The Art of Investing

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.

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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.

This week on The Art of Investing, Sophie Cocker steps in as host alongside Mark “Spice” Holden and Chris “CJ” Fellingham. Special guest, Claire Flynn Levy, author of “Stock Market Maestro’s” explores what truly separates top investors, and why behaviour, not stock picking, often drives long-term success.
The team use their extensive experience across wealth and hedge fund management to unpack another strong week for global markets, even as oil rises, geopolitical tensions linger and macro signals remain mixed.
US equities continue to push higher, with the S&P 500, NASDAQ and small caps all hitting fresh highs. Meanwhile, emerging markets and Japan are also gaining momentum, raising the question: is this still the AI-driven rally, or something more structural?

This Week’s Highlights:
🧠 Investor Behaviour Matters, From The Book ‘Stock Market Maestro’s’
Why managing losses and position sizing often matters more than picking winners.
📈 Markets Defy Expectations
US equities hit new highs despite rising oil prices and ongoing uncertainty.
💻 Tech & AI Still Leading
Magnificent Seven strength continues, with AI-driven productivity shaping markets.
🌏 Global Markets Broadening Out
Emerging markets and Japan rally, suggesting gains are spreading beyond mega caps.
🇬🇧 UK & Europe Lag
Weakness persists amid rate pressure, political uncertainty and slower AI adoption.

Portfolio Snapshot - Week 36:
No changes were made to the portfolio this week.

Weekly performance: +1.3%
Total return since inception: +19.07%

Top Performers
🥇 VanEck Crypto & Blockchain Innovators ETF: +8.55%
🥈 iShares Russell 2000 ETF: +2.77%
🥉 iShares Core MSCI EM IMI ETF: +2.26%

Underperformers
📉 BlackRock World Mining Trust: –1.55%
📉 iShares Core FTSE 100 ETF: –0.89%
📉 Invesco Stoxx Euro 600 ETF: –0.52%

Portfolio Positioning:
The portfolio remains tilted toward growth and global diversification, with:
• Strong exposure to US equities and AI beneficiaries
• Positions in emerging markets and Japan
• Commodities exposure alongside defensive assets
The team maintain conviction but acknowledge increasing uncertainty around what’s driving markets.

Big Questions This Week:
• Is this still the AI trade, or something else?
• Why are markets rising despite macro headwinds?
• Are investors underestimating US strength?
• When should you act, and when should you stay patient?

What You’ll Learn
✔️ Why you don’t need to be right more than 50% of the time
✔️ How top investors manage winners vs losers
✔️ Why cutting losses is critical to long-term returns
✔️ How AI is already impacting markets and productivity
✔️ Why behaviour often matters more than stock picking

📈 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.

This week on The Art of Investing, Rich McDonald, Mark “Spice” Holden and Chris “CJ” Fellingham draw on over 100 years of combined experience across wealth and hedge fund management to break down a remarkable moment in markets.
US equities are pushing to new all-time highs, despite ongoing geopolitical tension, energy uncertainty and lingering concerns around credit markets.
With the S&P 500 and NASDAQ rallying strongly, the team explore what’s really driving this move, why sentiment has shifted so quickly, and whether this is the start of a broader bull market or simply another leg in a volatile cycle.
They also break down the growing dominance of big tech, the role of institutional money flows, and why markets can often move in the opposite direction to headlines.

This Week’s Highlights:
📈 Markets Hit New Highs
US equities surge to record levels, climbing the “wall of worry” despite negative news flow.
💻 Tech Leads the Charge
The Magnificent Seven drive performance, with Nvidia and mega-cap tech powering gains.
🔄 Rotation in Action
Capital flows back into under-owned areas, with short squeezes amplifying moves.
🏦 Banks Reassure on Credit
Major US banks signal resilience in the economy and downplay private credit concerns.
🌍 Global Divergence
US markets outperform while Europe and the UK lag amid currency and energy pressures.
🧠 Psychology Over Fundamentals
Why fear, greed and positioning often matter more than macro narratives.

Portfolio Snapshot - Week 35:
No changes to the portfolio this week.
Top Performers
🥇 VanEck Crypto & Blockchain Innovators ETF: +10.2%
🥈 WisdomTree Copper ETF: +4.4%
🥉 iShares S&P 500 GBP Hedged ETF: +3.4%
Underperformers
📉 iShares UK Gilts 0–5yr ETF: –0.1%
📉 iShares Core FTSE 100 ETF: –0.1%
📉 Cash: +0.1%

Portfolio Positioning:
The portfolio remains tilted toward growth and cyclicality, with:
• ~70–85% in equities and equity-like assets
• Exposure to commodities and emerging markets
• Defensive allocation via bonds and cash
The team maintain conviction in a pro-growth setup, while acknowledging short-term volatility.

Big Questions This Week:
• Why are markets rising despite negative headlines?
• Is this a sustainable bull market or short-term squeeze?
• Are investors underestimating the power of positioning?
• How should long-term investors respond to volatility?

What You’ll Learn:
✔️ Why markets often move against consensus expectations
✔️ How institutional flows drive major market moves
✔️ The role of fear vs greed in investing decisions
✔️ Why patience often beats reaction during crises

📈 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.