🎟️ Join The Art of Investing LIVE at Lord’s Cricket Ground!

Join Rich, Mark and Chris in the Long Room at Lord’s Cricket Ground on 13th October from 6:30pm for a special live edition of The Art of Investing.

The event is completely free – sign up here:
 https://www.ig.com/uk/the-art-of-investing-live

📈 Download the full Portfolio Performance Slides
 View the portfolio breakdown: here

📧 Get in touch: [email protected]

📱 Behind the scenes: @_theartofinvesting on TikTok

🎧 Listen on:  Apple, Spotify, YouTube 

This week on The Art of Investing, the team look ahead to a crucial week for global interest rates, with major central banks preparing to make their next moves as investors grapple with rising oil prices and an intensifying competition for capital.

Chris explains why he believes interest rates need to rise regardless of the latest inflation data, while Mark explores the bullish alternative: could AI-driven productivity and investment deliver economic growth strong enough to offset higher borrowing costs?

The team also examine Scott Bessent’s attempts to influence US bond markets, the strengthening Japanese yen and what record copper prices are telling us about demand, AI infrastructure and the global economy.

Plus, 25 years on from 9/11, Rich, Mark and Chris reflect on their experiences working in financial markets that day and the extraordinary market recovery that followed.

This Week’s Highlights:

🛢️ Oil Breaks Through $100
 Oil moves above $102 a barrel as disruption around the Strait of Hormuz puts energy markets and inflation back in focus.

🥉 Copper Hits Another Record High
 Copper reaches a new all-time high as supply tightens and demand from AI data centres continues to grow.

💴 The Yen Trade Pays Off
 The Japanese yen strengthens around 4%, helping the portfolio’s unhedged Nikkei 225 position and highlighting the impact currencies can have on overseas investments.

🏦 Should Central Banks Raise Rates?
 With major central bank decisions approaching, Chris argues policymakers should act now to demonstrate their commitment to controlling inflation.

🤖 Could AI Deliver Extraordinary Growth?
 The team debate whether AI-driven productivity could generate enough economic growth to offset higher borrowing costs.

📈 When Do Higher Yields Become a Problem?
 Chris asks where the tipping point lies at which attractive bond yields begin pulling capital away from equities.

Portfolio Snapshot - Week 56:

📊 Weekly portfolio performance: +0.2%
📈 Total return since inception: +24.8%
📅 2026 year-to-date return: +12.2%

Top Performers:

📈 iShares Nikkei 225 ETF: +2.8%
📈 WisdomTree Copper ETF: +2.8%
📈 iShares Core MSCI EM IMI ETC: +1.0%

Underperformers:

📉 iShares MSCI India ETF: -2.9%
📉 Vanguard FTSE 250: -1.1%
📉 iShares Core FTSE 100 ETF: -0.9%
📉 Invesco STOXX Europe 600 UCITS ETF GBP: -0.8%

Portfolio Changes:

The team are selling their 5% holding in XLI SPDR US Industrials ETF and moving the proceeds into cash, taking the portfolio’s cash allocation from 10% to 15%.

After several weeks of discussing becoming more defensive, the additional cash gives the team greater flexibility should opportunities emerge.

Big Questions This Week:

• How much further could oil prices rise?
• Why has the Japanese yen strengthened so sharply?
• Should central banks raise rates even if inflation begins to soften?
• Can AI growth offset higher borrowing costs?
• When do higher bond yields begin pulling capital away from equities?
• Is now the right time to become more defensive?

What You’ll Learn:

✔️ Why oil above $100 could create renewed inflationary pressure
✔️ How currencies can transform returns from overseas investments
✔️ Why central banks face difficult decisions on interest rates
✔️ How AI investment is creating competition for capital
✔️ Why stronger growth doesn’t automatically mean higher equity valuations
✔️ Why the team are increasing their cash position

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: [email protected]

📱 Behind the scenes: @_theartofinvesting on TikTok

🎧 Listen on: Apple, Spotify, YouTube 

This week on The Art of Investing, the team ask whether the investment landscape is beginning to change as bond yields continue to climb around the world.

Chris compares the very different forces driving UK and US bond markets, arguing that while America faces a growing competition for capital to fund the AI investment boom, the UK is confronting a much more uncomfortable inflation and credibility problem.

The team also revisit Jackson Hole, where Kevin Warsh’s more hawkish message pushed markets towards expecting further interest rate rises, and examine the latest chapter in the increasingly public disagreement between Scott Bessent and Stanley Druckenmiller over the direction of US bond yields.

