Episode Details

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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 marke