The Art of Investing

🎟️WIN 2x TICKETS TO THE LONDON INVESTOR SHOW. IG are giving away 2 tickets to one of the best Retail Investing events of the year. The London Investor Show takes places on Friday 30th October at Leonardo Royal Hotel, London. For your chance to win, leave the comment "LONDON INVESTOR SHOW" on the episode, we'll reply to the winning comment by Monday 26th October. More information here🎙️ New Podcast! The Long and Short 🎙️Can't wait until Friday? Rich McDonald and Piers Buckworth host The Long and Short, a new podcast releasing every single Wednesday covering single stocks and the tech sector – from Nvidia, Meta, Microsoft and Micron to SpaceX. 📈 Download the full Portfolio Performance SlidesView the portfolio breakdown here📧 Get in touch: [email protected]📱 Behind the scenes: @_theartofinvesting on TikTok🎧 Listen on: Apple, Spotify, YouTube This week on The Art of Investing, Spice goes digging in the portfolio's worst performer of its second year, and the chairman finally gets off the fence.Fresh from being crowned Best Economist Creator at the FinFluencer Awards, Rich McDonald, Mark 'Spice' Holden and Chris 'CJ' Fellingham start with oil, where Spice's gut says a US move on Iran's Kharg Island could be close.Then it's a packed week of results, from a blockbuster SpaceX to disappointing miners, plus Rich's warning on the 3x leveraged ETPs retail investors are piling into.Spice reports back from a Bloomberg commodities conference on copper and the miners, and finally, with the portfolio down 2.6% in its second year, the chairman makes his move, trimming risk and raising cash to 22.5%.This Week's Highlights:🛢️ Oil, Kharg Island and the US MidtermsWhy Spice is braced for escalation in the Middle East.🚀 Earnings Season: SpaceX Soars, Netflix StumblesSpaceX and Tesla impress, while Netflix, BHP and Anglo American disappoint.⚠️ The Danger of 3x Leveraged ETPsWhy one 3x chip product fell 33% in a single week.⛏️ Copper vs Aluminium: Inside the Mining SectorData centre demand, tight supply and why the miners may offer better value than the metal.🇬🇧 Budget, Inflation and Rate RisesUK inflation hits 3.5% ahead of next week's Budget and the Bank of England's 5th November meeting.🛡️ Bull Market or Wall of Worry?CJ makes the bull case, then battens down the hatches.Portfolio Snapshot – Week 62:📊 Weekly portfolio performance: -1.2%📈 Total return since inception: +23.2%📅 2026 year-to-date return: +10.7%Top Performers:📈 iShares Russell 2000 ETF: +1.5%📈 iShares Core FTSE 100 ETF: +0.2%📈 Vanguard FTSE 250: +0.1%Underperformers:📉 iShares Nikkei 225 ETF: -4.9%📉 WisdomTree Copper ETF: -3.4%📉 iShares Core MSCI EM IMI ETC: -3.2%Portfolio Changes:📉 Sell 2.5% iShares Core MSCI EM IMI ETC (10% → 7.5%)📈 Buy 2.5% BlackRock World Mining Trust PLC (5% → 7.5%)📉 Sell 2.5% iShares Russell 2000 ETF (7.5% → 5%)📉 Sell 2.5% iShares Nikkei 225 ETF (10% → 7.5%)💷 Cash increases from 17.5% to 22.5%Equities fall to 57.5%, with 25% now held in cash and short-dated gilts.Big Questions This Week:- Is the US preparing to move on Kharg Island?- Are leveraged ETPs a mug's game?- Is copper's bull story already in the price?- Is the market climbing a wall of worry?- Is it time for the portfolio to get more defensive?What You'll Learn:✔️ How 3x leveraged ETPs work, and how they can go wrong✔️ Why copper supply is struggling to keep up with demand✔️ The difference between investing in a commodity and its miners✔️ How the team think about cash and defensive positioningDisclaimer: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.