Alongside the macro debate, they answer listener questions on the role of short-dated gilts in a diversified portfolio, whether higher bond yields have changed the case for the Russell 2000, and why becoming emotionally attached to an investment can be one of the most dangerous mistakes an investor makes.

This Week’s Highlights:

🛢️ Oil Puts Markets Under Pressure
 Oil prices jump sharply as conflict escalates again in the Middle East, adding to inflation concerns and weighing on industrials, commodities and interest-rate-sensitive assets.

🏦 UK vs US: Two Very Different Bond Problems
 Chris explains why rising US yields reflect a shortage of capital, while UK bond markets are signalling much greater concern about long-term inflation and the credibility of monetary and fiscal policy.

🤖 Is AI Creating a Shortage of Capital?
 The extraordinary sums being invested in AI and data centres are increasing demand for funding, raising the question of how high bond yields may need to go before capital starts moving out of other assets.

📊 Does the Russell 2000 Still Make Sense?
 Mark explains why he remains positive on US small caps despite rising rates, pointing to strong domestic growth and expectations for significant earnings growth across the index.

🛡️ Why Hold Short-Dated Gilts?
 A listener challenges the portfolio’s short-term gilt position, prompting a discussion about diversification, defensive assets and why bonds do not always protect portfolios when inflation is driving markets.

❤️ The Danger of Falling in Love With an Investment
 The team share painful lessons from their own careers on becoming emotionally attached to positions, ignoring price action and allowing past profits or losses to influence future decisions.

Portfolio Snapshot - Week 55:

📊 Weekly portfolio performance: -0.9%
📈 Total return since inception: +24.6%
📅 2026 year-to-date return: +12.0%

Top Performers:

📈 Invesco EQQQ Nasdaq 100 UCITS ETF: +0.6%
📈 iShares Core MSCI EM IMI ETF: +0.4%
📈 iShares MSCI India ETF: +0.3%

Underperformers:

📉 XLI SPDR US Industrials ETF: -4.0%
📉 BlackRock World Mining Trust PLC: -2.2%
📉 iShares Russell 2000 ETF: -2.0%

Portfolio Changes:

No portfolio changes this week.

The portfolio fell 0.9% as higher oil prices and rising bond yields weighed particularly heavily on cyclical assets, while technology and emerging markets provided some support. The portfolio remains up 12.0% year to date and 24.6% since inception.

Big Questions This Week:

• Are rising global bond yields beginning to change the investment landscape?
• Why are bond yields rising for very different reasons in the UK and the US?
• Could the enormous demand for capital from AI eventually pull money out of equities?
• Do short-dated gilts still have a role in the portfolio if they have delivered little return?
• Has the rise in bond yields weakened the investment case for the Russell 2000?
• How can investors avoid becoming emotionally attached to a winning or losing position?

What You’ll Learn:

✔️ Why rising bond yields do not always mean markets are worried about inflation
✔️ What UK bond markets are signalling about long-term inflation expectations
✔️ How the AI investment boom is increasing competition for capital in the US
✔️ Why short-term bonds can still play a defensive role within a diversified portfolio
✔️ How higher interest rates affect small and mid-sized companies differently
✔️ Why successful investors need to separate their emotions from their investment decisions

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: [email protected]

📱 Behind the scenes: @_theartofinvesting on TikTok

🎧 Listen on: Apple, Spotify, YouTube 

This week on The Art of Investing, Rich McDonald, Mark “Spice” Holden and Chris “CJ” Fellingham are back with a big listener Q&A episode, taking on three of the biggest questions facing investors right now: should you bother picking single stocks, is gold worth buying again, and are equities entering a more difficult phase?

With Nvidia delivering another extraordinary update, Bitcoin back above $80,000, oil falling sharply, and bond markets still waiting on Jackson Hole, the team unpack a market where confidence is returning in some places, but the warning signs have not disappeared.

From the challenge of beating ETFs to the case for gold, AI infrastructure spending, and the hidden effect of new share issuance, this episode asks whether investors should be adding risk, sitting tight, or preparing for a harder turn in markets.

Portfolio Snapshot - Week 54:

No changes were made to the portfolio this week.

