Taking Profits on Portfolio as Bonds Sound Alarm Bells

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.

AI CapEx and Rate Rises - The Double Trouble Hitting Big Tech

Can’t get enough of The Art of Investing? Take a look here [https://youtu.be/B0FzP8sjd_w] for even more content! https://youtu.be/B0FzP8sjd_w [https://youtu.be/B0FzP8sjd_w]  📈 Download the full Portfolio Performance Slides  View the portfolio breakdown: here [https://drive.google.com/drive/folders/1QyjbIlcMU-IpHeTV-5qETJmV2-6SG76P?usp=sharing] 📧 Get in touch: theartofinvesting@ig.com 📱 Behind the scenes: _theartofinvesting on TikTok 🎧 Listen on: Apple & Spotify This week on The Art of Investing, host James “Jimmy” Ovenden steps in for Richard McDonald, joined by Mark “Spice” Holden and Chris “CJ” Fellingham. It’s been a tough week for the portfolio, with markets taking a hit as strong US economic data reshapes interest rate expectations. The team break down a staggering $400 billion in capital raise announcements from the world’s biggest tech companies, explore what new Fed Chair Kevin Warsh’s first meeting might signal, and ask the question on every investor’s mind: why is the oil price falling even as bombs fly in the Middle East? This Week's Highlights: 📉 Markets Pull Back US equities suffer their worst week of the year as the Nasdaq falls 6% and the semiconductor index tumbles 11%. 💰 $400 Billion Capital Grab Oracle, Meta, OpenAI, Anthropic, Amazon and Space-X collectively announce hundreds of billions in fresh capital raises - raising the question of who is actually funding the AI boom. 🚀 Space-X Goes Public Highly anticipated IPO prices at $135/share with 4x oversubscription, entering the Nasdaq and Russell indices but not the S&P 500. 📊 Rate Rise Fears Return Strong US non-farm payrolls trigger a repricing of rate expectations - with up to three hikes now on the table and Kevin Warsh’s first Fed meeting closely watched. 🛢️ The Oil Price Paradox Despite ongoing Middle East tensions, the oil price falls - the team explore why markets are ignoring the disaster narrative. 🇮🇳 India’s Unlikely Comeback After weeks of underperformance, iShares MSCI India ETF is this week’s best performer, up 0.5% - just ahead of a deep-dive episode with JP next week. Portfolio Snapshot – Week 43: No changes were made to the portfolio this week. 📊 Weekly portfolio performance: –2.55% 📈 Total return since inception: +20.83% 📅 2026 year-to-date return: +8.30% Top Performers: 📈 iShares MSCI India ETF: +0.5% WoW 📈 Cash: +0.1% WoW 📈 iShares UK Gilts 0–5yr ETF: +0.1% WoW Underperformers: 📉 BlackRock World Mining Trust PLC: –10.6% WoW 📉 iShares Nikkei 225 ETF: –6.5% WoW 📉 iShares Core MSCI EM IMI ETC: –6.3% WoW Big Questions This Week: • Is $400bn in tech capital raises the peak of AI fundraising, or is there more to come? • Will Kevin Warsh’s first Fed meeting signal rate rises or hold the line? • Why is the oil price falling when the Middle East is at its most volatile? • Is the portfolio’s low AI exposure a vulnerability or a hidden strength? • Is India finally turning a corner - or was this week a one-off? What You’ll Learn: ✔️ Why good economic news became bad news for markets this week ✔️ How $400bn in capital raises is reshaping global equity flows ✔️ What Space-X’s IPO means for investors using Nasdaq ETFs ✔️ Why the oil price is defying Middle East conflict - and what it signals ✔️ How the portfolio’s AI exposure stacks up against global indices 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.

Bitcoin Drops, AI Soars: Is Your Portfolio Ready?

📈 Download the full Portfolio Performance Slides  View the portfolio breakdown: here [https://drive.google.com/file/d/1VMSTGuNRTVuqPYUV-6oUl_YTh5sh5fvm/view?usp=drive_link] 📧 Get in touch: theartofinvesting@ig.com 🎥 Behind the scenes: _theartofinvesting [https://www.tiktok.com/@_theartofinvesting] on TikTok  🎧 Listen on: Apple [https://upl.inc/taovapple] & YouTube [https://youtu.be/cRrQgXmAchA] This week on The Art of Investing, Rich McDonald, Mark “Spice” Holden and Chris “CJ” Fellingham are joined by Katy Forbes (CIO at North Capital), bringing over 100 years of combined experience across wealth and hedge fund management to unpack another evolving week in global markets. Markets continue to push higher, driven by relentless AI momentum, but beneath the surface, cracks are beginning to appear. The team explore whether capital is being aggressively reallocated into AI at the expense of other asset classes, why bonds, gold and crypto are struggling, and what this means for the broader investment landscape. With guest insight from a leading wealth manager, the conversation also dives into portfolio construction, bond market risks, and how professionals are navigating this environment. This Week’s Highlights:  📈 Markets Hold Firm  Global equities continue to perform, with Japan and emerging markets leading gains. 🤖 AI Dominance Continues  AI demand remains the key driver of markets, with capital flowing aggressively into the sector. 💸 Capital Rotation Intensifies  Money is being pulled from crypto, gold, bonds and private markets to fund AI growth. 📉 Crypto & Alternatives Under Pressure  Bitcoin falls sharply while gold and private equity struggle for momentum. ⚠️ Bond Market Concerns  Rising issuance and demand for capital raise questions about long-term bond attractiveness. 🇮🇳 India Under Scrutiny  India continues to lag, prompting discussion around whether to exit the position. Portfolio Snapshot – Week 42: No changes were made to the portfolio this week. Weekly portfolio performance: +0.7% Total return since inception: +23.4% 2026 year-to-date return: +10.9% Top Performers: 🥇 iShares Nikkei 225 ETF: +4.5% WoW 🥈 WisdomTree Copper ETF: +2.8% WoW 🥉 BlackRock World Mining Trust PLC: +2.6% WoW Underperformers: 📉 iShares MSCI India ETF: –2.6% WoW 📉 iShares Core FTSE 100 ETF: –1.6% WoW 📉 Invesco Stoxx Europe 600 UCITS ETF GBP: –1.4% WoW Big Questions This Week:  • Is AI pulling capital away from the rest of the market?  • Are bonds becoming structurally unattractive?  • Is the current AI rally sustainable or overheating?  • What’s gone wrong with India’s investment case?  • Where should investors look next as capital rotates? What You’ll Learn:  ✔️ Why AI is dominating global capital flows  ✔️ How portfolio diversification is protecting returns  ✔️ The risks facing bonds in today’s environment  ✔️ What’s driving weakness in crypto, gold and India  ✔️ How professional investors think about asset allocation 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.

