Insights

Investment Outlook 2026

Fuel in the engine

With policy and innovation powering the global economy, investors are on a journey full of promise and potential derailments. Read our Investment Outlook 2026 to discover how diversifying across regions and sectors, and preparing for inflation or asset bubbles can help navigate the twists and turns.

Explore

How JARA's real asset portfolio navigates real estate repricing

An improving macroeconomic backdrop combined with several long-term secular growth themes create a positive near-term and long-term outlook for many real assets. JPMorgan Global Core Real Assets (JARA) invests in the higher-quality end of the real asset spectrum, seeking assets with the potential to the generate stable and predictable income that makes up most of the portfolio’s return.

Optimistic about Asia’s technology powerhouses and improving corporate governance

The world’s fastest growing regional equity market, Asia ex-Japan, includes two of the five largest economies in the world, China and India, and several of the biggest global technology companies. JPMorgan Asia Growth & Income plc (JAGI) is positioned to tap into all the main drivers of Asian equities, from the global artificial intelligence boom to corporate governance reforms and local economic cycles.

Are US smaller companies poised for recovery?

JPMorgan US Smaller Companies Investment Trust aims to provide investors with capital growth by investing in US smaller companies that have a sustainable competitive advantage. After a difficult year in 2023, the Company’s managers suggest the conditions are in place for a recovery.

The Mercantile: Strong Market Access

At a time when UK stocks are out of favour with investors both at home and abroad, it may surprise many to learn that the UK’s medium and smaller-sized businesses have generated higher long-term returns than the UK’s largest companies. Several factors account for this outperformance.

Investment Trust Insights

UK Global Emerging Markets Asia Europe Education

The Mercantile Investment Trust: Rich Pickings Abound in the UK Market

The big story in smaller UK companies: High quality stocks at low valuations

JUGI The big story in smaller UK companies: High quality stocks at low valuations

The Mercantile: A valuation bonanza among UK’s mid and smaller-cap space

The Mercantile A valuation bonanza among UK’s mid and smaller-cap space

JCH: Achieving dividend growth by focusing on dividend yield and growth

The Mercantile: The long-term power of reinvesting dividends

Investing for children: Helping future generations climb the property ladder through a Junior ISA

The Mercantile Investment Trust continues to deliver

3 diversification checks every investor should make

In today’s unpredictable political and economic climate, having a well-diversified investment portfolio is key to ensuring you’re not overly exposed to one sector or market. Here we discuss three diversification checks every investor should consider to help manage risk and build long-term resilience.

Junior ISAs: The power of compounding

Investing early for your child through a Junior ISA lets the power of compounding work its magic. Starting young, saving regularly, and choosing solid, long-term investments are key to building a nest egg for the future.

Hidden gems and national champions drive European small cap returns

The JPMorgan European Discovery Trust plc (JEDT) mines the universe of small cap European stocks for hidden gems—rapidly growing companies with the potential to deliver the returns that have boosted European small cap performance over the last few decades.

Refreshed with an eye to the future

As investors seek reliable income in an uncertain world, investment trusts need to adapt. JPMorgan Claverhouse Investment Trust plc (JCH) offers a case study in quiet evolution, retaining its income and investor focus while refreshing its investment approach and enhancing its leadership team.

The Mercantile Investment Trust : Where reliability drives lasting growth

The Mercantile’s investment strategy and careful risk management mean that investors can be confident that they are in the hands of seasoned professionals aiming to deliver reliable and consistent returns and working on steadily rising dividends over the long term.

The Mercantile Investment Trust : The power of staying the course

The Mercantile Investment Trust (MRC) targets this vibrant, innovative, growth-oriented sector of the UK market, and its investment approach is the embodiment of the kind of enduring, patient investing that delivers long-term success. The Mercantile’s history stretches back 140 years, and with over £2bn in assets under management2, it is one of the largest UK equity investment trusts1, and also one of JPMorgan Asset Management’s flagship trusts.

The Mercantile Investment Trust: Power of flexibility in active investment management

The Mercantile is an actively managed investment company. This means the managers are free to diverge from the Company’s benchmark, the FTSE All-Share (excluding FTSE 100 and investment companies), by choosing the number and size of portfolio holdings, with a view to achieving long-term capital growth, and outperforming the benchmark, rather than slavishly tracking it.