📊 Weekly portfolio performance: +0.5%

📈 Total return since inception: +25.4%

📅 2026 year-to-date return: +12.9%

Top Performers:

📈 BlackRock World Mining Trust PLC: +4.7% WoW

📈 WisdomTree Copper ETF: +1.9% WoW

📈 iShares Core MSCI EM IMI ETC: +1.8% WoW

Underperformers:

📉 XLI SPDR US Industrials ETF: -1.2% WoW

📉 iShares Russell 2000 ETF: -1.2% WoW

📉 Invesco EQQQ Nasdaq 100 UCITS ETF: -1.1% WoW

This Week’s Highlights:

📊 Portfolio Edges Higher

The model portfolio rises around +0.5% on the week, taking performance to +25.4% since inception and +12.9% year-to-date.

🤖 Nvidia Reignites the AI Debate

Nvidia guides to 70% revenue growth for the year ending January 2028, but the team debate whether the market is still right to stay cautious.

📉 Bonds Stay in Focus

Stanley Druckenmiller criticises Scott Bessent’s Treasury bond-buying plan, keeping fiscal credibility and bond-market pressure firmly on the agenda.

🛢️ Oil Falls Sharply

Oil drops around 7% as progress around the Strait of Hormuz eases supply fears, helping bonds but raising new questions about inflation and commodities.

🥇 Gold Gets Another Look

After a strong rebound, the team debate whether gold deserves a place in the portfolio again, or whether real yields still make the case difficult.

📦 ETFs vs Stock Picking

CJ and Spice explain why even professional investors struggle to beat indices, and why ETFs remain the preferred route for most long-term investors.

🏗️ Re-Equitisation Risk

The team examine whether a wave of IPOs, AI funding and insider selling could reverse years of shrinking share supply and weigh on future returns.

Big Questions This Week:

• Is Nvidia still cheap, or is the market right to be suspicious of future AI growth?

• Should everyday investors bother picking single stocks, or stick with ETFs?

• Is gold attractive again after its pullback and rebound?

• Will weaker oil and a softer dollar bring central banks back into gold?

• Could a new wave of IPOs and equity issuance drag on market returns?

• Are investors close to the point where they should start reducing risk?

What You’ll Learn:

✔️ Why Nvidia’s numbers can be outstanding while the wider market still stays cautious

✔️ Why most active managers struggle to beat their benchmark over time

✔️ How factor ETFs can replace some traditional fund-manager exposure

✔️ Why real yields, the dollar and central-bank buying matter for gold

✔️ What “de-equitisation” and “re-equitisation” mean for stock market returns

✔️ Why Jackson Hole could shape the next portfolio move

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.

📊 The Art of Investing Survey – Fill in the form here, we’d love your feedback:
https://forms.office.com/e/tCyxzN48Ks

📈 Download the full Portfolio Performance Slides
View the portfolio breakdown: here

📧 Get in touch: [email protected]

📱 Behind the scenes: @_theartofinvesting on TikTok

🎧 Listen on: Apple, Spotify, YouTube 

This week on The Art of Investing, attention turns to the bond market as rising real yields begin to create a new challenge for investors.

Chris breaks down what real yields actually are, why they are moving higher and how increasingly attractive returns from government bonds could eventually start competing with equities for investors’ capital.

The team also unpack the US Treasury’s latest intervention in the bond market, likening the move to a modern-day “Operation Twist”, and debate whether policymakers can successfully push down longer-term yields when borrowing demand remains so high.

Alongside the bond discussion, Mark reviews a busy week across markets, from a weaker US dollar and a rebound in Bitcoin and Ethereum to Moderna’s extraordinary rally. The team also answer listener questions on whether it’s too late to start following the portfolio, how they use moving averages to inform investment decisions, and the role currency hedging can play when investing overseas.

This Week’s Highlights:

💰 Why Real Yields Matter
Chris explains the difference between nominal and inflation-linked bonds, and why rising real yields could become increasingly important for equities and other risk assets.

🔄 Operation Twist Returns
The team unpack the US Treasury’s plan to increase long-term bond buybacks while issuing more short-dated debt, and why they believe the intervention matters for markets.

🏦 The Competition for Capital
With governments and major technology companies borrowing heavily, the team discuss why growing demand for capital is pushing yields higher and creating a more challenging backdrop for investors.

📉 When Do Bonds Become Too Attractive to Ignore?
Chris considers the level at which higher risk-free returns could encourage investors to reduce equity exposure and start allocating more heavily towards bonds.

📊 How the Team Decide When to Buy and Sell
Responding to a listener question, Mark and Chris explain how moving averages can help identify when markets are becoming stretched and provide a less emotional view of price action.

