Q2 Portfolio Review: Winners, Losers & What We're Buying

Do You Really Know What You’ve Invested In?

📊 The Art of Investing Survey – Fill in the form here, we’d love your feedback: https://forms.office.com/e/tCyxzN48Ks [https://forms.office.com/e/tCyxzN48Ks]📈 Download the full Portfolio Performance Slides here [https://drive.google.com/file/d/1aVhhK6O7QjYcGAvc_-IdW7LG0KWjydI1/view?usp=sharing]📧 Get in touch: theartofinvesting@ig.com 📱 Behind the scenes: _theartofinvesting on TikTok | @theartofinvestingpod (Instagram) 🎧 Listen on: Apple [https://podcasts.apple.com/gb/podcast/the-art-of-investing/id1825201965], Spotify [https://open.spotify.com/show/4bmvfbDz2kniwxCL66sVjH], YouTube  [https://studio.youtube.com/playlist/PLiuPElZAFyTIzO_okz4nwblU_JEMBfL_B/edit] 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.

Jeremy Hunt on UK Investing, CGT, and the £100k Cliff Edge

📊 The Art of Investing Survey – Fill in the form here, we’d love your feedback: https://forms.office.com/e/tCyxzN48Ks [https://forms.office.com/e/tCyxzN48Ks] 🏆 Competition: win Jeremy Hunt’s book via Instagram @theartofinvestingpod [https://www.instagram.com/theartofinvestingpod/]📧 Get in touch: theartofinvesting@ig.com 📱 Behind the scenes: @_theartofinvesting (TikTok) | @theartofinvestingpod (Instagram) 🎧 Listen on: Apple [https://podcasts.apple.com/gb/podcast/the-art-of-investing/id1825201965], Spotify [https://open.spotify.com/show/4bmvfbDz2kniwxCL66sVjH], YouTube  [https://studio.youtube.com/playlist/PLiuPElZAFyTIzO_okz4nwblU_JEMBfL_B/edit] In this special episode, we sit down with former Chancellor of the Exchequer, Jeremy Hunt, for a rare, behind-the-scenes look at one of the most volatile periods in recent UK economic history,  the 2022 mini-budget crisis. From an unexpected call while on holiday to becoming Chancellor within hours, Jeremy shares what it was really like taking over during a market crisis, why governments don’t control the economy as much as we think, and the uncomfortable truth about why Brits are falling behind when it comes to investing. Jeremy also gives a clear and timely view on Capital Gains Tax, arguing that higher CGT risks discouraging investment and ultimately holding back long-term growth, particularly at a time when the UK needs to be attracting capital, not pushing it away. In this conversation, we discuss with Jeremy: * Why “markets always win” and what happens when governments lose credibility * The moment he was called to become Chancellor and what markets were really reacting to * Why the UK doesn’t have a savings problem, but an investing problem * How complexity in ISAs and pensions is holding people back * Why Australia’s pension system is miles ahead of the UK * How tax, incentives and policy shape investor behaviour * Why British capital isn’t backing British companies * The role of inflation and why getting it wrong breaks everything * The real risks facing global markets today * Why long-term thinking is the only real investing edge Want more like this? For weekly market breakdowns, portfolio updates and expert insights, follow The Art of Investing: 🎧 Listen on: Apple [https://podcasts.apple.com/gb/podcast/the-art-of-investing/id1825201965], Spotify [https://open.spotify.com/show/4bmvfbDz2kniwxCL66sVjH], YouTube  [https://studio.youtube.com/playlist/PLiuPElZAFyTIzO_okz4nwblU_JEMBfL_B/edit] 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.