The Mercantile Trust : accessing success, unlocking growth

As one of the largest UK equity investment trust, with over £2 billion in assets under management2, a history stretching back 140 years, and a performance track record which attests to their skill at ‘picking winners’, The Mercantile’s managers enjoy exceptional access to companies on their list of potential investments.

The Mercantile Investment Trust: UK stock market defies subdued economy

The UK economy is not generating many upbeat headlines right now. A recent resurgence of inflation pressures has reduced scope for further significant rate cuts, despite slower real wage growth. Fears of further tax hikes in the November budget are weighing on both consumer and business sentiment, while aggressive US tariffs have cast a pall over the outlook for global activity.

5 lessons from Great Brittain

JPMorgan UK Small Cap Growth & Income plc (JUGI) aims to achieve capital growth from UK listed smaller companies over the longer term. Thirty years of experience investing in UK equities has taught the Trust’s Portfolio Manager, Georgina Brittain, some valuable lessons that have served its shareholders extremely well, as she shares below. JUGI has outperformed its benchmark on an annualised basis over three, five and ten year periods to 31st August 2025.

Investing for income, as well as growth

All investors want to see their portfolios grow over time. But in addition, many are also seeking reliable, predictable and attractive levels of income. Several of J.P. Morgan Asset Management’s investment trusts, across a range of strategies, specifically aim to meet this income requirement, as well as delivering capital growth. These include JPMorgan Claverhouse Investment Trust, JPMorgan European Growth & Income (JEGI) and JPMorgan India Growth & Income (JIGI, which has recently changed its name from JPMorgan Indian Investment Trust to reflects its dividend objective). JEGI and JIGI have enhanced dividend policies which aim to pay a fixed percentage of the previous year’s net asset value, funded by a mix of dividend earnings and revenue or capital reserves.

Do circular AI deals warn of a bubble?

Big partnership announcements in the artificial intelligence (AI) industry are reminding some investors of similar ones made during the late-1990s tech bubble—and prompting questions about an AI bubble. While some caution around AI is warranted, we see three key differences that explain why the underlying fundamentals are different from the dot-com era.

making-the-most-of-your-pension

There’s no rocket science to financial security in retirement. Nor does it depend on excessive risk-taking, or a fat salary, or luck – though admittedly the latter two can help. The real key lies in understanding and making the most of your pension. Here we look at what you need to do to give yourself the best chance of retiring in comfort.

Global

A 40-stock portfolio can beat the S&P 500 index

JPMorgan American Investment Trust plc (JAM) has delivered strong returns by investing in a disciplined mix of growth and value ideas. How does a concentrated US large cap portfolio with less exposure to the technology sector and an equal mix of value and growth stocks manage to outperform an index powered by the Magnificent Seven technology stocks? It starts with JAM’s focused and disciplined investment process to select 20 growth stocks and 20 value stocks. The growth and value portfolio managers source ideas from J.P. Morgan Asset Management’s 40 dedicated US equity research analysts and know exactly what they are looking for.

JUSC targets high-quality small cap US stocks, not flying taxis

The JPMorgan US Smaller Companies Investment Trust plc (JUSC) remains focused on profitable companies in the US small cap universe, despite the recent rally in low-quality stocks.

JPMorgan American: your portfolio manager answers topical questions on the earnings season

Jack Caffrey, JPMorgan American Investment Trust (JAM) portfolio manager, answers questions on the outlook for the US equity market ahead of the final quarter earnings season.

US equities: Can they continue to shine?

The US market has had a great run in recent times but performance so far in 2025 has been more muted, with investors moving into other markets. With innovation still a key driver, can US equities continue to shine?

How to create a differentiated portfolio of large cap US stocks

The JPMorgan American Trust portfolio managers look at stocks from many perspectives to find the best ideas for a concentrated, style-neutral US equity portfolio.

JUSC: The Importance of Discipline in a Changing World

The investment landscape has shifted significantly in recent months. Trade tensions have escalated and geopolitical relationships have come under strain, prompting many investors to question assumptions that have underpinned global markets for decades. In this article, we explore what’s changed – and what hasn’t – in the US smaller companies market. And we explain why, even in a more uncertain world, there are still reasons for long-term investors to remain confident.