💷 Should Investors Hedge Currency Risk?
The team explore the impact exchange rates can have on overseas investments and why sterling investors may choose between hedged and unhedged funds.

Portfolio Snapshot - Week 53:

📊 Weekly portfolio performance: -1.1%
📈 Total return since inception: +24.9%
📅 2026 year-to-date return: +12.4%

Top Performers:

📈 BlackRock World Mining Trust PLC: +1.0%
📈 iShares Russell 2000 ETF: +0.1%
📈 Cash: +0.1%

Underperformers:

📉 iShares Nikkei 225 ETF: -3.7%
📉 WisdomTree Copper ETF: -2.9%
📉 XLI SPDR US Industrials ETF: -1.8%

Portfolio Changes:

No portfolio changes this week.

Despite weakness across several holdings, diversification helped limit the overall portfolio decline to 1.1%, with the team maintaining their existing positioning as they begin the second year of the portfolio.

Big Questions This Week:

• Could rising real yields eventually pull meaningful capital away from equities?
• Why is the US Treasury intervening in the long end of the bond market?
• Can policymakers successfully fight the direction of the bond market?
• Is it too late for investors to start following the model portfolio after its strong first year?
• Which indicators can investors use to help decide when to buy and sell?
• Should UK investors hedge the currency exposure in their overseas investments?

What You’ll Learn:

✔️ What real yields are and why they matter for investment markets
✔️ How rising government bond yields can affect equity valuations
✔️ Why the latest US Treasury bond buybacks are different from quantitative easing
✔️ How moving averages can be used as part of an investment decision-making process
✔️ What to consider when choosing between hedged and unhedged overseas funds
✔️ Why the team are becoming more cautious as markets head towards September and October

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.

📊 The Art of Investing Survey – Fill in the form here, we’d love your feedback:
 https://forms.office.com/e/tCyxzN48Ks

📈 Download the full Portfolio Performance Slides
 View the portfolio breakdown: here

📧 Get in touch: [email protected]
📱 Behind the scenes: @_theartofinvesting on TikTok
🎧 Listen on: Apple, Spotify, YouTube 

This week on The Art of Investing, it’s the end-of-year exam as the portfolio officially reaches its first anniversary.

With the portfolio finishing the year up 26.0% since inception, Rich puts Mark and Chris in the hot seat to assess how much of that performance came from good portfolio management, where they got it wrong, and the lessons they’re taking into year two.

The team revisit some of the biggest investment calls of the past 12 months, from avoiding government bonds and maintaining exposure to commodities, to navigating the Iran conflict and buying back into US equities following the sell-off.

They also look ahead to the next 12 months, debating whether the AI investment boom can continue to drive US earnings, what could finally challenge US market leadership, and why rising bond yields and a changing Federal Reserve could become increasingly important for investors.

Alongside the annual review, Mark unpacks another busy week across markets, with AI investment continuing at extraordinary levels, oil prices climbing and the portfolio ending its first year with another positive weekly return.

This Week’s Highlights:

🎂 One Year of the Portfolio
 The team mark 52 weeks of the portfolio, finishing its first year with a total return of +26.0%.

📝 The End-of-Year Exam
 Rich grills Mark and Chris on their best calls, biggest mistakes and whether the portfolio’s performance really came down to skill or a favourable year for markets.

🤖 The AI Investment Boom Continues
 Huge financing and capital expenditure commitments keep flowing into AI and data centres, but the team debate whether investors are becoming too reliant on the same story.

🇺🇸 US Bull Case Put to the Test
 Mark explains what would genuinely make him rethink his bullish stance on US equities and why earnings growth remains central to his outlook.

📉 Why the Team Avoided Bonds
 Staying away from government bonds is identified as one of the portfolio’s defining calls of the year, differentiating it from a traditional 60/40 approach.

🌍 Where Could Returns Come From Next?
 The team assess the outlook for the US, Japan, emerging markets, the UK, Europe, India and China as they consider positioning for year two.

🏦 A Changing Fed Could Change the Rules
 Chris explains why the Federal Reserve’s approach to supporting markets could become one of the most important risks to watch over the coming months.

Portfolio Snapshot - Week 52:

📊 Weekly portfolio performance: +0.5%
📈 Total return since inception: +26.0%
📅 2026 year-to-date return: +13.5%

Top Performers:
📈 BlackRock World Mining Trust PLC: +3.3%
📈 iShares Nikkei 225 ETF: +2.7%
📈 Vanguard FTSE 250: +1.0%

Underperformers:
📉 iShares MSCI India ETF: -1.4%
📉 WisdomTree Copper ETF: -1.0%
📉 iShares Core FTSE 100 ETF: -0.5%

Portfolio Changes:

No portfolio changes this week.

