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This week on The Art of Investing, the team are joined by returning guest Stewy Thompson, as Rich dials in from Miami and CJ checks in from sunny Norfolk.
Itβs been a far more mixed week for markets and the portfolio, with sharp divergences across asset classes. While equities continue to broaden out beyond big tech, commodities have sold off heavily and currency movements are starting to play a bigger role.
The team unpack the ongoing rotation in markets, the implications of a stronger US dollar, and whether the AI-driven rally is evolving rather than ending. They also explore growing pressures in private markets, shifting macro conditions, and what all of this means for the portfolio going forward.
This Week's Highlights:
π Commodities Come Under Pressure
Gold enters a bear market and silver crashes sharply, with copper and broader commodities also selling off in a difficult week for the asset class.
π΅ Dollar Strength Returns
A stronger US dollar puts pressure on commodities and emerging markets, while also impacting hedged positions within the portfolio.
π Market Rotation Continues
The rally broadens beyond mega-cap tech, with the Russell 2000 and equal-weight S&P hitting new highs as money rotates within equities.
π€ AI Story Evolves
Blowout results from memory chipmakers reinforce the AI theme, but questions remain over sustainability and valuations.
π Magnificent Seven Underperform
Several of the largest US tech stocks enter bear market territory, highlighting increasing dispersion across markets.
π¦ Private Markets Show Strain
Rising redemption requests and liquidity challenges suggest growing stress in private credit and equity markets.
π Diverging Global Economies
The US economy continues to show strength, while the UK outlook weakens amid political uncertainty and slowing growth.
Portfolio Snapshot β Week 45:
No changes were made to the portfolio this week.
π Weekly portfolio performance: -1.2%
π Total return since inception: +23.7%
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2026 year-to-date return: +11.1%
Top Performers:
π iShares MSCI India ETF: +2.0% WoW
π iShares Russell 2000 ETF: +1.3% WoW
π UK Gilts: +0.1% WoW
Underperformers:
π BlackRock World Mining Trust PLC: -11.5% WoW
π WisdomTree Copper ETF: -6.1% WoW
π iShares Core MSCI EM IMI ETF: -1.7% WoW
Big Questions This Week:
β’ Is the rotation away from mega-cap tech a temporary shift or a longer-term trend?
β’ Have commodities fallen far enough to become attractive again?
β’ How sustainable is the recent strength in the US dollar?
β’ Will AI continue to drive market performance beyond the largest tech names?
β’ Are private markets starting to pose a systemic risk?
β’ What impact will UK political changes have on growth and markets?
What Youβll Learn:
βοΈ Why a stronger dollar creates pressure across global markets
βοΈ Whatβs driving the sharp sell-off in commodities
βοΈ How market leadership is shifting beyond big tech
βοΈ Why private markets are facing liquidity challenges
βοΈ How AI investment is feeding through into the real economy
βοΈ 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.
What is The Art of Investing?
Looking to turn Market Chaos into Investing Clarity?
Welcome to The Art of Investing - a brand new podcast that transforms market noise into clear investing strategies. Brought to you by IG, global investing platform, FTSE 250 and over 50 years in the markets.
This isn't your typical finance show.
Whether you're taking your first steps into the investment world or you're a seasoned investor looking to sharpen your edge, you've found your new secret weapon.
Every Friday, join hosts Rich McDonald, Mark Holden & Chris Fellingham β three investing legends bringing you a combined century of market wisdom. They'll decode the week's biggest moves, reveal the hot topics that could make or break a portfolio, and share the insights that separate winners from wishful thinkers.
But here's where we blow every other podcast out of the water:
Introducing our live Model Portfolio. With IG's access to thousands of global markets, you'll watch our strategy unfold in real-time, unfiltered investment action, that you can follow.
Every week, we'll pull back the curtain on exactly how the portfolio is performing. The wins, the losses, the lessons learned β it's all here. This is investing education with skin in the game.
Are you ready to master the art of investing?
This podcast is provided for educational and informational purposes only. The content presented is not intended as personal investment advice, financial planning guidance, or a recommendation to buy, sell, or hold any particular securities or investments. All discussions regarding the model portfolio are for educational purposes only. Past performance is not an indication of future results. 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.