JGGI: Navigating market volatility with portfolio flexibility

Less than 3% of 2,500 companies covered by the broader J.P. Morgan Asset Management research team make the final cut into JPMorgan Global Growth & Income plc (JGGI). That selectivity has generated significant outperformance in markets that have favoured growth stocks and during periods where value stocks drove market returns. Discover how JGGI's portfolio management team navigate the market to find some of the best ideas.

US Earnings Bulletin First quarter 2025: Batten down the hatches

JAM: Why an uncertain US market needs an active approach

Reiterating investment principles when it comes to U.S. equities

Economic growth and corporate earnings are the key in determining how far a bull market can run.

J.P. Morgan’s US equity investment trusts: Five focus areas for active investors

Invest in the heart of America. US smaller companies: Poised for recovery, primed for growth.

Emerging Markets

Why a growth and income approach in emerging markets works

We believe successful, fast-growing companies often mature into dividend payers.

JMG: Finding opportunity amid the vastness of emerging markets

With an investment universe of over 1,300 companies across 24 starkly different economies, selectivity is crucial, writes John Citron.

JPMorgan China Growth & Income plc: Chinese equities defy expectations

Despite a backdrop of negative headlines on the Chinese economy, Chinese equities have performed well relative to other major markets over the past year—a notable achievement in light of US President Donald Trump’s tariff threats. Against this backdrop, we believe JPMorgan China Growth & Income plc (JCGI) is positioned for an improving macro environment.

Differentiated by dividends: JPMorgan Global Emerging Markets Income Trust plc

Dividends can be attractive to investors in all markets: they inherently signal that companies are healthy and generating enough cash to be paid out to shareholders. For investors that are focused on quality and value, dividends are particularly important when looking at emerging market stocks.

EM PMs seek stability through the volatility

The portfolio managers of JMG and JAGI are steering through tariff turbulence by focusing on high-quality companies with long-term strategies.

Strengthening JMG's Portfolio with Fresh Insight

The JPMorgan Emerging Markets Investment Trust plc (JMG) invests in businesses with potential to be the next leaders in the emerging markets—and now has even more research power to find them. Explore how JMG is enhancing its portfolio with fresh insights and strategic research capabilities to capitalise on emerging market opportunities. Discover the latest investment strategies and team developments driving growth

The tide is turning for emerging markets

Emerging markets may have been overshadowed by the dramatic gains in US stocks in recent years, but the investment case for this asset class remains compelling, and there are signs that the tide is turning for emerging markets.

Asia

Investing in a changing China

Updates to the JPMorgan China Growth & Income plc portfolio reflect China’s evolving economy. The growth and changing drivers of China’s economy are playing out in a dynamic global macroeconomic environment. Investors, including the JPMorgan China Growth & Income plc (JCGI) portfolio managers, have been navigating the impacts of supply chain disruptions, inflation and now, the threat of trade tariffs.

Investing in Japanese equities: Positives beyond corporate reform

Our overall outlook on the Japanese equity market is still positive, supported by factors beyond the corporate reform story that is creating greater shareholder value.

Japan’s corporate governance revolution sparks M&A activity

Improving corporate governance and low valuations are leading to increasing share buybacks and a wave of corporate transaction activity.

Twists and turns: Economic data, policy prospects and the implications for investing in China

The latest data release suggests some upside potential for Chinese economic recovery. As the economy has not experienced a deep and prolonged deflationary spiral, there is still potential for domestic consumers and business confidence to restore with the right policies in place.

Improving shareholder returns as corporate governance reform gathers pace

Japan has moved back into the limelight in 2025. While the record number of foreign tourists has placed the country as one of the favourite holiday destinations, it’s also rapidly coming back in to favour with the international investment community.

India remains promising, even after losing momentum

Historically, Indian companies, unlike many in other emerging markets, have been very impressive in translating economic expansion into earnings growth, a dynamic that has powered strong market returns. Therefore, there are reasons to believe that India still remains promising despite a loss in near-term momentum.

Chinese companies join the AI revolution

The AI-driven rally in Chinese equities may be more sustainable than past upcycles, with technological advancements driving earnings and valuations. However, sustaining sentiment will require positive macro catalysts, such as domestic stimulus and the US trade relationship.