The portfolio closes out its first year with 14 holdings, including 10% in cash, as the team maintain their existing positioning heading into year two.

Big Questions This Week:

• How much of the portfolio’s 26% return came from good management versus rising markets?
• What were the team’s best decisions, and biggest mistakes, of the past year?
• What would make Mark finally change his bullish view on US equities?
• Can the enormous investment in AI and data centres ultimately justify current expectations?
• Could higher bond yields eventually pull capital away from equities?
• Where could the strongest and weakest investment opportunities emerge over the next 12 months?

What You’ll Learn:

✔️ Why avoiding government bonds became one of the portfolio’s most important calls
✔️ How the team assess performance beyond simply looking at headline returns
✔️ Why earnings growth remains key to the US equity bull case
✔️ How experienced investors respond when markets move sharply against them
✔️ What could trigger a major change in the portfolio’s asset allocation
✔️ Which markets and asset classes the team are watching as they enter year two

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: Here
📧 Get in touch: [email protected]
📱 Behind the scenes: @_theartofinvesting on TikTok | @theartofinvestingpod on Instagram
🎧 Listen on: Apple, Spotify, YouTube 

This week on The Art of Investing, after a sharp reversal across AI-linked stocks, the team explain how Leopold Aschenbrenner’s highly leveraged AI trade became one of the biggest stories in markets, why crowded positioning matters, and how forced selling helped shape the latest moves across tech, software, commodities and emerging markets.

They also look at the parallels with previous market excesses, including 1929, ask whether AI could be disinflationary, and debate whether markets can keep running into Jackson Hole before investors need to think about taking risk down.

This Week’s Highlights:

📈 Portfolio Jumps +4.2%
A strong week takes the portfolio to +25.5% since inception, with no changes made this week.
⚠️ Leopold and Leverage
The team unpack how leverage works, why margin calls can force selling, and why a “one big trade” portfolio can unravel quickly.

⚒️ Miners Lead the Way
BlackRock World Mining Trust tops the portfolio, up +10.4% on the week as gold, silver and copper strength feed through to mining shares.

🇯🇵 Japan Bounces Hard
The Nikkei position rises +9.5%, helped by currency intervention and a stronger week for Japanese equities.

🌏 Emerging Markets Rally
MSCI Emerging Markets gains +6.5%, supported by Korea’s sharp rebound, a weaker US dollar and renewed appetite for growth.

🤖 Nasdaq Reverses Higher
The Nasdaq position rises +5.9% as money flows back into AI and tech after weeks of pressure.

📉 1929 Lessons
Chris draws on Andrew Ross Sorkin’s 1929 to compare today’s market risks: leverage, speculative new technology, retail risk-taking and policy error.

🏦 Jackson Hole in Focus
The team debate whether the Fed is “running the economy hot” and why late August could be important for market direction.

Portfolio Snapshot – Week 51:

📊 Weekly portfolio performance: +4.2%
📈 Total return since inception: +25.5%
📅 2026 year-to-date return: +13.0%

Top Performers:

📈 BlackRock World Mining Trust PLC: +10.4% WoW
📈 iShares Nikkei 225 ETF: +9.5% WoW
📈 iShares Core MSCI EM IMI ETF: +6.5% WoW
📈 Invesco EQQQ Nasdaq 100 UCITS ETF: +5.9% WoW
📈 XLI SPDR US Industrials ETF: +5.3% WoW

Underperformers:

📉 iShares Core FTSE 100 ETF: -0.1% WoW
📈 Cash: +0.1% WoW
📈 iShares UK Gilts 0-5yr ETF: +0.5% WoW
📈 iShares MSCI India ETF: +1.3% WoW

Portfolio Decision:

No changes were made to the portfolio this week. The team remain positioned for the current market rally, while noting they may look to reduce some risk later in August if markets continue to run strongly.

Big Questions This Week:

• What is leverage, and why can it be so dangerous?
• How can a hedge fund lose control of a winning trade?
• Are AI stocks back in charge, or is this just a relief rally?
• Why does a weaker dollar help commodities and emerging markets?
• Are there real parallels between today’s market and 1929?
• Could AI improve margins without reigniting inflation?
• Should investors enjoy the August rally, or prepare to reduce risk before September?