🏆 Vote for The Art of Investing in the FinFluencer Awards!The Art of Investing has been nominated in the Best Economist Influencer category at the FinFluencer Awards.With voting coming to a close, this is your last chance to support the show!Vote here: https://www.finfluencer.digital/awards/uk/vote🏏 The Art of Investing LIVE at Lord’s Cricket GroundIf you’ve registered to join us at Lord’s on 13th October, please check your inbox and confirm your attendance so we can finalise numbers for the evening. If you signed up but haven’t received an email, please get in touch with the team.📈 Download the full Portfolio Performance SlidesView the portfolio breakdown here📧 Get in touch: [email protected]📱 Behind the scenes: @_theartofinvesting on TikTok🎧 Listen on: Apple, Spotify, YouTube This week on The Art of Investing, it’s a special episode dedicated to your questions.With the team preparing for their first live show at Lord’s Cricket Ground, Rich McDonald, Mark 'Spice' Holden and Chris 'CJ' Fellingham turn their attention to some of the biggest investing questions sent in by listeners.First up, CJ takes us to France, where political uncertainty and rising borrowing costs are putting pressure on European bond markets. Could the European Central Bank eventually be forced to intervene, and what does it all mean for European equities?Then it’s over to Spice for a deep dive into Nike. After another profit warning, the team explain trough earnings, price-to-earnings ratios and the difficult art of spotting a corporate turnaround. They also explore the opposite problem: what happens when investors are paying for earnings that might already be at their peak?The team also tackle a question about individual UK gilts versus gilt ETFs, exploring the differences in maturity, price movements, transaction costs and tax treatment.And finally, the team lift the lid on the model portfolio, explaining how its weightings work, why they don’t automatically rebalance every position and how the performance figures are calculated.This Week’s Highlights:🇫🇷 Is France Becoming Europe’s Biggest Bond Market Problem?CJ explores France’s debt troubles, rising bond yields and whether the ECB might need to intervene.👟 Nike: Is the Worst Finally Over?After another profit warning, Spice explains trough earnings, potential turnarounds and why value investing is harder than it looks.📊 Trough Earnings vs Peak EarningsWhy might a stock trading on 25 times earnings be cheaper than one on seven times? The team examine P/E ratios, AI stocks and the risks of peak profits.💰 Individual Gilts vs Bond ETFsCJ explains the differences in maturity, costs and tax treatment when investing in UK government bonds.📈 Record Highs, Rising Yields and Weak Jobs DataUS equities continue climbing despite higher borrowing costs and a slowing jobs market. Meanwhile, Japan and emerging markets lead the portfolio.Portfolio Snapshot – Week 60:📊 Weekly portfolio performance: +0.6%📈 Total return since inception: +25.5%📅 2026 year-to-date return: +13.0%Top Performers:📈 iShares Nikkei 225 ETF: +3.5%📈 iShares Core MSCI EM IMI ETC: +3.1%📈 Invesco EQQQ Nasdaq 100 UCITS ETF: +1.7%Underperformers:📉 BlackRock World Mining Trust PLC: -1.9%📉 Vanguard FTSE 250: -1.8%📉 Invesco Stoxx Euro 600 UCITS ETF GBP: -1.1%📉 iShares Core FTSE 100 ETF: -1.0%Portfolio Changes:No portfolio changes this week.The team maintains its 13 holdings, including 17.5% cash, 5% Nasdaq and 2.5% gold.CJ also explains how the educational model portfolio tracks target weightings and why it doesn’t automatically adjust for market movements or dividends.Big Questions This Week:Is France becoming Europe’s biggest bond market risk?Can US stocks keep rising despite higher borrowing costs?Should investors choose individual gilts or gilt ETFs?Is Nike approaching trough earnings?Are AI stocks heading towards peak earnings?How does the model portfolio actually work?What You’ll Learn:✔️ Why France’s debt troubles matter for investors✔️ The differences between individual gilts and gilt ETFs✔️ How to recognise trough and peak earnings✔️ Why P/E ratios can be misleading✔️ How growth and value investors approach struggling stocks✔️ How the team calculates model portfolio performanceDisclaimer: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.