JPMorgan Asia Growth & Income plc: A tech-driven pivot to Asian equities

Excitement around Asian technology companies, improving sentiment on China and softening of the US exceptionalism story are renewing investor interest in Asian equities.

Four reasons why Indian equities look attractive

India’s strong growth and abundance of high-quality companies creates the potential for robust equity returns.

If the US sneezes this time, will Asia catch a cold?

The conventional saying, “When the US sneezes, the rest of the world catches a cold,” suggests that given the US’s sheer size and global economic linkages, a US slowdown or equity market pullback could have severe spillovers globally.

What is the economic outlook for Japan over the next year?

Miyako Urabe, Portfolio Manager, JPMorgan Japanese Investment Trust, answers what is the economic outlook for Japan over the next year.

Can Japan continue to outperform?

Miyako Urabe, Portfolio Manager, JPMorgan Japanese Investment Trust, answers whether Japan can continue to outperform.

What are some notable stocks in the JFJ portfolio?

Miyako Urabe, Portfolio Manager, JPMorgan Japanese Investment Trust, answers what are some of the notable stocks within the portfolio and why they currently hold them.

What impact will tariffs and changing policies have on JFJ?

Miyako Urabe, Portfolio Manager, JPMorgan Japanese Investment Trust, answers what the impact of tariffs and changing policies may have on JFJ.

AI tailwinds driving growth in Asia’s tech sector | J.P. Morgan Asset Management

Asia’s technology sector stands at the forefront of the global AI revolution, underpinned by its dominance in semiconductor manufacturing, innovative software development, and world-class gaming IP. As AI adoption accelerates across the world, Asia’s unique strengths and ongoing capex make it a compelling destination for investors.

JPMorgan Asia Growth & Income : Brighter days for Asian markets

Despite the short-term challenges facing Asian companies, markets have demonstrated great resilience, supported by structural growth drivers, policy support, and a rebound in key sectors like technology and manufacturing.

Invest in a changing Japan

Sustained inflation and the accelerating corporate governance revolution could lead to seismic shifts in consumer and corporate behaviour, creating opportunities for equity investors.

Asian equities ride the AI wave

The information technology sector has grown to roughly 30% of MSCI AC Asia ex Japan index as continued AI investment supports a long tail of many types of businesses in Asia enabling the technology buildout.

Navigating the nuances of Indian equities

The Indian equity market has been one of the top performing major equity markets over the last five years. However, accessing the returns of Indian equities requires a strong knowledge of the local market, including tax implications and the ability to consider valuations in the context of economic growth, corporate profitability and domestic trends.

Japan 2.0: From decades of stagnation to renewed opportunity

Japan is overcoming decades of deflation as wages, prices, and corporate reforms gain momentum. A tighter labour market and economic restructuring is driving this transformation and leading to growth in Japan’s economy.

Europe

Why small is beautiful in Europe

JEDT Why small is beautiful in Europe

JEGI - Europe wakes as the US shakes

JEGI, JPMorgan European Growth & Income, Europe wakes as the US shakes

JEDT: The power of small

JEDT The power of small.

Steady eddie’ approach to europe’s best companies pays off

JEGI ‘Steady eddie’ approach to europe’s best companies pays off

Europe benefits as investors reduce exposure to the US

European economic prospects are strengthening as countries invest more on defence to decrease their dependence on the US. Furthermore, investors are reassessing their portfolios as they look for diversification and value away from the US. JPMorgan's European Growth & Income plc is a beneficiary of this change. Learn the reasons behind its popularity.

Education

Junior ISA: Why cash isn’t king for long-term plans

Whilst cash certainly has its merits, offering stability and easy access, it often struggles to keep pace with inflation. As a result, cash could fall short for those aiming to build a meaningful nest egg for a child’s future. A long-term investment in a stocks and shares Junior ISA could be a better alternative.

The real University Challenge: Investing early is a winning answer

University is a major financial commitment, and for many families, student loans won’t cover the full cost. Planning ahead with investment tools like a Junior ISA can help build a useful financial buffer, offering students greater flexibility and reducing the strain on family finances when the time comes.

Women and Investing: Why don’t more women invest?

More than 50 years after the Equal Pay Act, women, on average still earn less than men. And despite living longer, on average, than men, they are less likely to invest for their own futures. Entrenched gender differences in society explain why, but what can women do to build wealth?