How The Semiconductor Super Cycle is Sparking Stocks Surge

This week on The Art of Investing, Rich McDonald, Mark “Spice” Holden and Chris “CJ” Fellingham draw on over 100 years of combined wealth and hedge fund management experience to unpack another powerful week in markets, as equities push to fresh highs despite ongoing geopolitical tension and macro uncertainty. With US markets now climbing for eight consecutive weeks and AI-driven momentum accelerating, the team explore whether this rally still has room to run, how far the semiconductor supercycle can go, and why investors may be underestimating just how broad this market move is becoming. This Week’s Highlights: 📈 Markets Keep Climbing US equities extended their winning streak to eight consecutive weeks, with the S&P 500, Nasdaq and Dow all hitting fresh all-time highs. 🤖 Semiconductor Supercycle Accelerates AI demand continues to drive explosive growth across chipmakers, with momentum now spreading beyond Nvidia into broader semiconductor names. 🌍 Market Breadth Improving Strength is no longer limited to mega-cap tech, with the Russell 2000 and equal-weight indices also pushing higher - a positive signal for broader market health. 🛢️ Oil Drops, Markets Rally Despite geopolitical tensions, oil prices fell sharply, easing inflation concerns and supporting risk assets globally. 🏦 Bonds Stabilise After recent volatility, bond markets recovered as yields pulled back, helping to ease pressure on equities. ⚖️ AI vs Macro: A Two-Speed Market The team debate the growing disconnect between traditional macro-driven markets and the powerful AI-driven growth cycle reshaping global investing. Portfolio Snapshot - Week 41: No changes were made to the portfolio this week. Weekly portfolio performance: +2.4% Total return since inception: +22.7% 2026 year-to-date return: +10.2% Top Performers 🥇 iShares Nikkei 225 ETF — +5.6% WoW  🥈 iShares Russell 2000 ETF — +5.1% WoW  🥉 iShares Core MSCI EM IMI UCITS ETF — +4.9% WoW Underperformers 📉 iShares MSCI India ETF — +1.8% WoW  📉 WisdomTree Copper ETF — +0.4% WoW  📉 iShares UK Gilts 0–5yr ETF — +0.6% WoW Portfolio Highlights • Strong gains driven by Japan, US small caps and emerging markets • Broadening market leadership beyond mega-cap tech • Falling oil prices and stabilising bonds supported equities • Defensive assets lagged as risk appetite returned • Portfolio continues to benefit from diversified global exposure Big Questions This Week: • How long can the AI-driven rally continue? • Is this still a narrow tech-led move, or a broader bull market? • What happens if bond yields rise again? • Are investors underestimating how dominant AI has become? What You’ll Learn: ✔️ Why market leadership is starting to broaden ✔️ How AI is driving global equity performance ✔️ The relationship between oil, bonds and equities ✔️ Why diversification still matters in concentrated markets 📈 Download the full Portfolio Performance Slides  View the portfolio breakdown: here [https://drive.google.com/file/d/1JwwOScOD1seNuGTAmP6jk1h1CRZhhjj4/view?usp=drive_link] 📧 Get in touch: theartofinvesting@ig.com 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. May Incentives: Transfer Cashback Get up to £5,000 cashback when you transfer £10,000+ to IG before 31st May 2026. Code: TRANSFER5000POD T&Cs 📋 ig.com/uk/invest-campaign/transfer-cashback-value-apr-26 [http://ig.com/uk/invest-campaign/transfer-cashback-value-apr-26] Free Shares Get £50–£1,000 in free shares when you invest £1,000+ before 31st May 2026. Code: MAYSHARESPOD T&Cs 📋 ig.com/uk/invest-campaign/free-shares-may-26 [http://ig.com/uk/invest-campaign/free-shares-may-26] Cashback Offer Earn 2% cashback (up to £200) when you deposit and invest £1,000+ before 31st May 2026. Code: MAYDEPOSITPOD T&Cs 📋 ig.com/uk/invest-campaign/cashback-may-26 [http://ig.com/uk/invest-campaign/cashback-may-26]