What You’ll Learn:

✔️ How leverage magnifies gains and losses
✔️ What margin calls mean in real market conditions
✔️ Why crowded trades can reverse violently
✔️ How AI is affecting earnings, margins and market leadership
✔️ Why commodities, Japan and emerging markets performed strongly this week
✔️ Why the team are watching Jackson Hole before making the next portfolio move

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.

📊 The Art of Investing Survey – Fill in the form here, we’d love your feedback: https://forms.office.com/e/tCyxzN48Ks
📈 Download the full Portfolio Performance Slides
View the portfolio breakdown: here
📧 Get in touch: [email protected]
📱 Behind the scenes: @_theartofinvesting on TikTok
🎧 Listen on: Apple, Spotify, YouTube 

This week on The Art of Investing, the team assess the latest Federal Reserve decision and the key takeaways from earnings season, examining what both could mean for the market outlook.

The team unpack a volatile market backdrop as the AI trade begins to unwind, bond markets take centre stage, and central bank credibility comes into question.

A sharp sell-off in semiconductor and AI-linked stocks has driven significant moves across global markets, particularly in Japan and emerging markets, while rising bond yields are beginning to challenge equity valuations.

The episode explores whether investors truly understand their exposure, particularly within popular themes like AI and emerging markets, and how concentration risk can quietly build within diversified portfolios.

Alongside this, the team break down another week of portfolio performance and a major shift in positioning, as they debate whether this market correction presents a buying opportunity or a warning sign of deeper structural change.

This Week’s Highlights:

📉 Portfolio Pulls Back
A difficult week sees the portfolio fall -1.7%, driven largely by weakness in AI-linked markets.

🤖 AI Trade Unwinds
Semiconductors and AI stocks come under pressure, with sharp declines across global tech markets.

🇯🇵 Japan & Emerging Markets Hit
Nikkei and EM equities lead losses as tech exposure and global positioning unwind.

📈 UK Markets Show Strength
FTSE 100 reaches new highs, highlighting ongoing rotation into value-led markets.

🏦 Central Banks in Focus
The Federal Reserve, Bank of England, and Bank of Japan all take centre stage in a pivotal week for policy.

📊 Bond Yields Rise Sharply
Markets begin to question central bank credibility, pushing yields higher and tightening financial conditions.

🔄 Rotation Accelerates
Capital continues to shift away from growth and into value, changing the leadership within markets.

Portfolio Snapshot – Week 50:

📊 Weekly portfolio performance: -1.7%
📈 Total return since inception: +21.4%
📅 2026 year-to-date return: +8.8%

Top Performers:
 📈 iShares MSCI India ETF: +2.2%
 📈 iShares Core FTSE 100 ETF: +1.6%
 📈 Vanguard FTSE 250: +0.3% 

Underperformers:
 📉 iShares Nikkei 225 ETF: -6.7%
 📉 iShares Core MSCI EM IMI ETC: -5.3%
 📉 BlackRock World Mining Trust PLC: -4.7% 

Portfolio Changes:

A significant shift this week as the team deploy capital back into equities:

• Reduce UK Gilts (0–5yr) by 7.5%
• Add 2.5% to Japan
• Add 2.5% to Nasdaq
• Add 2.5% to FTSE 250

The move reflects a view that recent market weakness may present selective opportunities, while also maintaining diversification across regions and styles.

Big Questions This Week:

• Has the Federal Reserve lost credibility with markets?
• Are rising bond yields a bigger threat to equities than expected?
• Is the AI trade undergoing a healthy correction, or something more structural?
• Can value continue to outperform growth in this new environment?
• Does this sell-off present a buying opportunity, or signal further downside?

What You’ll Learn:

✔️ Why bond markets are now driving equity market direction
 ✔️ How rising yields impact growth vs value investing
 ✔️ What’s really behind the recent AI and semiconductor sell-off
 ✔️ How professional investors navigate earnings season volatility
 ✔️ Why diversification matters more than ever in shifting market regimes

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.

📊 The Art of Investing Survey – Fill in the form here, we’d love your feedback: https://forms.office.com/e/tCyxzN48Ks

📈 Download the full Portfolio Performance Slides
 View the portfolio breakdown: here

📧 Get in touch: [email protected]
📱 Behind the scenes: @_theartofinvesting on TikTok
🎧 Listen on: Apple, Spotify, YouTube 

Overview:

This week on The Art of Investing, the team unpack a market where volatility is building beneath the surface, with credit markets, AI spending, and rising oil prices all contributing to a more fragile backdrop.

