The Art of Investing

This week on The Art of Investing, Rich McDonald, Mark “Spice” Holden and Chris “CJ” Fellingham draw on over 100 years of combined experience across wealth and hedge fund management to break down a remarkable moment in markets.
US equities are pushing to new all-time highs, despite ongoing geopolitical tension, energy uncertainty and lingering concerns around credit markets.
With the S&P 500 and NASDAQ rallying strongly, the team explore what’s really driving this move, why sentiment has shifted so quickly, and whether this is the start of a broader bull market or simply another leg in a volatile cycle.
They also break down the growing dominance of big tech, the role of institutional money flows, and why markets can often move in the opposite direction to headlines.

This Week’s Highlights:
📈 Markets Hit New Highs
US equities surge to record levels, climbing the “wall of worry” despite negative news flow.
💻 Tech Leads the Charge
The Magnificent Seven drive performance, with Nvidia and mega-cap tech powering gains.
🔄 Rotation in Action
Capital flows back into under-owned areas, with short squeezes amplifying moves.
🏦 Banks Reassure on Credit
Major US banks signal resilience in the economy and downplay private credit concerns.
🌍 Global Divergence
US markets outperform while Europe and the UK lag amid currency and energy pressures.
🧠 Psychology Over Fundamentals
Why fear, greed and positioning often matter more than macro narratives.

Portfolio Snapshot - Week 35:
No changes to the portfolio this week.
Top Performers
🥇 VanEck Crypto & Blockchain Innovators ETF: +10.2%
🥈 WisdomTree Copper ETF: +4.4%
🥉 iShares S&P 500 GBP Hedged ETF: +3.4%
Underperformers
📉 iShares UK Gilts 0–5yr ETF: –0.1%
📉 iShares Core FTSE 100 ETF: –0.1%
📉 Cash: +0.1%

Portfolio Positioning:
The portfolio remains tilted toward growth and cyclicality, with:
• ~70–85% in equities and equity-like assets
• Exposure to commodities and emerging markets
• Defensive allocation via bonds and cash
The team maintain conviction in a pro-growth setup, while acknowledging short-term volatility.

Big Questions This Week:
• Why are markets rising despite negative headlines?
• Is this a sustainable bull market or short-term squeeze?
• Are investors underestimating the power of positioning?
• How should long-term investors respond to volatility?

What You’ll Learn:
✔️ Why markets often move against consensus expectations
✔️ How institutional flows drive major market moves
✔️ The role of fear vs greed in investing decisions
✔️ Why patience often beats reaction during crises

📈 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.

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 bring over 100 years of combined experience across wealth and hedge fund management to unpack a dramatic rebound across markets, as a fragile ceasefire in the Middle East sends oil lower, rate expectations ease, and risk assets rally hard.
With bonds recovering, equities surging and some of the hardest-hit areas snapping back sharply, the team ask whether this is the start of a more durable recovery, or simply relief after weeks of pressure.
They also revisit the case for the US, Japan and bonds, debate whether the portfolio should add more risk here, and answer listener questions on how to think about positioning in fast-moving markets.
As always, the key theme remains: when markets move fast, discipline matters more than drama.

This Week’s Highlights:
🕊️ Ceasefire Relief Rally
A two-week ceasefire helps trigger a broad rebound in risk assets and a sharp fall in oil.
⛽ Oil Price Drops Back
A 15% fall in oil eases inflation fears and takes pressure off rate expectations.
🏦 Bond Markets Recover
Gilts and treasuries bounce as markets scale back the chance of further rate hikes.
🇺🇸 US Back in Focus
The team revisit whether the S&P 500 now offers better value after recent derating.
🇯🇵 Japan Rebounds Strongly
Japanese equities rally as lower energy prices improve the outlook.
🧠 Discipline Over Noise
Why the best response to volatile headlines is often patience, not panic.

