The Art of Investing

This week on The Art of Investing, Rich McDonald, Mark “Spice” Holden and Chris “CJ” Fellingham draw on over 100 years of combined wealth and hedge fund management experience to unpack another powerful week in markets, as equities push to fresh highs despite ongoing geopolitical tension and macro uncertainty.

With US markets now climbing for eight consecutive weeks and AI-driven momentum accelerating, the team explore whether this rally still has room to run, how far the semiconductor supercycle can go, and why investors may be underestimating just how broad this market move is becoming.
This Week’s Highlights:

📈 Markets Keep Climbing
US equities extended their winning streak to eight consecutive weeks, with the S&P 500, Nasdaq and Dow all hitting fresh all-time highs.

🤖 Semiconductor Supercycle Accelerates
AI demand continues to drive explosive growth across chipmakers, with momentum now spreading beyond Nvidia into broader semiconductor names.

🌍 Market Breadth Improving
Strength is no longer limited to mega-cap tech, with the Russell 2000 and equal-weight indices also pushing higher - a positive signal for broader market health.
🛢️ Oil Drops, Markets Rally
Despite geopolitical tensions, oil prices fell sharply, easing inflation concerns and supporting risk assets globally.
🏦 Bonds Stabilise
After recent volatility, bond markets recovered as yields pulled back, helping to ease pressure on equities.

⚖️ AI vs Macro: A Two-Speed Market
The team debate the growing disconnect between traditional macro-driven markets and the powerful AI-driven growth cycle reshaping global investing.
Portfolio Snapshot - Week 41:
No changes were made to the portfolio this week.
Weekly portfolio performance: +2.4%
Total return since inception: +22.7%
2026 year-to-date return: +10.2%
Top Performers
🥇 iShares Nikkei 225 ETF — +5.6% WoW
 🥈 iShares Russell 2000 ETF — +5.1% WoW
 🥉 iShares Core MSCI EM IMI UCITS ETF — +4.9% WoW
Underperformers
📉 iShares MSCI India ETF — +1.8% WoW
 📉 WisdomTree Copper ETF — +0.4% WoW
 📉 iShares UK Gilts 0–5yr ETF — +0.6% WoW
Portfolio Highlights
• Strong gains driven by Japan, US small caps and emerging markets
• Broadening market leadership beyond mega-cap tech
• Falling oil prices and stabilising bonds supported equities
• Defensive assets lagged as risk appetite returned
• Portfolio continues to benefit from diversified global exposure
Big Questions This Week:
• How long can the AI-driven rally continue?
• Is this still a narrow tech-led move, or a broader bull market?
• What happens if bond yields rise again?
• Are investors underestimating how dominant AI has become?
What You’ll Learn:
✔️ Why market leadership is starting to broaden
✔️ How AI is driving global equity performance
✔️ The relationship between oil, bonds and equities
✔️ Why diversification still matters in concentrated markets

📈 Download the full Portfolio Performance Slides
 View the portfolio breakdown: here
📧 Get in touch: [email protected]
Disclaimer:
This podcast is provided for educational and informational purposes only. The content presented is not intended as personal investment advice or a recommendation to buy, sell, or hold any particular securities or investments. All discussions regarding the model portfolio are illustrative and for educational purposes.
Your capital is at risk. The value of shares, ETFs and ETCs can fall as well as rise, which could mean getting back less than you originally put in.
May Incentives:
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This week on The Art of Investing, Rich McDonald, Mark “Spice” Holden and Chris “CJ” Fellingham break down a more volatile week in global markets, as rising bond yields, geopolitical tensions and shifting expectations begin to test the strength of the recent rally.
With over 100 years of combined experience across wealth and hedge fund management, the team explore whether markets are entering a more uncertain phase, what higher-for-longer rates mean for investors, and why cash is starting to look increasingly attractive in the short term.
This Week’s Highlights:
📉 Markets Pause After Strong Run
 After seven consecutive weeks of gains, US equities pulled back as rising bond yields and inflation concerns weighed on sentiment.
📊 Bond Yields Surge Globally
 US 30-year yields hit their highest level since 2007, with similar moves seen across Japan and Europe, putting pressure on risk assets.
🛢️ Oil Prices Climb Again
 Brent crude surged to new highs amid geopolitical tensions, reinforcing inflation concerns and adding further uncertainty to markets.

🤖 AI & Earnings Still in Focus
 Strong earnings continue across tech and AI-driven companies, with Nvidia results expected to be a key catalyst for markets this week.

