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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.