While headline equity performance remains relatively steady, attention is turning to credit default swaps (CDS) as a key signal of risk, particularly in companies heavily exposed to the AI boom.

From Oracle’s growing debt pile to increasing competition across AI models, this episode explores whether the market may be overestimating the returns from AI investment, and what that could mean for both equities and credit markets.

Alongside this, the team break down another week of portfolio performance and the broader macro picture, including rising bond yields, commodity strength, and continued sector rotation.

This Week’s Highlights:

📈 Portfolio Edges Higher
 A steady week sees the portfolio rise +0.4%, continuing its strong long-term performance.

⚒️ Commodities Continue to Lead
 Copper and mining equities outperform, supported by supply constraints and ongoing demand linked to AI infrastructure.

🛢️ Oil Prices Push Higher
 Brent crude continues its upward move, adding pressure to global markets and import-heavy economies.

💳 CDS Back in Focus
 Credit default swaps re-emerge as a key market signal, highlighting growing concerns around corporate debt levels.

🤖 AI Trade Under Pressure
 Rising costs and increasing competition begin to challenge the assumption of dominant, high-margin AI winners.

📉 Rotation Away from Tech
 Semiconductor and AI-linked stocks face renewed pressure as capital rotates elsewhere.

Portfolio Snapshot – Week 49:

No changes were made to the portfolio this week.

📊 Weekly portfolio performance: +0.4%
📈 Total return since inception: +23.1%
📅 2026 year-to-date return: +10.5%

Top Performers:

📈 BlackRock World Mining Trust PLC: +3.3% WoW
📈 WisdomTree Copper ETF: +3.1% WoW
📈 Vanguard FTSE 250: +2.3% WoW

Underperformers:

📉 iShares Nikkei 225 ETF: -2.7% WoW
📉 iShares MSCI India ETF: -1.2% WoW
📉 XLI SPDR US Industrials ETF: -0.5% WoW

Big Questions This Week:

• Are credit markets signalling deeper risks beneath the surface of equity markets?
 • Can AI investment deliver the returns needed to justify rising debt levels?
 • Is the shift from “winner takes all” to a more competitive AI landscape underway?
 • How are rising oil prices and bond yields impacting global growth expectations?
 • What does increasing volatility mean for portfolio positioning going forward?

What You’ll Learn:

✔️ What credit default swaps (CDS) reveal about market risk
✔️ Why AI competition could reduce pricing power and returns
✔️ How rising debt levels are impacting key AI-linked companies
✔️ What higher oil prices and bond yields mean for investors
✔️ How the team are navigating volatility within 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.

📊 The Art of Investing Survey – Fill in the form here, we’d love your feedback: https://forms.office.com/e/tCyxzN48Ks

📈 Download the full Portfolio Performance Slides
 View the portfolio breakdown: here
📧 Get in touch: [email protected]
📱 Behind the scenes: @_theartofinvesting on TikTok
🎧 Listen on: Apple, Spotify, YouTube 

This week on The Art of Investing, the team navigate a shortened trading week where, despite markets feeling under pressure, the portfolio continues to edge higher, now up +22.6% since inception and +10.1% year-to-date.

But beneath the surface, things are shifting quickly.

With oil surging nearly 20% in just a few days, bond yields climbing, and AI continuing to redirect capital across the global economy, the team unpack a market that feels increasingly volatile, even when headline performance looks steady.

From strong moves in commodities to sharp declines in legacy tech, and a wave of takeover activity across the UK, this episode explores where capital is flowing, and what that means for investors right now.

This Week’s Highlights:

📈 Portfolio Pushes Higher
 A positive start to the week sees the portfolio rise +1.1%, continuing its strong long-term performance.

⚒️ Copper Leads the Charge
 WisdomTree Copper ETF tops the leaderboard, up +4.1%, driven by falling inventories and strong demand signals.

🛢️ Oil Jumps Sharply
 Oil prices surge nearly 20%, lifting commodities and adding pressure across global markets.

🤖 AI Reshaping Markets
 Capital continues to rotate into AI, with traditional software names like IBM falling sharply as spending shifts.

📊 Volatility Around Earnings
 Large swings in individual stocks highlight a market increasingly driven by expectations vs reality.

🇬🇧 UK Takeover Activity Surges
 A wave of M&A activity points to potential undervaluation, with significantly more takeovers than new listings.

