After a nervous February and clear changes in the markets, Bankier's Stars are not slowing down. The latest edition of the “Portfolio Stars” features several strong themes: a rotation from growth to value, a return to raw materials, a selective approach to Polish companies, and an attempt to take advantage of the correction in the cryptocurrency market.
Importantly: We collected forecasts until Friday, i.e. before the weekend's geopolitical events (i.e. the attack by Israel and the US on Iran), which may cause some disturbance on the financial markets!
The types for the next month include both classic safe havens and large market topics (such as gold, NVIDIA, energy, Brazil or SaaS companies), as well as more non-obvious indications – headed by the Caracas Stock Exchange index or lithium, which, according to some experts, may still remain one of the most interesting metals this year.
Advertisement
There is also no shortage of consequences: many participants maintain their previous choices, focusing on the continuation of trends (including Allegro, Benefit Systems, DataWalk, sWIG80, WIG-Energia), while others are shifting their portfolios towards value companies, the energy sector and real assets. Some experts also see potential in a rebound after the correction – especially in crypto, where the largest and most liquid projects are coming back into play after the “cooling of moods”.
This is a set of forecasts that clearly shows today's market climate: more selection, less thoughtless risk, but also a lot of courage in looking for non-obvious opportunities.
Check what exactly economists, managers, market practitioners and investment committees focus on — and what are the arguments behind their choices in the coming weeks.
Let us remind you: in 2024, we launched a new educational initiative on Bankier.pl: Wallet of Stars. At the beginning of each month, a selected and invited group of people known in the economic world selects and predicts the “best” asset class for the next 30 days.
By definition, the asset may be general (e.g. deposit, cash, gold, stock index, currency, raw materials) or more specific (such as a specific investment fund/ETF, bond or listed company). It may also be maintained in the following months.
The predictions of the bettors are accompanied by a short, concise description and justification of the choice.
Importantly: the indications of our Stars are not and should not be perceived as a recommendation. The targeted assets may or may not be in their personal investment portfolios. Actual investments in targeted assets may also yield negative rates of return.
Here are the predictions for March of the Banker's Stars with justification:
Krzysztof Borowski, experienced trader, professor at the Warsaw School of Economics
Forecast: 90% Caracas Stock Exchange Index and 10% Lithium Hydroxide CIF CJK Futures (Comex)
“The Caracas stock exchange index has reached a peak, and is currently stopping there with a chance to continue the upward trend. In turn, the price of lithium, after a correction, is going up again (this metal is still my favorite for this year).”
Sebastian Buczek, president, co-founder and shareholder of Quercus TFI
Forecast (maintained): Allegro shares
“The price is becoming more and more attractive. I expect good results for the fourth quarter of 2025.”
Adam Drozdowski, manager of InValue Multi-Asset funds
Forecast (Retained): iShares S&P Mid-Cap 400 Value ETF (IJJ.US)
“We are dealing with the beginning of a rotation from growth to value companies”
Jarosław Fuchs, manager in the banking sector for over three decades, former vice-president of Bank Pekao
Forecast: (held): BTC 25%, ETH 25%, SOL 25% and XRP 25%.
February was marked by a strong correction that brought crypto from its peaks and in some cases to the very bottom. Although for many investors the “bleeding” charts are a reason for panic, from the perspective of the market cycle it is a necessary cooling of the mood. The market is moving away from risky experiments in favor of proven ecosystems. After the wave of correction in February, investors' attention should again focus on BTC, ETH, SOL and XRP. They will determine the direction of reflection. The key factor now is not only technology, but above all resistance to volatility and liquidity, and these four projects best guarantee it.”
Kamil Gemra, Warsaw School of Economics, independent capital market advisor
Forecast (maintained): Benefit Systems shares
“The company will publish its annual report in March and I expect positive data, so I am still holding on to the shares. After analyzing the report, I will want to decide what to do next with the investment.”
Jarosław Grzywiński, manager, former head of the Warsaw Stock Exchange, BCC expert on capital markets
Forecast: Gold – 60%, NVIDIA – 40%
“Gold: an environment of high macro uncertainty: geopolitical tensions, electoral cycles, interest rate volatility and growing public debt increase demand for real assets. Gold as a hedge against inflation and the weakening purchasing power of currencies: historically retains value in periods of price pressure and monetary easing. Low correlation with equity markets: stabilizes the portfolio, reduces drawdowns and improves the risk profile. Institutional demand: central banks continue to systematically increase gold reserves, which strengthens the trend.
NVIDIA: great financial results for the last quarter of 2025 give an optimistic forecast for the whole of 2026. Domination in AI infrastructure: the company controls a key segment, processors and computing platforms for generative models. NVIDIA creates an AI ecosystem that is difficult to copy: the combination of hardware + software + developer community creates an advantage that cannot be quickly replicated. Increased demand for computing power: the development of LLM, automation, robotics and edge AI generates a structural, multi-year boom. Strong financial performance and high margins: NVIDIA is one of the few entities that monetizes AI in a direct and scalable way.”
