The Art of Investing

This week on The Art of Investing, Rich McDonald, Mark “Spice” Holden and Chris “CJ” Fellingham are joined by Stu Thompson, Economic Strategist, to break down a market being driven less by fundamentals, and more by shifting interest rate expectations.
With central banks holding steady but markets rapidly repricing from rate cuts to potential hikes, the team explore whether interest rate expectations have become disconnected from reality.
They also dive into continued stress in private credit, the impact of oil and geopolitics on inflation, and why bond markets are no longer providing the diversification investors expect.
The big question: are markets overreacting, and where are the opportunities if they are?

This Week’s Highlights:
🏦 Rate Expectations Flip
Markets move from pricing cuts to multiple hikes, a huge shift in sentiment.
📉 Bonds Fail to Diversify
Gilts and treasuries fall alongside equities, challenging traditional portfolio theory.
⚠️ Private Credit Stress Builds
Redemption limits and liquidity concerns continue to emerge.
⛽ Oil & Inflation Risk
Energy prices remain the key driver of inflation expectations.
📊 Markets Still Resilient
Despite volatility, equities hold up better than many expected.
🧠 Don’t Fight the Noise
Why long-term investors should avoid reacting to short-term headlines.

Portfolio Snapshot - Week 32:
Weekly performance: –1.7%
Total return since inception: +12.5%

Top Performers
🥇 iShares Russell 2000 ETF: +1.1%
🥈 Cash: +0.1%
🥉 iShares UK Gilts 0–5yr ETF: –0.4%

Underperformers
📉 WisdomTree Copper ETF: –5.4%
📉 VanEck Crypto & Blockchain Innovators ETF: –3.7%
📉 iShares MSCI India ETF: –2.9%

Portfolio Positioning:
The portfolio remains diversified across:
• Commodities and real assets
• Global equities (US, UK, Europe, EM)
• Small and mid-cap exposure
• Bonds and cash as stabilisers
However, this week highlights a key theme: diversification doesn’t always protect during inflation-driven shocks.

Big Questions This Week:
• Have interest rate expectations become unrealistic?
• Are central banks likely to follow market pricing?
• Is private credit the next major risk area?
• Can equities continue to hold up if rates stay higher?

What You’ll Learn:
✔️ How markets price interest rates (and why it matters)
✔️ Why bonds don’t always offset equity risk
✔️ What’s really driving current market moves
✔️ How to stay disciplined during volatile periods

📈 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.

JISA Incentive:
Dates: 2nd March to 5th April
Details: Invest £50 and get £50. First 200 clients will get £250. First trade has to be £50 or more to receive the £50 bonus. New clients only. The bonus of £50 will be credited to the Junior ISA by 30 April 2026.
PROMO CODE: JISAPODCAST
📋T&Cs: https://www.ig.com/uk/jisa-cash-bonus-50-feb-26
https://www.ig.com/uk/jisa-cash-bonus-250-feb-26

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 break down a more fragile market backdrop as momentum stalls and volatility creeps back in.
With commodities cooling, equities diverging and bond markets wobbling, the team ask whether this is a healthy pause… or the start of something more meaningful.
They’re also joined by Geopolitical Strategist Roger Lee to unpack how investors should think during periods of crisis, and what history tells us about how markets behave when conflicts unfold.
The focus this week: what’s really driving returns now, and how investors should respond when leadership becomes less clear.

This Week’s Highlights:
📉 Momentum Slows
After weeks of strong gains, markets begin to lose steam as leadership narrows.
⛏️ Commodities Pause
Mining stocks pull back sharply after a huge run, testing conviction in the trade.
🪙 Crypto Bounces
Crypto-linked equities recover, highlighting ongoing volatility in risk assets.
🌍 Global Divergence
Different regions move in opposite directions, making allocation more important than ever.
🏦 Bonds Back in Focus
Weakness in fixed income raises questions about diversification again.
🧠 Staying Disciplined
Why periods like this matter more than strong up weeks for long-term investors.

Portfolio Snapshot - Week 31:
Weekly performance: –0.3%
Total return since inception: +14.2%

Top Performers
🥇 VanEck Crypto & Blockchain Innovators ETF: +3.5%
🥈 iShares Nikkei 225 ETF: +0.2%
🥉 iShares Core FTSE 100 ETF: +0.2%

Underperformers
📉 BlackRock World Mining Trust: –5.9%
📉 Vanguard FTSE 250 ETF: –1.4%
📉 iShares Russell 2000 ETF: –1.2%

Portfolio Positioning:
The portfolio remains broadly diversified across:
• Commodities and real assets
• Global equities (US, UK, Europe, EM)
• Select small-cap exposure
• Bonds and cash as stabilisers
Despite a weaker week, diversification continues to dampen volatility as leadership rotates.

Big Questions This Week:
• Is this just a pause after a strong run?
• Are commodities topping out short term?
• What happens if bonds and equities both struggle?
• Where is the next leadership coming from?