📉 Bond Yields Climb
 Rising yields suggest markets are beginning to price in the possibility of higher interest rates.

Portfolio Snapshot – Week 48:

No changes were made to the portfolio this week.

📊 Weekly portfolio performance: +1.1%
📈 Total return since inception: +22.6%
📅 2026 year-to-date return: +10.1%

Top Performers:

📈 WisdomTree Copper ETF: +4.1% WoW
📈 BlackRock World Mining Trust PLC: +2.0% WoW
📈 iShares Nikkei 225 ETF: +2.0% WoW

Underperformers:

📉 iShares Core MSCI Emerging Markets ETF: +0.3% WoW
📉 iShares Core FTSE 100 ETF: +0.3% WoW
📉 iShares UK Gilts 0–5yr ETF: 0.0% WoW

Big Questions This Week:

• Is the surge in oil prices sustainable, or just a short-term shock?
• Are bond markets signalling that interest rates could move higher again?
• How much disruption is AI really causing across traditional industries?
• Why are UK companies being taken over at such a high rate?
• What does continued volatility mean for portfolio positioning?

What You’ll Learn:

✔️ What’s driving the latest moves in commodities and oil
✔️ Why AI is pulling capital away from legacy sectors
✔️ How takeover activity reveals hidden value in markets
✔️ What rising bond yields mean for investors
✔️ How the team are thinking about volatility right now

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.

📊 The Art of Investing Survey – Fill in the form here, we’d love your feedback: https://forms.office.com/e/tCyxzN48Ks
📈 Download the full Portfolio Performance Slides here
📧 Get in touch: [email protected]
📱 Behind the scenes: _theartofinvesting on TikTok | @theartofinvestingpod (Instagram)
🎧 Listen on: Apple, Spotify, YouTube 

Happy Birthday to us! This week on The Art of Investing, the team mark one year of the portfolio with a more volatile week in markets, as geopolitical tensions, oil price moves and continued rotation across equities begin to test performance.

While the portfolio takes a step back, the broader conversation focuses on what’s really driving markets right now - from renewed pressure in commodities and emerging markets, to ongoing shifts within equities and growing dispersion across global indices.

The team also explore two key themes this week: the hidden concentration within ETFs - comparing cap-weighted vs equal-weighted investing - and the rise of thematic investing, including how to think about geographic and sector diversification.

This Week’s Highlights:

📉 Markets Pull Back
 A weaker week across global markets sees broad-based declines, with most asset classes finishing in negative territory.

🛢️ Oil Volatility Returns
 Geopolitical tensions push oil prices higher again, reversing recent declines and adding pressure across sectors like airlines and transport.

🔄 Rotation Continues
 Ongoing shifts within equities, with capital moving between sectors and regions rather than leaving markets entirely.

🤖 AI & Tech Volatility
 Continued swings across semiconductor and AI-linked stocks, highlighting the fragility of recent momentum.

🇯🇵 Japan Under Pressure
 After a strong run, rising bond yields raise questions around sustainability and potential profit-taking.

📉 Commodities Pause
 A cooling period for commodities, with weaker China demand and a stronger dollar weighing on prices.

📊 Concentration Still Matters
 Single stock moves continue to have an outsized impact on indices, reinforcing the importance of understanding what you own.

Portfolio Snapshot – Week 47:

No changes were made to the portfolio this week.

Weekly portfolio performance: -2.2%
Total return since inception: +21.5%
 2026 year-to-date return: +9.0%

Top Performers:

📈 Cash: +0.1% WoW
📈 iShares Core FTSE 100 ETF: -0.0% WoW
📈 iShares UK Gilts 0–5yr ETF: -0.3% WoW

Underperformers:

📉 iShares Nikkei 225 ETF: -5.9% WoW
📉 BlackRock World Mining Trust PLC: -5.3% WoW
📉 iShares Core MSCI EM IMI ETF: -4.0% WoW

Big Questions This Week:

• Is this pullback a short-term reaction or the start of a broader slowdown?
• How sustainable is the recent strength in oil prices?
• Are commodities simply pausing, or is the cycle turning?
• What does rising bond yield pressure mean for Japan and global markets?
• Is market concentration still a hidden risk for investors?

What You’ll Learn:

✔️ What’s driving the latest bout of market volatility
✔️ Why oil prices are back in focus
✔️ How rotation is shaping equity performance
✔️ What’s happening in Japan and why it matters
✔️ Why understanding index composition is key
✔️ What the team are watching next 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.