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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.
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 – 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 – 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.