What You’ll Learn:
✔️ Why pullbacks are a key part of long-term returns
✔️ How to interpret changing market leadership
✔️ Why diversification matters most in mixed markets
✔️ How to stay disciplined when momentum fades

📈 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.

JISA Incentive:
Dates: 2nd March to 5th April
Details: Invest £50 and get £50. First 200 clients will get £250. First trade has to be £50 or more to receive the £50 bonus. New clients only. The bonus of £50 will be credited to the Junior ISA by 30 April 2026.
PROMO CODE: JISAPODCAST
📋T&Cs: https://www.ig.com/uk/jisa-cash-bonus-50-feb-26
https://www.ig.com/uk/jisa-cash-bonus-250-feb-26

This week on The Art of Investing, Rich McDonald, Mark “Spice” Holden and Chris “CJ” Fellingham unpack a volatile week in global markets as geopolitical tensions, rising oil prices and credit concerns ripple through investor sentiment.
Despite the second consecutive weekly drawdown in the portfolio, markets have remained relatively resilient. The team discuss why energy shocks quickly affect inflation expectations, how investors are reacting to shifting rate outlooks, and why private credit and private equity liquidity are attracting renewed scrutiny.
They also explore how different sectors react to geopolitical shocks and why diversification still matters when volatility rises.

This Week’s Highlights:
⛽ Oil Shock Hits Markets
Energy prices surge as Middle East tensions intensify.
🏦 Private Credit Questions
Liquidity concerns emerge in parts of the private market.
📉 Rate Expectations Shift
Investors reassess the outlook for central bank cuts.
📊 Sector Rotation Continues
Software rebounds while travel and energy-sensitive sectors struggle.
⚠️ Liquidity Risk Debate
Restrictions in some funds highlight structural challenges.

Portfolio Snapshot:
Portfolio Snapshot – Week 30
Weekly performance: –2.1%
Total return since inception: +14.5%

Top Performers
🥇 Cash: +0.1%
🥈 WisdomTree Copper ETF: –0.3%
🥉 iShares $ Treasury Bond 7–10yr UCITS ETF: –0.4%

Underperformers
📉 iShares Nikkei 225 ETF: –4.3%
📉 BlackRock World Mining Trust PLC: –4.2%
📉 iShares Russell 2000 ETF: –3.8%

Portfolio Positioning:
The portfolio remains positioned toward:
• Commodities and real assets
• Global equities beyond US mega-cap concentration
• Select small and mid-cap exposure
• Defensive allocations including gilts, treasuries and cash
The focus remains diversification and long-term resilience rather than reacting to short-term headlines.

Big Questions the Team Debate:
• Could rising oil prices delay rate cuts?
• Are stresses emerging in private credit markets?
• How resilient are global equities to geopolitical shocks?
• What sectors benefit during energy spikes?

What You’ll Learn:
✔️ Why oil prices can shift inflation expectations quickly
✔️ How liquidity risks appear in private markets
✔️ Which sectors react most during geopolitical shocks
✔️ Why diversification matters during volatility

📈 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.

JISA Incentive:
Dates: 2nd March to 5th April
Details: Invest £50 and get £50. First 200 clients will get £250. First trade has to be £50 or more to receive the £50 bonus. New clients only. The bonus of £50 will be credited to the Junior ISA by 30 April 2026.
PROMO CODE: JISAPODCAST
📋T&Cs: https://www.ig.com/uk/jisa-cash-bonus-50-feb-26
https://www.ig.com/uk/jisa-cash-bonus-250-feb-26

This week on The Art of Investing, Rich McDonald, Mark “Spice” Holden and Chris “CJ” Fellingham unpack a volatile week as geopolitical tensions, banking sector nerves and shifting energy policy collide.
Despite rising uncertainty, from renewed conflict fears to credit market concerns, the portfolio remains resilient. The team discuss whether markets are overreacting, why bank stocks sold off, and what investors should focus on during volatility.
They revisit lessons from past geopolitical shocks and explain why disciplined portfolio construction matters more than reacting to headlines.
Expect sharp macro insight and a clear breakdown of how the team are thinking about risk right now.

This Week’s Highlights:
⚠️ Credit Crisis Fears?
Bank stocks fall as markets briefly price in tighter credit conditions.
🌍 Geopolitics Back in Focus
Rising tensions bring geopolitical risk back to markets.
🇷🇺 Lessons from Russia
Revisiting the 2022 collapse in Russian assets and its lessons.
⛽ Energy Policy Confusion
Governments tax oil producers while calling for more supply.
📉 Market Volatility Returns
Sector swings highlight diversification.
🧠 Staying Rational in Turbulence
Why reacting emotionally to headlines often backfires.

Portfolio Snapshot:
Weekly performance: –2.1%
Total return since inception: +16.6%

Top Performers
🥇 VanEck Crypto & Blockchain Innovators ETF: +4.0%
🥈 Cash: +0.1%
🥉 iShares UK Gilts 0–5yr ETF: –0.1%

Underperformers
📉 iShares Core MSCI EM IMI ETC: –5.7%
📉 iShares Nikkei 225 ETF: –5.1%
📉 BlackRock World Mining Trust PLC: –5.0%

Portfolio Positioning:
The portfolio remains positioned toward:
• Commodities and real assets
• Global equities beyond US mega-cap concentration
• Select small and mid-cap exposure
• Defensive allocations including gilts and cash
The aim remains building a diversified portfolio able to navigate uncertain markets.

