The Art of Investing

📈 Download the full Portfolio Performance Slides
 View the portfolio breakdown: here
📧 Get in touch: theartofinvesting@ig.com
📱 Behind the scenes: _theartofinvesting on TikTok
🎧 Listen on: Apple, Spotify, YouTube 

This week on The Art of Investing, the team celebrate Episode 50, with Rich McDonald dialing in from the US alongside Mark “Spice” Holden, Chris “CJ” Fellingham and JP Smith.
It’s been a standout week for markets and the portfolio, with equities and commodities pushing higher as falling oil prices, easing geopolitical tensions and central bank developments reshape the outlook. The team unpack the continued momentum in AI and global equities, the implications of SpaceX’s blockbuster IPO, and what shifting rate expectations mean for markets from here.
This Week's Highlights:
🚀 SpaceX Soars
 The biggest IPO in history continues to dominate headlines, with SpaceX surging ~40% post-listing and reigniting debate around valuations and liquidity.
🌍 Markets Push Higher
 Global equities deliver a strong week, with multiple indices approaching or hitting all-time highs.
🛢️ Oil Prices Drop Sharply
 Oil falls ~15% as tensions ease, helping drive disinflation expectations and supporting risk assets.
🏦 Central Banks Take Centre Stage
 Major central banks meet this week, with the Fed’s new chair signalling a shift in thinking around inflation and policy.
📊 AI Momentum Continues
 Strong earnings and ongoing capital investment reinforce the structural AI growth story.
🇯🇵 Japan Remains Strong
 Japanese equities rally following rate clarity from the Bank of Japan and continued economic support.
Portfolio Snapshot – Week 44:
No changes were made to the portfolio this week.
📊 Weekly portfolio performance: +4.05%
📈 Total return since inception: +24.88%
📅 2026 year-to-date return: +12.35%
Top Performers:
 📈 BlackRock World Mining Trust PLC: +13.9% WoW
 📈 iShares Nikkei 225 ETF: +10.6% WoW
 📈 iShares Core MSCI EM IMI ETF: +7.4% WoW
Underperformers:
 📉 Cash: +0.1% WoW
 📉 iShares UK Gilts 0–5yr ETF: +0.5% WoW
 📉 iShares Core FTSE 100 ETF: +2.5% WoW
Big Questions This Week:
• Can AI-driven growth continue to support markets at current valuations?
• Are interest rate expectations starting to shift meaningfully again?
• Is the recent rally broadening beyond US tech and AI?
• Does falling oil signal a more supportive macro environment?
• Should the portfolio begin redeploying defensive allocations?
What You’ll Learn:
✔️ Why falling oil prices are so important for inflation and markets
✔️ How central bank messaging is evolving under new leadership
✔️ What’s driving strength in commodities and global equities
✔️ Why Japan and emerging markets are outperforming
✔️ How the team are thinking about deploying cash in the portfolio
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.

Can’t get enough of The Art of Investing? Take a look here for even more content! https://youtu.be/B0FzP8sjd_w 

📈 Download the full Portfolio Performance Slides
 View the portfolio breakdown: here
📧 Get in touch: theartofinvesting@ig.com
📱 Behind the scenes: _theartofinvesting on TikTok
🎧 Listen on: Apple & Spotify
This week on The Art of Investing, host James “Jimmy” Ovenden steps in for Richard McDonald, joined by Mark “Spice” Holden and Chris “CJ” Fellingham.
It’s been a tough week for the portfolio, with markets taking a hit as strong US economic data reshapes interest rate expectations. The team break down a staggering $400 billion in capital raise announcements from the world’s biggest tech companies, explore what new Fed Chair Kevin Warsh’s first meeting might signal, and ask the question on every investor’s mind: why is the oil price falling even as bombs fly in the Middle East?

This Week's Highlights:
📉 Markets Pull Back
US equities suffer their worst week of the year as the Nasdaq falls 6% and the semiconductor index tumbles 11%.
💰 $400 Billion Capital Grab
Oracle, Meta, OpenAI, Anthropic, Amazon and Space-X collectively announce hundreds of billions in fresh capital raises - raising the question of who is actually funding the AI boom.