Portfolio Snapshot - Week 34:
Weekly performance: +5.1%
Total return since inception: +16.2%

Top Performers
🥇 VanEck Crypto and Blockchain Innovators ETF: +11.9%
🥈 BlackRock World Mining Trust PLC: +10.8%
🥉 iShares Nikkei 225 ETF: +8.0%

Underperformers
📉 Cash: +0.1%
📉 iShares $ Treasury Bond 7–10 yr UCITS ETF: +0.5%
📉 iShares UK Gilts 0–5yr ETF: +0.6%

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
This week’s move shows how quickly leadership can reverse when macro pressure starts to ease.

Big Questions This Week:
• Will the ceasefire hold long enough for markets to keep recovering?
• Is the US starting to look attractive again?
• Are bonds still worth holding versus equities?
• When should investors add risk back in?

What You’ll Learn:
✔️ Why oil matters so much for inflation and rate expectations
✔️ How quickly markets can reprice when fear fades
✔️ Why bonds don’t always outperform during stress
✔️ How to think about adding risk after a sharp rebound

📈 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.

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 are back for a Quarterly Review special, reflecting on how Q1 has played out across the portfolio, with standout strength from BlackRock World Mining Trust and broader gains across developed and emerging markets, while positions like India and the VanEck Crypto ETF lagged.

From oil shocks and bond volatility to crypto drawdowns and equity resilience, this episode dives deep into what’s really driving markets right now and where the opportunities may lie.

This Week’s Highlights:

🏦 Rate Expectations Whipsaw
Markets rapidly shift from pricing cuts to multiple hikes and back again, raising questions about whether expectations are disconnected from reality.
📉 Bonds Under Pressure
Short-duration gilts fall sharply as rate expectations surge, challenging their role as a “safe” stabiliser in portfolios.
⛽ Oil Driving the Narrative
Higher oil prices fuel inflation fears but the team argue markets may be overreacting to second-order effects on growth.
📊 Equities More Resilient Than Expected
Despite volatility, valuations (especially in the US) are becoming more attractive as multiples compress.
⚠️ Crypto Volatility Bites
The VanEck Crypto ETF drops sharply, highlighting the importance of position sizing and risk management in high-volatility assets.
🌍 Global Rotation & Positioning
Debate around US vs emerging markets, and whether shifting allocations actually adds value, or just reshuffles risk.

Portfolio Snapshot – Week 33:
• Weekly performance: -1.36%
• Total return since inception: +11.1%

Top Performers:
🥇 WisdomTree Copper ETF: +1.7%
🥈 iShares Core FTSE 100 ETF: +0.9%
🥉 Xtrackers DAX ETF: +0.5%

Underperformers:
📉 VanEck Crypto & Blockchain ETF: –11.6%
📉 iShares S&P 500 GBP Hedged ETF: –2.7%
📉 iShares Core MSCI EM IMI ETF: –2.4%

Key Takeaways:
✔️ Markets don’t always price reality, they price expectations
✔️ Bonds can fail during inflation-driven shocks
✔️ Volatility isn’t risk, mis-sized positions are
✔️ Sometimes doing nothing is the smartest move in uncertain markets
✔️ Quarterly reviews are critical, even for “passive” investors

Big Questions This Week:
• Are markets overreacting to rate expectations?
• Will central banks actually follow market pricing?
• Is private credit the next pressure point?
• Are US equities now becoming attractive again?
• Should investors be reducing risk—or leaning in?

📈 Download the full Portfolio Performance Slides
View the breakdown: https://drive.google.com/file/d/1eMN0haj9HGUpRogpuD7NGhwxsC1tc6WM/view?usp=sharing
📧 Get in touch: [email protected]
Subscribe for weekly investing insights and to follow the live portfolio in real time.

Disclaimer:
This podcast is for educational purposes only and does not constitute investment advice. The value of investments can go down as well as up, and you may get back less than you invest.

JISA Incentive:
Dates: 2nd March to 5th April
Details: Invest £50 and get £50. 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

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 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