Investment trusts: An opportunity for income seekers

Investing for income offers investors a degree of consistency even in uncertain markets. Investment trusts are particularly well suited to this approach due to their closed-ended structure which helps support more stable and sustainable income distributions over time.

Investing for income and growth

Investing In Uncertain Times

J.P. Morgan Asset Management Investment Trusts INVESTING IN UNCERTAIN TIMES

Investing for children: Why it pays to nurture the regular savings habit

Beyond birthdays: Helping children build wealth through financial gifts

Getting to grips with ISA investment risk

Whilst investors may enjoy the certainty that cash ISAs provide, when looking to invest for the long term, there is a risk attached to cash. Over the long term, interest on savings accounts tends not to keep pace with inflation. And that means your cash loses value in real terms. In this article we discuss the merits of taking some investment risk (within a Stocks and Shares ISA) and what factors there might be to consider.

Tax-efficient investing for children

Junior ISA Tax-efficient investing for children.

The ABC of Junior ISAs: Limits, allowance and more

Discover the reasons for investing in a JISA, and why they're potentially one of the most effective ways to save for your child's future.

The sectors to consider for your ISA portfolio this year

As the tax year-end approaches and astute investors wonder where to channel their remaining ISA allowance and pension top-ups, we look at which markets could offer the most potential within the investment trust arena.

Why Vote? Understanding Shareholder Power in Investment Trusts

When you buy an investment trust you become a shareholder of that trust, giving you the chance to have a say on how your trust is run. These rights are yours whether you hold your shares directly (in your own name) or through an investment platform. If you fall into the latter group – as most private investors do these days – you can take action to ensure you have your say and also to keep in the know more generally by receiving the latest news and views.

Investment trusts for the long-term

Today’s unprecedented pace of technological change is creating attractive investment opportunities across global markets and sectors. One of the most effective ways to capitalise on this growth potential is through investment trusts.

Investing for children: From piggy banks to portfolios

JISA Investing for children: From piggy banks to portfolios

On the Minds of Investors

Drawing on the depth and breadth of their market and economic expertise, our global macro strategists offer insight into today's big investment themes to enable more confident portfolio decisions.

Investment Principles

The key to successful investing isn’t predicting the future, it’s learning from the past and understanding the present. We present seven time-test strategies for guiding your clients.

Investment Outlook 2026

Explore our Investment Outlook, with insights on what you need to know about global markets and economies.

Global Asset Allocation Views 4Q 2025

U.S. and global growth look to be resilient in 2026. Our pro-risk tilt in portfolios is expressed through equities, while tight spreads keep us near neutral in credit. Big tech continues to lead in earnings and cash flow generation. We anticipate a weaker dollar and steeper yield curves.

Read the latest views

Global Fixed income views 4Q 2025

Amid strong corporate balance sheets and global fiscal expansion, the U.S. is likely to avoid recession, although growth may slow. We approve Federal Reserve policymakers’ pause, given current uncertainties. We favor non-U.S. exposures, emerging market debt, AT1 securities and securitized credit.

Read the latest views

Global Equity Views 4Q 2025

Profits seem to be accelerating and 2026 looks solid. Many of our investors have become somewhat more cautious. We suggest diversifying from recent winners and focusing strongly on quality stocks, especially in the small cap space.

Read the latest views

Factor Views 4Q 2025

Equity factors continued to diverge by region: U.S. equity value and quality were challenged by a speculative market tone, while international equity factors posted another strong quarter. Momentum and carry factors were all positive.

Read the latest views

ETF Perspectives

Explore insights from J.P. Morgan Asset Management’s ETF research. In addition discover data and commentary on current topics related to ETF classes and strategies.

Find out more

Fund Explorer

Capabilities

Fund Information

Market Insights

Portfolio Insights

Stay Current

How JARA's real asset portfolio navigates real estate repricing

Optimistic about Asia’s technology powerhouses and improving corporate governance

Are US smaller companies poised for recovery?

The Mercantile: Strong Market Access

Investment Trust Insights

Market Insights

On the Minds of Investors

Investment Principles

Investment Outlook 2026

Portfolio Insights

Global Asset Allocation Views 4Q 2025

Global Fixed income views 4Q 2025

Global Equity Views 4Q 2025

Factor Views 4Q 2025

Insights App