Sobiesław Kozłowski, specialist in technical and fundamental analysis, director of the Investment Advisory Department at Ipopema Securities
Forecast: Ambra shares
“Justification: high operating leverage together with improved gross margin on sales implies a strong increase in EBIT and net profit. The new bottling line launched in Wola Duża is a reason to expect improved margins. The P/E multiplier for 2026-2027 of 9.3-8.4x and the dividend rate (DY) of 6.5% along with a clear improvement in the balance of inflows to Polish equity funds favor small and medium-sized companies for 2026
Michał Krajczewski, head of the investment advisory team at BM BNP Paribas
Forecast: shares of Quercus TFI, Digital Network, Dadelo
“In the March portfolio, we stick to technically and fundamentally interesting companies from the WSE. After strong increases, I am making profits on the shares of the WSE itself, while taking into account the continuation of the boom and inflows to funds, I maintain a position in Quercus TFI. Digital Network looks technically interesting, it is in a long-term growth trend, but currently in narrow consolidation – a breakout would be a strong positive signal. I add Dadelo as the third component of the portfolio – the share price is at slight correction to support from the previous peak in November.”
Piotr Kuczyński, economist, Xelion analyst
Forecast (maintained): 30% Hang Seng Tech (HSTECH), 25% WIG, 25% Polish debt funds, 25% short position on silver.
Marcin Materna, Head of Research, Millennium Brokerage House
Forecast: 33% each energy/oil/uranium ETF (e.g. iShares STOXX Europe 600 Oil & Gas, iShares S&P 500 Energy Sector, Invesco Morningstar US Energy Infrastructure MLP, VanEck Uranium and Nuclear Technologies), Emerging Markets (preferred iShares MSCI Brazil UCITS ETF), Saas Companies (preferred iShares Expanded Tech-Software Sector IGV; if you prefer companies: Assecco Poland, Sygnity, ServiceNow, Microsoft and Salesforce).
“Oil and gas benefit from geopolitical tensions, and uranium and nuclear energy are long-term beneficiaries of the energy transition. Brazil offers an attractive valuation relationship, benefits from high commodity prices and a possible weakening of the dollar. The SaaS sector has undergone a deep valuation correction, although the fundamentals remain solid: a subscription model, high margins and a structural increase in demand for software. This is part of the portfolio focused on a growth rebound.”
Michał Masłowski, vice-president of the Association of Individual Investors
Forecast: ETFSP500 (listed on the WSE) – 50%, AB shares – 50%
“ETF on SP500: as always, the most important thing is portfolio stabilization. AB: great results, great growth trend. I am betting on the Wrocław-based IT distributor.”
Albert Rokicki, founder of the website Longterm.pl, investor with 24 years of experience, author of the book “Longterm. How to invest in the stock market and make a profit” PWN 2017
Forecast (maintained): Datawalk
“In March, I consistently rely on DataWalk while waiting for further contracts and the announced case-study of a large US bank, which saved several dozen million USD per year thanks to the company's platform. The company recently raised PLN 116 million as a result of a successful issue for expansion, mainly in the defense sector. The exchange rate is after a technical correction and I count on the continuation of the long-term upward trend.”
Kazimierz Szpak, CFA, president of Beta TFI
Forecast (maintained): sWIG80
“I am betting on the continuation of the upward trend in the entire stock market and the growing interest of investors in the small-cap segment. SWIG80 is also relatively low-valued.”
Investment committee of the Individual Investors Club. Its members include: Ewa Kumorek-Fedor, President of the Individual Investors Club (KII); Ewa Jakubczyk-Cały, Managing Partner of PKF Consult, member of the KII program board; Marta Malecka, investor and owner of Li Parie, 4Values, member of KII; Anna Arslan, Attorney at Arslan Business and Law, member of KII; Jolanta Skwira, Attorney, Partner, GSSP Gawlas, Sobańska, Skwira; member of KII
Forecast (maintained): silver, KGHM, Skarbiec Holding, Sedivio, crude oil WTI, Benefit System
“Our long-term assumptions have proven true in the case of silver and KGHM shares, whose prices, despite a temporary strong downward correction, still bring solid profits. Our result is still improved by Sedivio shares. We treat the investment in Benefit securities for the long term, so despite a slight increase, we are sticking to the plan. The same is the case with Skarbiec shares. Despite significant fluctuations in the prices of American WTI crude oil, they are still in the black and hoping for a greater rebound, we keep this raw material in our portfolio, although not rather, we treat it as a strategic component of the portfolio in the longer term.”
Bankier.pl investment committee (composed of Marcin Dziadkowiak, Tomasz Goss-Strzelecki, Krzysztof Kolany, Michał Kubicki, Michał Misiura, Andrzej Stec)
Forecast (maintained): WIG – Energy
“Capital flows to emerging markets, including its observed rotation towards value companies at the expense of growth companies, encourages us to look for profits in the Polish energy sector, which perfectly fits into recent market trends.
The sector has long since undergone a correction and has recently reached a new peak, with a double-digit rate of return (!) in February alone. Additionally, we drew attention to the German Chancellor's comment regarding the “revision” of the ETS system. Although he later softened his position, the discussion about the inhibitory impact of the ETS on the EU economy may increase the prices of companies from the sector.
The publication contains affiliate links.
