Episode Details

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View the portfolio breakdown: here
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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 lead