Why Investors Are Selling Their US Tech Holdings, and What Are They Buying Instead?

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This week on The Art of Investing, Rich McDonald, Mark “Spice” Holden and Chris “CJ” Fellingham return after an intriguing week in markets to debate a major shift in positioning.

With Japan surging, emerging markets breaking higher, software stocks wobbling and AI disruption accelerating, the team asks a big question: Are we rotating from tech into old-world value, and is private equity the next risk?

Expect macro insight, portfolio reshuffling, and a full breakdown of where capital is moving next.

This Week’s Highlights:
🇯🇵 Japan Breakout
A landslide election victory fuels fiscal stimulus hopes. The Nikkei jumps nearly 9% on the week, lifting the portfolio sharply.

💻 Software Shock
A small AI tax tool sparks a broader sell-off across software, wealth management and private equity-linked names. Is this the start of margin compression?

🏦 The 100-Year Bond Warning
Alphabet issues a 100-year bond, massively oversubscribed. CJ calls it a red flag for complacency in credit markets.

🪙 Crypto Contrarian Signal?
Bitcoin weakens again, but ultra-bearish headlines may suggest positioning is stretched.

🌍 Europe & Emerging Markets Strength
Euro Stoxx indices hit highs as investors rotate away from expensive US tech into industrial and value-heavy regions.

🇬🇧 UK Politics & Gilts
Political uncertainty continues, reinforcing caution on long-dated UK bonds.

Portfolio Snapshot: Week 26
Weekly performance: +1.62%
Total return since inception: +16.86%
Top Performers
🥇 iShares Nikkei 225 ETF: +8.5%
🥈 BlackRock World Mining Trust: +5.2%
🥉 iShares Core MSCI EM IMI ETF: +3.2%
Underperformers
📉 WisdomTree Copper ETF: +0.3%
📉 iShares UK Gilts 0–5yr ETF: +0.3%
📉 Cash: +0.1%
Despite broad gains across equities, Japan and mining stocks drove the bulk of weekly performance, while defensive assets lagged as risk appetite improved.

Big Questions the Team Debate
• Is AI about to compress software margins?
• Are private equity valuations vulnerable?
• Is Japan Thatcher… or Liz Truss?
• Are we early in a rotation toward Europe and EM?
• Is extreme negativity on crypto a contrarian buy signal?

What You’ll Learn
✔ Why markets “travel” before they arrive
✔ How fiscal stimulus drives equity multiples
✔ Why 100-year bonds can signal complacency
✔ The difference between AI hype and AI implementation
✔ How to rotate portfolios without increasing overall risk

📈 Download the full Portfolio Performance Slides
View the portfolio breakdown: https://drive.google.com/file/d/19MTQ...
📧 Get in touch: [email protected]
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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.
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