Q2 Portfolio Review: Winners, Losers & What We're Buying

📊 The Art of Investing Survey – Fill in the form here, we’d love your feedback: https://forms.office.com/e/tCyxzN48Ks [https://forms.office.com/e/tCyxzN48Ks] 📈 Download the full Portfolio Performance Slides View the portfolio breakdown: here [https://drive.google.com/file/d/1zApNC1XYinA5ZSXAuunWJeARR8WYxcRH/view?usp=sharing] 🏆 Competition: win Jeremy Hunt’s book via Instagram @theartofinvestingpod [https://www.instagram.com/theartofinvestingpod/] 📧 Get in touch: theartofinvesting@ig.com 📱 Behind the scenes: @_theartofinvesting (TikTok) | @theartofinvestingpod (Instagram) 🎧 Listen on: Apple [https://podcasts.apple.com/gb/podcast/the-art-of-investing/id1825201965], Spotify [https://open.spotify.com/show/4bmvfbDz2kniwxCL66sVjH], YouTube  [https://studio.youtube.com/playlist/PLiuPElZAFyTIzO_okz4nwblU_JEMBfL_B/edit] Overview: This week on The Art of Investing, Rich McDonald, Mark “Spice” Holden and Chris “CJ” Fellingham come together in the studio for a full Q2 portfolio review. We’re up +12.6% over the quarter, with returns now sitting at +23.8% since inception and +11.3% year-to-date. We got the war completely wrong. We got the markets completely right. Listen for a break down of everything that worked, everything that didn’t, and the two new trades they’re putting on right now - while asking a much bigger question: are markets becoming too comfortable? With copper and mining stocks continuing to lead performance - with holdings like BlackRock World Mining Trust and the WisdomTree Copper ETF among the standout contributors - the team explore why this theme remains central to the portfolio, how AI and electrification are reshaping demand, and whether investors are underestimating the risks still present in the global economy. Meanwhile, the portfolio continues to deliver strong long-term returns, but with pockets of volatility emerging across emerging markets, crypto-linked assets and commodities - particularly with weakness in areas like India and continued dispersion between global regions. This Week’s Highlights 📈 Portfolio Edges Higher  The portfolio rose +0.1%, with returns at +23.8% since inception and +11.3% YTD. ⚒️ Copper & Mining Still Leading  Copper remains a core theme, supported by AI and electrification demand. 🤖 AI & Electrification Demand  Infrastructure buildout continues driving commodity demand. ⚠️ Are Markets Too Relaxed?  Markets remain strong, but risks may be underpriced. 🇯🇵 Japan & Global Equities Perform  Developed markets continue to support overall returns. 📉 Weakness in Emerging Markets & India  Emerging markets remain volatile, with India lagging. 📈 Q2 Performance Highlights * Portfolio up 12.6% in Q2 and 11.3% year to date * Best performer: Nikkei 225 up 33% over the quarter * Korea up 57% and Taiwan up 54% (within Emerging Markets) * S&P 500 hedged up 16.2% for the quarter * Emerging Markets up 20% - second best performer * BlackRock World Mining Trust the biggest disappointment - giving back Q1 gains as gold and silver sold off * Nasdaq (not held directly) up nearly 29% Quarterly Portfolio Snapshot Top Performers: 🥇 BlackRock World Mining Trust PLC: +59.4%  🥈 iShares Nikkei 225 ETF: +55.1%  🥉 WisdomTree Copper ETF: +33.4% Underperformers: 📉 iShares MSCI India ETF: –2.7% (–9.2% YTD)  📉 iShares UK Gilts 0–5yr ETF: –0.8% YTD  📉 Emerging Markets ETF: lagging Portfolio Changes This Week Weekly performance: +0.1% Total return since inception: +23.8% 2026 YTD return: +11.3% Two new positions added, funded from cash: 1. FTSE 250 – 5% allocation  UK mid-caps at attractive valuations  Potential beneficiaries of falling rates and regional growth  Policy and M&A activity highlighting underlying value 2. State Street Sector ETF – XLI Industrials – 5% allocation  New asset class exposure  Includes GE Aerospace, Raytheon, Uber, Caterpillar, Honeywell  Benefiting from reshoring and lower energy prices  Part of rotation into cyclical “old economy” sectors Big Questions This Week • Why is copper such a critical long-term theme? • Are markets underpricing economic risks? • Can mining stocks continue to outperform? • How should investors think about volatility? What You’ll Learn ✔️ Why copper is central to AI and electrification ✔️ How sentiment is driving markets ✔️ Why mining remains a key driver ✔️ What risks investors should be watching 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.

Meta & Microsoft in Bear Market. So Why are Markets at Highs?