🎟️ Join The Art of Investing LIVE at Lord’s Cricket Ground!Join Rich, Mark and Chris in the Long Room at Lord’s Cricket Ground on 13th October from 6:30pm for a special live edition of The Art of Investing, with special guests, prizes and more.The event is completely free – sign up here:https://www.ig.com/uk/the-art-of-investing-live📈 Download the full Portfolio Performance SlidesView the portfolio breakdown: here📧 Get in touch: [email protected]📱 Behind the scenes: @_theartofinvesting on TikTok🎧 Listen on: Apple, Spotify, YouTube This week on The Art of Investing, Rich, Mark and Chris are joined by resident strategist Stewie Thompson to unpack a huge few days for global markets.After three major central bank decisions, attention has quickly shifted back to inflation, interest rates and the bond market. Stronger-than-expected US economic data has pushed bond yields higher again and raised a big question for investors: how high can rates go before they start pulling money away from equities and other risk assets?The team looks at what’s happening across US Treasuries, UK gilts and Japanese bonds, why the “competition for capital” matters, and whether central banks risk falling behind the curve.There’s also plenty happening away from bonds. Oil has fallen sharply, the Nasdaq 100 and copper have pushed higher, AI continues to drive some extraordinary moves across technology stocks, and the US dollar has strengthened.And after a strong week for the model portfolio, the team debates whether now is the moment to bank some profits and increase the amount of cash on the sidelines. This Week’s Highlights📈 Why Bond Yields Are Back in FocusStrong US economic data sends bond yields higher and forces markets to reassess how far interest rates may still need to rise.💰 The Competition for CapitalStewie explains one of the biggest themes facing markets: if investors can earn increasingly attractive returns from government bonds, what happens to demand for riskier assets?🤖 AI Keeps Driving MarketsThe team discusses another strong period for technology stocks, with AI investment and demand helping drive moves across Nvidia, Intel, AMD, Micron and the wider Nasdaq.🧠 The Rise of AI AgentsThe team looks at the potential impact of AI agents on everything from banking and insurance to travel and online shopping, and why the technology could create a new battle for consumers.🛢️ Oil Falls, Markets RallyA sharp fall in oil prices provides some relief to markets and helps support areas including emerging markets and commodities.💵 The Dollar StrengthensThe US dollar pushes higher as stronger economic data attracts capital back towards the US and challenges expectations around the path for interest rates.Portfolio Snapshot - Week 58:📊 Weekly portfolio performance: +2.2%📈 Total return since inception: +25.5%📅 2026 year-to-date return: +13.0%Top Performers:📈 WisdomTree Copper ETF: +8.1%📈 Invesco EQQQ Nasdaq 100 UCITS ETF: +6.4%📈 iShares Core MSCI EM IMI ETC: +4.3%📈 iShares Nikkei 225 ETF: +3.8%Underperformers:📉 iShares Russell 2000 ETF: -1.0%📉 Cash: +0.1%📉 iShares UK Gilts 0–5yr ETF: +0.2%Portfolio ChangesAfter a strong run for several of the portfolio’s positions, the team debates whether rising bond yields and the changing interest-rate outlook mean it’s time to take some risk off the table.Japan comes under particular scrutiny following another strong week, with the position now up nearly 50% since inception.The team ultimately decides to trim the Japan allocation by 2.5%, reducing it from 12.5% to 10%, and move the proceeds into cash.That takes the portfolio’s combined allocation to cash and short-dated gilts to 20%, giving the team more dry powder while they watch what happens next across rates, bonds and global equity markets. Big Questions This Week:How high could bond yields go from here?Are central banks at risk of falling behind the curve on inflation?What does the “competition for capital” mean for equity investors?Can technology and AI stocks keep performing if borrowing costs continue to rise?Is the recent strength in the US dollar telling investors something about where global capital is moving?After a strong run, is now the time to take some profits and hold more cash?Can copper continue to benefit from the AI and infrastructure boom?What You’ll Learn:✔️ Why stronger economic data can push bond yields higher✔️ How interest-rate expectations feed through into government bond markets✔️ What investors mean by the “competition for capital”✔️ Why higher bond yields can put pressure on riskier assets✔️ How falling oil prices can affect commodities and emerging markets✔️ Why AI investment continues to influence technology stocks and the wider market✔️ How the team thinks about taking profits after a strong run✔️ Why cash can play an important role when market uncertainty increasesDisclaimer: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.

