A performance monitoring technique provides task-switch immune operation without requiring storage and retrieval of the performance monitor state when a task switch occurs. When a hypervisor signals that a task is being resumed, it provides an indication, which starts a delay timer. The delay timer is resettable in case a predetermined time period has not elapsed when the next task switch occurs. After the delay timer expires, analysis of the performance monitor measurements is resumed, which prevents an initial state or a state remaining from a previous task from corrupting the performance monitoring results. The performance monitor may be or include an execution trace unit that collects taken branches in a current trace and may use branch prediction success to determine whether to collect a predicted and taken branch instruction in a current trace or to start a new segment when the branch resolves in a non-predicted direction.