Big Questions the Team Debate:
• Are markets overreacting to fears of a credit slowdown?
• How should investors think about geopolitical shocks?
• What lessons came from the Russian market collapse?
• Why energy policy contradictions could shape inflation
• How diversification helps absorb market shocks

What You’ll Learn:
✔️ Why banking sector moves can trigger market anxiety
✔️ How geopolitical risk affects portfolios
✔️ Why diversification matters during volatility
✔️ The dangers of reacting emotionally to headlines
✔️ How long-term investors should approach risk

📈 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.

Incentives:
JISA Incentive
Dates: 2nd March to 5th April
Details: Invest £50 and get £50. First 200 clients will get £250. First trade has to be £50 or more to receive the £50 bonus. New clients only. The bonus of £50 will be credited to the Junior ISA by 30 April 2026.
PROMO CODE: JISAPODCAST
📋T&Cs: https://www.ig.com/uk/jisa-cash-bonus-50-feb-26
https://www.ig.com/uk/jisa-cash-bonus-250-feb-26

7% interest on Cash Incentive
Dates: 2nd March - 13th March 2026
Details: 7% AER variable interest on cash balance up to £5000 for 6 months. Until 31st August 2026.
Promo Code: INTERESTPODCAST
📋T&Cs: https://www.ig.com/uk/boosted-interest-mar-26

This week on The Art of Investing, Rich McDonald, Mark “Spice” Holden and Chris “CJ” Fellingham unpack a strong week for the portfolio, led by commodities, emerging markets and continued European resilience.
While the US debates tariffs and policy direction, global equity markets are pushing higher. Mining stocks surge, crypto stabilises, emerging markets extend gains, and the team ask whether the long-anticipated rotation away from US mega caps is finally accelerating?

This Week’s Highlights:
📊 Portfolio Gains Momentum
A strong week driven by commodities and emerging markets exposure.
⛏️ Mining Leads the Charge
BlackRock World Mining Trust hits fresh highs as metals rally.
🌍 Emerging Markets Break Higher
Korea climbs the global rankings and EM exposure continues to pay off.
🇺🇸 US vs The Rest of the World
Is money finally rotating away from US mega caps into global markets?
🏦 Private Equity Pressure
Are private market valuations finally being tested?
🧠 Investor Psychology
When a position is down 50%, what should you actually do?

Portfolio Snapshot – Week 28:
Weekly performance: +1.4%
Total return since inception: +18.7%
Top Performers
🥇 BlackRock World Mining Trust PLC: +6.7%
🥈 VanEck Crypto & Blockchain Innovators ETF: +4.0%
🥉 WisdomTree Copper ETF: +3.4%
Underperformers
📉 iShares MSCI India ETF: –1.4%
📉 iShares Russell 2000 ETF: –0.6%
📉 Xtrackers DAX ETF: –0.5%

Portfolio Positioning:
The portfolio remains positioned toward:
• Commodities (mining, copper)
• Emerging markets
• European equities
• US small & mid-caps (rather than mega-cap tech)
Cash and short-dated gilts remain in place as stability anchors (~20% combined). The team continue to emphasise geographic diversification away from heavy US concentration, particularly given global indices remain ~60–70% US weighted.

Big Themes This Week:
• Commodity strength returning
• Early signs of global equity rotation
• Private equity valuations under scrutiny
• Dividend yield traps explained
• The importance of taking action on losing positions
The central question: If institutions are underweight Europe and emerging markets, does the rotation still have further to run?

What You’ll Learn:
✔️ Why high dividend yields can be a red flag
✔️ The difference between the “rabbit”, “assassin” and “hunter” investor
✔️ Why US economic strength doesn’t automatically mean US stock market outperformance
✔️ How money flows drive market leadership
✔️ Why compounding early (JISAs) matters more than market timing

📈 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.

Incentives:
Get up to £3000 when you transfer your ISA to IG.
Earn 1% cashback up to £300k when you transfer your ISA before 5th April.
Use Promo Code ISAPODCAST
New share dealing customers only. Offer available 31st Jan to 5th April 26. T&Cs apply.
📋T&Cs: www.ig.com/uk/transfer-1-percent-cashback-feb-26

Get up to £200 cashback when you invest with IG.
Earn 5% cashback on investments up to £4000 (max payout £200) when you open an account and place your first trade.
Use Promo Code CASHBACKPODCAST
New customers, or existing customers who haven’t placed a share dealing trade, only. Minimum first trade £100. Investments must be held until 30th June 2026.
Offer available 23rd February to 13th March 2026. T&Cs apply.
📋T&Cs: https://www.ig.com/uk/5-percent-cashback-feb-26