📈 Download the full Portfolio Performance Slides View the portfolio breakdown: here [https://drive.google.com/file/d/1-Wb5I5m30VF148_y5THXkWNmA-tO6KBP/view?usp=drive_link]📧 Get in touch: theartofinvesting@ig.com 📱 Behind the scenes: _theartofinvesting on TikTok 🎧 Listen on: Apple [https://podcasts.apple.com/gb/podcast/the-art-of-investing/id1825201965], Spotify [https://open.spotify.com/show/4bmvfbDz2kniwxCL66sVjH], YouTube  [https://studio.youtube.com/playlist/PLiuPElZAFyTIzO_okz4nwblU_JEMBfL_B/edit] 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. It’s 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: 📉 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. 💵 Dollar Strength Returns A stronger US dollar puts pressure on commodities and emerging markets, while also impacting hedged positions within the portfolio. 🔄 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. 🤖 AI Story Evolves Blowout results from memory chipmakers reinforce the AI theme, but questions remain over sustainability and valuations. 📉 Magnificent Seven Underperform Several of the largest US tech stocks enter bear market territory, highlighting increasing dispersion across markets. 🏦 Private Markets Show Strain Rising redemption requests and liquidity challenges suggest growing stress in private credit and equity markets. 🌍 Diverging Global Economies The US economy continues to show strength, while the UK outlook weakens amid political uncertainty and slowing growth. Portfolio Snapshot – Week 45: No changes were made to the portfolio this week. 📊 Weekly portfolio performance: -1.2% 📈 Total return since inception: +23.7% 📅 2026 year-to-date return: +11.1% Top Performers: 📈 iShares MSCI India ETF: +2.0% WoW 📈 iShares Russell 2000 ETF: +1.3% WoW 📈 UK Gilts: +0.1% WoW Underperformers: 📉 BlackRock World Mining Trust PLC: -11.5% WoW 📉 WisdomTree Copper ETF: -6.1% WoW 📉 iShares Core MSCI EM IMI ETF: -1.7% WoW Big Questions This Week: • Is the rotation away from mega-cap tech a temporary shift or a longer-term trend? • Have commodities fallen far enough to become attractive again? • How sustainable is the recent strength in the US dollar? • Will AI continue to drive market performance beyond the largest tech names? • Are private markets starting to pose a systemic risk? • What impact will UK political changes have on growth and markets? What You’ll Learn: ✔️ Why a stronger dollar creates pressure across global markets ✔️ What’s driving the sharp sell-off in commodities ✔️ How market leadership is shifting beyond big tech ✔️ Why private markets are facing liquidity challenges ✔️ How AI investment is feeding through into the real economy ✔️ 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.

SpaceX Soars, The Fed Shifts and India Faces an AI Threat

📈 Download the full Portfolio Performance Slides  View the portfolio breakdown: here [https://drive.google.com/file/d/17KUVDribYckirbzvt_heTnteTi7zVxAx/view?usp=drive_link] 📧 Get in touch: theartofinvesting@ig.com 📱 Behind the scenes: _theartofinvesting on TikTok 🎧 Listen on: Apple [https://podcasts.apple.com/gb/podcast/the-art-of-investing/id1825201965], Spotify [https://open.spotify.com/show/4bmvfbDz2kniwxCL66sVjH], YouTube  [https://studio.youtube.com/playlist/PLiuPElZAFyTIzO_okz4nwblU_JEMBfL_B/edit] This week on The Art of Investing, the team celebrate Episode 50, with Rich McDonald dialing in from the US alongside Mark “Spice” Holden, Chris “CJ” Fellingham and JP Smith. It’s been a standout week for markets and the portfolio, with equities and commodities pushing higher as falling oil prices, easing geopolitical tensions and central bank developments reshape the outlook. The team unpack the continued momentum in AI and global equities, the implications of SpaceX’s blockbuster IPO, and what shifting rate expectations mean for markets from here. This Week's Highlights: 🚀 SpaceX Soars  The biggest IPO in history continues to dominate headlines, with SpaceX surging ~40% post-listing and reigniting debate around valuations and liquidity. 🌍 Markets Push Higher  Global equities deliver a strong week, with multiple indices approaching or hitting all-time highs. 🛢️ Oil Prices Drop Sharply  Oil falls ~15% as tensions ease, helping drive disinflation expectations and supporting risk assets. 🏦 Central Banks Take Centre Stage  Major central banks meet this week, with the Fed’s new chair signalling a shift in thinking around inflation and policy. 📊 AI Momentum Continues  Strong earnings and ongoing capital investment reinforce the structural AI growth story. 🇯🇵 Japan Remains Strong  Japanese equities rally following rate clarity from the Bank of Japan and continued economic support. Portfolio Snapshot – Week 44: No changes were made to the portfolio this week. 📊 Weekly portfolio performance: +4.05% 📈 Total return since inception: +24.88% 📅 2026 year-to-date return: +12.35% Top Performers:  📈 BlackRock World Mining Trust PLC: +13.9% WoW  📈 iShares Nikkei 225 ETF: +10.6% WoW  📈 iShares Core MSCI EM IMI ETF: +7.4% WoW Underperformers:  📉 Cash: +0.1% WoW  📉 iShares UK Gilts 0–5yr ETF: +0.5% WoW  📉 iShares Core FTSE 100 ETF: +2.5% WoW Big Questions This Week: • Can AI-driven growth continue to support markets at current valuations? • Are interest rate expectations starting to shift meaningfully again? • Is the recent rally broadening beyond US tech and AI? • Does falling oil signal a more supportive macro environment? • Should the portfolio begin redeploying defensive allocations? What You’ll Learn: ✔️ Why falling oil prices are so important for inflation and markets ✔️ How central bank messaging is evolving under new leadership ✔️ What’s driving strength in commodities and global equities ✔️ Why Japan and emerging markets are outperforming ✔️ How the team are thinking about deploying cash 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.