuation, it suggests markets believe plasma margins will shrink over the long run. Shane sees this as unrealistic.
Looking ahead, Shane expects to see plasma gross margin improvement albeit at a slower pace of recovery. While leadership uncertainty may continue to weigh on the stock, acting CEO Gordon Naylor is both suitable and committed to CSL’s transformation plan. The shares remain materially undervalued despite concerns of a slower recovery.
iShares S&P 500 ETF (ASX:IVV)
- Morningstar Medallist Rating: Gold
The iShares S&P 500 ETF is the third most traded position in February. It is clear Aussie investors continue to value exposure to large cap businesses in the US. While investors can buy direct shares in the US, many opt for a broader approach. Index ETF’s tracking the S&P 500 are growing with Vanguard recently unveiling their S&P500 ETF’s.
The S&P 500 is run by a handpicked committee that selects 500 of the largest US stocks. Despite popular belief, market cap is not the only deciding factor for the index incumbents. The committee will ensure each company meets profitability and liquidity requirements. This limits higher turnover for managers such as iShares (Blackrock) which is one reason why the fees on the ETF are lower.
The S&P 500 index is weighted by market cap, which means the top 10 largest shares represent around 40% of the portfolio. This concentration risk has been exacerbated recently by strong performance from companies such as Nvidia, Apple and Google. However, such concentration is only a reflection of the wider market.
Our manager research team notes the IVV ETF is a best in class option for large-cap US stocks. The low turnover, low fees (0.04%) and broad diversification across the US market more than offsets the concentration risks. The ETF delivered a 14.8% annualised return over the past 10 years which represents the strength of the US stock market post GFC. However, it is worth highlighting the same risks apply in market downturns.