🌍 Global Growth Divergence
 Japan delivered stronger-than-expected GDP growth, while China data disappointed, highlighting diverging global economic momentum.

⚡ The Hidden AI Infrastructure Boom
 Massive investment into data centres and energy infrastructure continues, with utilities and industrial players positioning for long-term demand.
Portfolio Snapshot – Week 46:
Weekly portfolio performance: –1.6%
Total return since inception: +20.3%
2026 year-to-date return: +7.8%
Top Performers
🥇 iShares MSCI India ETF: +0.6% WoW
🥈 Invesco Stoxx Euro 600 UCITS ETF GBP: +0.2% WoW
🥉 iShares Core FTSE 100 ETF: +0.1% WoW
Underperformers
📉 BlackRock World Mining Trust: –8.2% WoW
📉 Wisdom Tree Copper ETF: –4.5% WoW
📉 iShares Nikkei 225 ETF: –2.6% WoW
Big Questions This Week:
• Are rising bond yields the biggest risk to equities right now?
• Is this just a healthy pullback or the start of something bigger?
• How sustainable is the AI-driven growth story?
• Should investors be increasing cash positions in this environment?
What You’ll Learn:
✔️ Why bond markets are driving global asset prices
✔️ How rising yields impact equities and valuations
✔️ The role of cash in uncertain markets
✔️ Key signals to watch for a potential market shift
📈 Download the full Portfolio Performance Slides
 View the portfolio breakdown: here 

📧 Get in touch: [email protected]
Disclaimer:
This podcast is provided for educational and informational purposes only. The content presented is not intended as personal investment advice or a recommendation to buy, sell, or hold any particular securities or investments. All discussions regarding the model portfolio are illustrative and for educational purposes.
Your capital is at risk. The value of shares, ETFs and ETCs can fall as well as rise, which could mean getting back less than you originally put in.

May Incentives:
Transfer Cashback
Get up to £5,000 cashback when you transfer £10,000+ to IG before 31st May 2026.
Code: TRANSFER5000POD
T&Cs 📋 ig.com/uk/invest-campaign/transfer-cashback-value-apr-26

Free Shares
Get £50–£1,000 in free shares when you invest £1,000+ before 31st May 2026.
Code: MAYSHARESPOD
T&Cs 📋 ig.com/uk/invest-campaign/free-shares-may-26
Cashback Offer
Earn 2% cashback (up to £200) when you deposit and invest £1,000+ before 31st May 2026.
Code: MAYDEPOSITPOD
T&Cs 📋 ig.com/uk/invest-campaign/cashback-may-26

This week on The Art of Investing, Rich McDonald joins Mark “Spice” Holden and Chris “CJ” Fellingham, bringing over 100 years of combined experience across wealth and hedge fund management, to unpack another fascinating week in global markets.
US equities pushed higher as investors piled back into AI, technology and cyclical trades, while copper and mining stocks extended their rally. The team debate whether markets are becoming too complacent, why copper remains a major long-term investment theme, and whether investors are underestimating ongoing economic risks.

This Week’s Highlights:
📈 Markets Continue Higher
US equities extended gains as optimism around AI, earnings and future rate cuts continued to support risk assets globally.
⚒️ Copper Leads The Charge
Copper and mining-related holdings delivered another strong week as the team revisit the long-term electrification and AI infrastructure story.
🤖 AI Momentum Remains Strong
Technology and AI-linked investments continue driving market performance as investors rotate back into growth assets.
⚠️ Are Investors Too Comfortable?
The team discuss whether markets are becoming overly optimistic despite ongoing geopolitical and macroeconomic uncertainty.
🇯🇵 Japan Still Performing
Japanese equities remained one of the strongest regions within the portfolio as international investors continue increasing exposure.
🪙 Crypto Volatility Returns
Crypto and blockchain-linked holdings remained highly reactive as sentiment swings continue across digital assets.

Portfolio Snapshot – Week 39:
Three positions were trimmed this week, with proceeds moved into cash. The team sold 5% VanEck Crypto ETF, 5% Vanguard FTSE 250, and 5% Xtrackers DAX ETF - raising the portfolio's cash position by 15%.