📊 The Art of Investing Survey – Fill in the form here, we’d love your feedback: https://forms.office.com/e/tCyxzN48Ks🏆 Competition: win Jeremy Hunt’s book via Instagram @theartofinvestingpod📧 Get in touch: [email protected]📱 Behind the scenes: @_theartofinvesting (TikTok) | @theartofinvestingpod (Instagram)🎧 Listen on: Apple, Spotify, YouTube 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 credibilityThe moment he was called to become Chancellor and what markets were really reacting toWhy the UK doesn’t have a savings problem, but an investing problemHow complexity in ISAs and pensions is holding people backWhy Australia’s pension system is miles ahead of the UKHow tax, incentives and policy shape investor behaviourWhy British capital isn’t backing British companiesThe role of inflation and why getting it wrong breaks everythingThe real risks facing global markets todayWhy long-term thinking is the only real investing edgeWant more like this?For weekly market breakdowns, portfolio updates and expert insights, follow The Art of Investing:🎧 Listen on: Apple, Spotify, YouTube 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.

📈 Download the full Portfolio Performance Slides View the portfolio breakdown: here📧 Get in touch: [email protected]📱 Behind the scenes: _theartofinvesting on TikTok🎧 Listen on: Apple, Spotify, YouTube 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 PressureGold 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 ReturnsA stronger US dollar puts pressure on commodities and emerging markets, while also impacting hedged positions within the portfolio.🔄 Market Rotation ContinuesThe 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 EvolvesBlowout results from memory chipmakers reinforce the AI theme, but questions remain over sustainability and valuations.📉 Magnificent Seven UnderperformSeveral of the largest US tech stocks enter bear market territory, highlighting increasing dispersion across markets.🏦 Private Markets Show StrainRising redemption requests and liquidity challenges suggest growing stress in private credit and equity markets.🌍 Diverging Global EconomiesThe 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% WoWUnderperformers:📉 BlackRock World Mining Trust PLC: -11.5% WoW📉 WisdomTree Copper ETF: -6.1% WoW📉 iShares Core MSCI EM IMI ETF: -1.7% WoWBig 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 portfolioDisclaimer: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.

Can’t get enough of The Art of Investing? Take a look here for even more content! https://youtu.be/B0FzP8sjd_w 📈 Download the full Portfolio Performance Slides View the portfolio breakdown: here📧 Get in touch: [email protected]📱 Behind the scenes: _theartofinvesting on TikTok🎧 Listen on: Apple & SpotifyThis 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 BackUS equities suffer their worst week of the year as the Nasdaq falls 6% and the semiconductor index tumbles 11%.💰 $400 Billion Capital GrabOracle, 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 PublicHighly anticipated IPO prices at $135/share with 4x oversubscription, entering the Nasdaq and Russell indices but not the S&P 500.📊 Rate Rise Fears ReturnStrong 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 ParadoxDespite ongoing Middle East tensions, the oil price falls - the team explore why markets are ignoring the disaster narrative.🇮🇳 India’s Unlikely ComebackAfter 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% WoWUnderperformers:📉 BlackRock World Mining Trust PLC: –10.6% WoW📉 iShares Nikkei 225 ETF: –6.5% WoW📉 iShares Core MSCI EM IMI ETC: –6.3% WoWBig 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 indicesDisclaimer: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.

