Global equity markets were generally subdued over February, with US markets in particular continuing their slide. The S&P 500 Index fell by around 3% over the month as the market remained concerned over the prospect of further writedowns from banks. However, Europe ex-UK and Pacific Basin markets were relatively stronger, buoyed by strong commodity and energy prices.The Global Advantage Fund returned 3.55% during February, against the IMA sector average return of 2.39%. In the UK, our holding in Expro International proved beneficial, after the company was rumoured to be an acquisition target. The strong performance of the mining sector also meant our holdings in Anglo American, Rio Tinto, Kazakhmys and Vedanta Resources made positive contributions to performance.In the US, Itron was beneficial after it reported strong sales of its electricity meters, while Molson Coors rose on evidence of improving beer market fundamentals. Turning to Europe, StatoilHydro surged on the back of a strong oil price. On the downside, Telekom Austria dragged on performance, following a weak outlook statement amid a deteriorating domestic market.In the UK, we added to our holding in supermarket operator WM Morrison as the company reported strong sales momentum, increased its dividend and announced a share buyback. Within the mining sector, we added to BHP Billiton, which benefited from sector consolidation and was supported by strong demand for nickel and copper. Share price weakness also provided an opportunity to increase our position in GKN.Meanwhile, in the US, we added Zions Bancorporation to the Fund. Zions is a premier growth bank whose share price is depressed by exposure to western housing markets. We sold Harsco, as a potential slowdown in commercial real estate construction could impact scaffolding pricing and margins. In Europe, Infineon's poor results highlighted shortcomings in its strategy to boost profits in its communication business, prompting us to sell the stock.