Weekly portfolio performance: +0.5%
Total return since inception: +21.9%
2026 year-to-date return: +9.4%

Top Performers:
🥇 WisdomTree Copper ETF: +8.5% WoW
🥈 BlackRock World Mining Trust PLC: +7.8% WoW
🥉 iShares Nikkei 225 ETF: +1.6% WoW

Underperformers:
📉 iShares MSCI India ETF: –4.6% WoW
📉 Xtrackers DAX ETF: –3.5% WoW
📉 Invesco Stoxx Euro 600 ETF GBP: –1.7% WoW

Big Questions This Week:
• Is the AI rally overcrowded?
• Why is copper such an important long-term theme?
• Are markets underpricing economic risks?
• Can mining stocks keep outperforming?

What You’ll Learn:
✔️ Why copper is linked to AI and electrification
✔️ How sentiment is driving markets
✔️ Why mining stocks remain strong
✔️ Warning signs investors should watch

📈 Download the full Portfolio Performance Slides
View the portfolio breakdown: here
📧 Get in touch: [email protected]

Disclaimer:
This podcast is provided for educational and informational purposes only. The content presented is not intended as personal investment advice or a recommendation to buy, sell, or hold any particular securities or investments. All discussions regarding the model portfolio are illustrative and for educational purposes.
Your capital is at risk. The value of shares, ETFs and ETCs can fall as well as rise, which could mean getting back less than you originally put in.

May Incentives:
Transfer Cashback
Get up to £5,000 cashback when you transfer £10,000+ to IG before 31st May 2026.
Code: TRANSFER5000POD
T&Cs 📋 ig.com/uk/invest-campaign/transfer-cashback-value-apr-26
Free Shares
Get £50–£1,000 in free shares when you invest £1,000+ before 31st May 2026.
Code: MAYSHARESPOD
T&Cs 📋 ig.com/uk/invest-campaign/free-shares-may-26
Cashback Offer
Earn 2% cashback (up to £200) when you deposit and invest £1,000+ before 31st May 2026.
Code: MAYDEPOSITPOD
T&Cs 📋 ig.com/uk/invest-campaign/cashback-may-26

This week on The Art of Investing, Rich McDonald is joined by Mark “Spice” Holden, Chris “CJ” Fellingham, who together bring over 100 years of combined experience across wealth and hedge fund management. They’re joined by special guest Adam Smith, former Chief of Staff to Chancellor Jeremy Hunt, to unpack another huge week in global markets.
US equities pushed to fresh all-time highs as AI and semiconductor stocks surged higher, while falling oil prices and improving risk sentiment helped fuel a broad market rally. The team also debate whether signs of a bubble are beginning to emerge in parts of the technology market.

This Week’s Highlights:
📈 Markets Hit Fresh Highs
US indices including the Nasdaq, Russell 2000 and S&P 500 all reached new all-time highs as oil prices fell more than 10% this week.
💻 AI & Semiconductor Boom Accelerates
AMD, TSMC, Samsung and Intel all surged after another wave of blockbuster technology earnings and AI demand.
⚠️ Bubble Warning Signs Emerging?
The team discuss whether investors are now “buying names they like” regardless of valuation, with comparisons made to previous speculative bubbles.
🇬🇧 Can The UK Compete In AI?
Adam Smith shares insights from Westminster on Britain’s AI ambitions, and why the UK still has a chance to become a major global AI hub.
🛢️ Oil Falls As Ceasefire Hopes Grow
Markets welcomed signs of easing tensions in the Middle East, helping drive risk assets higher globally.

Portfolio Snapshot – Week 38:
No changes were made to the portfolio this week.
Weekly portfolio performance: +4.5%
Total return since inception: +21.4%
2026 year-to-date return: +8.9%
Top Performers
🥇 VanEck Crypto & Blockchain Innovators ETF: +21.6% WoW
🥈 BlackRock World Mining Trust PLC: +7.8% WoW
🥉 iShares Nikkei 225 ETF: +6.5% WoW
Underperformers
📉 Cash: +0.1% WoW
📉 iShares UK Gilts 0–5yr ETF: +0.4% WoW
📉 iShares MSCI India ETF: +1.5% WoW

Big Questions This Week:
Is the AI rally becoming a bubble?
Why are markets ignoring valuation concerns?
Can the UK become a serious AI player?
Is “Sell in May and Go Away” finally relevant again?
Are investors underestimating how strong the US economy remains?

What You’ll Learn:
✔️ Why expectations matter more than earnings alone
✔️ How AI demand is reshaping global markets
✔️ Why semiconductor stocks are leading the rally
✔️ What warning signs investors should watch for in bull markets
✔️ How politics and policy could influence the next phase of AI investing

📈 Download the full Portfolio Performance Slides
View the portfolio breakdown: here
📧 Get in touch: [email protected]
Subscribe for weekly investing insight and to follow the live portfolio in real time.