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 ClimbingUS 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 AcceleratesAI demand continues to drive explosive growth across chipmakers, with momentum now spreading beyond Nvidia into broader semiconductor names.🌍 Market Breadth ImprovingStrength 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 RallyDespite geopolitical tensions, oil prices fell sharply, easing inflation concerns and supporting risk assets globally.🏦 Bonds StabiliseAfter recent volatility, bond markets recovered as yields pulled back, helping to ease pressure on equities.⚖️ AI vs Macro: A Two-Speed MarketThe 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% WoWUnderperformers📉 iShares MSCI India ETF — +1.8% WoW 📉 WisdomTree Copper ETF — +0.4% WoW 📉 iShares UK Gilts 0–5yr ETF — +0.6% WoWPortfolio 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 exposureBig 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📧 Get in touch: [email protected]: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 CashbackGet up to £5,000 cashback when you transfer £10,000+ to IG before 31st May 2026.Code: TRANSFER5000PODT&Cs 📋 ig.com/uk/invest-campaign/transfer-cashback-value-apr-26Free SharesGet £50–£1,000 in free shares when you invest £1,000+ before 31st May 2026.Code: MAYSHARESPODT&Cs 📋 ig.com/uk/invest-campaign/free-shares-may-26Cashback OfferEarn 2% cashback (up to £200) when you deposit and invest £1,000+ before 31st May 2026.Code: MAYDEPOSITPODT&Cs 📋 ig.com/uk/invest-campaign/cashback-may-26

This week on The Art of Investing, Rich McDonald joins Mark “Spice” Holden and Chris “CJ” Fellingham, bringing over 100 years of combined experience across wealth and hedge fund management, to unpack another fascinating week in global markets. US equities pushed higher as investors piled back into AI, technology and cyclical trades, while copper and mining stocks extended their rally. The team debate whether markets are becoming too complacent, why copper remains a major long-term investment theme, and whether investors are underestimating ongoing economic risks. This Week’s Highlights: 📈 Markets Continue Higher US equities extended gains as optimism around AI, earnings and future rate cuts continued to support risk assets globally. ⚒️ Copper Leads The Charge Copper and mining-related holdings delivered another strong week as the team revisit the long-term electrification and AI infrastructure story. 🤖 AI Momentum Remains Strong Technology and AI-linked investments continue driving market performance as investors rotate back into growth assets. ⚠️ Are Investors Too Comfortable? The team discuss whether markets are becoming overly optimistic despite ongoing geopolitical and macroeconomic uncertainty. 🇯🇵 Japan Still Performing Japanese equities remained one of the strongest regions within the portfolio as international investors continue increasing exposure. 🪙 Crypto Volatility Returns Crypto and blockchain-linked holdings remained highly reactive as sentiment swings continue across digital assets. Portfolio Snapshot – Week 39: Three positions were trimmed this week, with proceeds moved into cash. The team sold 5% VanEck Crypto ETF, 5% Vanguard FTSE 250, and 5% Xtrackers DAX ETF - raising the portfolio's cash position by 15%. Weekly portfolio performance: +0.5% Total return since inception: +21.9% 2026 year-to-date return: +9.4% Top Performers: 🥇 WisdomTree Copper ETF: +8.5% WoW 🥈 BlackRock World Mining Trust PLC: +7.8% WoW 🥉 iShares Nikkei 225 ETF: +1.6% WoW Underperformers: 📉 iShares MSCI India ETF: –4.6% WoW 📉 Xtrackers DAX ETF: –3.5% WoW 📉 Invesco Stoxx Euro 600 ETF GBP: –1.7% WoW Big Questions This Week: • Is the AI rally overcrowded? • Why is copper such an important long-term theme? • Are markets underpricing economic risks? • Can mining stocks keep outperforming? What You’ll Learn: ✔️ Why copper is linked to AI and electrification ✔️ How sentiment is driving markets ✔️ Why mining stocks remain strong ✔️ Warning signs investors should watch 📈 Download the full Portfolio Performance Slides View the portfolio breakdown: here 📧 Get in touch: [email protected] 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 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 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