🚀 Space-X Goes Public
Highly anticipated IPO prices at $135/share with 4x oversubscription, entering the Nasdaq and Russell indices but not the S&P 500.
📊 Rate Rise Fears Return
Strong US non-farm payrolls trigger a repricing of rate expectations - with up to three hikes now on the table and Kevin Warsh’s first Fed meeting closely watched.
🛢️ The Oil Price Paradox
Despite ongoing Middle East tensions, the oil price falls - the team explore why markets are ignoring the disaster narrative.
🇮🇳 India’s Unlikely Comeback
After weeks of underperformance, iShares MSCI India ETF is this week’s best performer, up 0.5% - just ahead of a deep-dive episode with JP next week.
Portfolio Snapshot – Week 43:

No changes were made to the portfolio this week.
📊 Weekly portfolio performance: –2.55%
📈 Total return since inception: +20.83%
📅 2026 year-to-date return: +8.30%
Top Performers:
📈 iShares MSCI India ETF: +0.5% WoW
📈 Cash: +0.1% WoW
📈 iShares UK Gilts 0–5yr ETF: +0.1% WoW
Underperformers:
📉 BlackRock World Mining Trust PLC: –10.6% WoW
📉 iShares Nikkei 225 ETF: –6.5% WoW
📉 iShares Core MSCI EM IMI ETC: –6.3% WoW
Big Questions This Week:
• Is $400bn in tech capital raises the peak of AI fundraising, or is there more to come?
• Will Kevin Warsh’s first Fed meeting signal rate rises or hold the line?
• Why is the oil price falling when the Middle East is at its most volatile?
• Is the portfolio’s low AI exposure a vulnerability or a hidden strength?
• Is India finally turning a corner - or was this week a one-off?

What You’ll Learn:
✔️ Why good economic news became bad news for markets this week
✔️ How $400bn in capital raises is reshaping global equity flows
✔️ What Space-X’s IPO means for investors using Nasdaq ETFs
✔️ Why the oil price is defying Middle East conflict - and what it signals
✔️ How the portfolio’s AI exposure stacks up against global indices
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.

📈 Download the full Portfolio Performance Slides
 View the portfolio breakdown: here
📧 Get in touch: theartofinvesting@ig.com
🎥 Behind the scenes: _theartofinvesting on TikTok 
🎧 Listen on: Apple & YouTube

This week on The Art of Investing, Rich McDonald, Mark “Spice” Holden and Chris “CJ” Fellingham are joined by Katy Forbes (CIO at North Capital), bringing over 100 years of combined experience across wealth and hedge fund management to unpack another evolving week in global markets.

Markets continue to push higher, driven by relentless AI momentum, but beneath the surface, cracks are beginning to appear. The team explore whether capital is being aggressively reallocated into AI at the expense of other asset classes, why bonds, gold and crypto are struggling, and what this means for the broader investment landscape. With guest insight from a leading wealth manager, the conversation also dives into portfolio construction, bond market risks, and how professionals are navigating this environment.
This Week’s Highlights:
 📈 Markets Hold Firm
 Global equities continue to perform, with Japan and emerging markets leading gains.
🤖 AI Dominance Continues
 AI demand remains the key driver of markets, with capital flowing aggressively into the sector.
💸 Capital Rotation Intensifies
 Money is being pulled from crypto, gold, bonds and private markets to fund AI growth.
📉 Crypto & Alternatives Under Pressure
 Bitcoin falls sharply while gold and private equity struggle for momentum.
⚠️ Bond Market Concerns
 Rising issuance and demand for capital raise questions about long-term bond attractiveness.
🇮🇳 India Under Scrutiny
 India continues to lag, prompting discussion around whether to exit the position.

Portfolio Snapshot – Week 42:
No changes were made to the portfolio this week.

Weekly portfolio performance: +0.7%
Total return since inception: +23.4%
2026 year-to-date return: +10.9%

Top Performers:
🥇 iShares Nikkei 225 ETF: +4.5% WoW
🥈 WisdomTree Copper ETF: +2.8% WoW
🥉 BlackRock World Mining Trust PLC: +2.6% WoW

Underperformers:
📉 iShares MSCI India ETF: –2.6% WoW
📉 iShares Core FTSE 100 ETF: –1.6% WoW
📉 Invesco Stoxx Europe 600 UCITS ETF GBP: –1.4% WoW

Big Questions This Week:
 • Is AI pulling capital away from the rest of the market?
 • Are bonds becoming structurally unattractive?
 • Is the current AI rally sustainable or overheating?
 • What’s gone wrong with India’s investment case?
 • Where should investors look next as capital rotates?
What You’ll Learn:
 ✔️ Why AI is dominating global capital flows
 ✔️ How portfolio diversification is protecting returns
 ✔️ The risks facing bonds in today’s environment
 ✔️ What’s driving weakness in crypto, gold and India
 ✔️ How professional investors think about asset allocation

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, 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: theartofinvesting@ig.com
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
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Code: TRANSFER5000POD
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Code: MAYDEPOSITPOD
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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: theartofinvesting@ig.com
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