Disclaimer:
This podcast is provided for educational and informational purposes only. The content presented is not intended as personal investment advice or a recommendation to buy, sell, or hold any particular securities or investments. All discussions regarding the model portfolio are illustrative and for educational purposes.
Your capital is at risk. The value of shares, ETFs and ETCs can fall as well as rise, which could mean getting back less than you originally put in.

Beat The Street Competition:
More Info here: https://bts.ig.com/uk/beat-the-street/home
📋 T&Cs: The “Beat the Street” competition is open to UK legal residents aged 18+ and there’s a limit of one registration per person. The promoter is IG Trading and Investments Ltd and you can enter and find full T&C’s at ig.com/uk/beat-the-street.

Disclaimer:
This podcast is provided for educational and informational purposes only. The content presented is not intended as personal investment advice or a recommendation to buy, sell, or hold any particular securities or investments. All discussions regarding the model portfolio are illustrative and for educational purposes.
Your capital is at risk. The value of shares, ETFs and ETCs can fall as well as rise, which could mean getting back less than you originally put in.

This Week on The Art of Investing, Rich McDonald returns from holiday to find oil at $126 a barrel and markets at all-time highs. The team try to make sense of it - rate cut expectations have collapsed, geopolitical risk has intensified, and yet the S&P 500 and Nasdaq keep climbing. Mark "Spice" Holden and Chris "CJ" Fellingham join Rich to dig into why US markets are defying every macro headwind, what it means for a portfolio that had a tough week, and whether now is the time to act or sit on their hands.

The episode also covers a deep dive into UK gilt fair value, the Bank of England rate decision, the rise of algorithmic trading and its impact on price discovery, and a listener Q&A on stop losses and what the team have genuinely learned since launching the podcast.

This Week's Highlights:
🛢️ Oil at $126 — Markets Shrug
Brent crude up nearly 20% in eight days on Straits of Hormuz fears, yet the S&P and Nasdaq hit all-time highs.
💻 Magnificent Seven Earnings Crunch
Four Mag Seven reports in two minutes - Alphabet surged, Meta fell, and the Nasdaq pushed higher.
🔧 Chip Stocks Explode
Qualcomm up 16%, Intel up 100% since April - AI chip demand is the trade of the moment.
🇬🇧 UK Gilts & the "Moron Premium"
CJ breaks down gilt fair value and why 5.75% yields may still not be cheap enough to buy.
🤖 Machines Are Winning
Algorithmic momentum trading is moving markets beyond rational levels and crowding out human investors.

Portfolio Snapshot - Week 37
No changes were made to the portfolio this week.
Weekly performance: –2.1%
Total return since inception: +16.9%

Top Performers:
🥇 iShares S&P 500 GBP Hedged ETF: +0.1%
🥈 Cash: +0.1%

Underperformers:
📉 VanEck Crypto & Blockchain Innovators ETF: –9.5%
📉 BlackRock World Mining Trust PLC: –8.7%
📉 WisdomTree Copper ETF: –3.6%

Portfolio Positioning:
A tough week, with the oil price rise hitting commodities and oil-importing markets the hardest. The team agreed not to act while market direction remains unclear - CJ's view: when you're not seeing it well, making decisions is a recipe for mistakes. Watch and wait.
 • US equities and AI beneficiaries remain core - justified by 13%+ earnings growth for six consecutive quarters
 • UK and European exposure under review - the DAX would be first to go if forced to cut
 • A move into long gilts is being considered if 30-year yields push above 6%
 • Commodities suffering from oil rotation - mining and copper the biggest portfolio drags this week

📈 Download the full Portfolio Performance Slides
View the portfolio breakdown: here
📧 Get in touch: [email protected]
Subscribe for weekly investing insight and to follow the live portfolio in real time.

Disclaimer
This podcast is provided for educational and informational purposes only. The content presented is not intended as personal investment advice or a recommendation to buy, sell, or hold any particular securities or investments. All discussions regarding the model portfolio are illustrative and for educational purposes.
Your capital is at risk. The value of shares, ETFs and ETCs can fall as well as rise, which could mean getting back less than you originally put in.

Beat The Street Competition 

More Info here: https://bts.ig.com/uk/beat-the-street/home

📋T&Cs: The “Beat the Street” competition is open to UK legal residents aged 18+ and there’s a limit of one registration per person. The promoter is IG Trading and Investments Ltd and you can enter and find full T&C’s at ig.com/uk/beat-the-street.