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Investment Outlook 2025

Pushing the Boundaries

Our Investment Outlook covers all the big issues facing investors, from US economic policy and AI investing, to portfolio diversification, Chinese stimulus and European equity valuations.
 

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  • The Weekly Brief
  • On the Minds of Investors
  • Investment Principles
  • Foundations of Alternatives
  • Why Alternatives

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.

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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.

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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.

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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.

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Investment Trust Insights

UK Global Emerging Markets Asia Europe Education
UK

Discovering Europe’s Next Champions

Smaller companies tend to offer more growth potential than larger ones, typically leading to higher equity valuations. The current environment is a rare exception—and could hold an attractive opportunity.

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The Mercantile Investment Trust: Flexible

The Mercantile is an actively managed investment company. This means the managers have the flexibility to diverge from the Company’s benchmark, the FTSE All-Share, by choosing the number and size of portfolio holdings. This article explores how the managers aim to achieve long-term capital growth, and outperform the benchmark, rather than slavishly tracking it.

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UK stock market outlook: The clouds over UK equities are clearing

The renewed sense of government stability in the UK following the recent general election could boost the economy further and help to bring more investors back to UK equities.

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51 years of dividend growth in an undervalued UK market

The UK equity market is currently seeing valuations at historic lows. But with improving economic sentiment, an expected upturn in M&A activity and the potential for government intervention, is the tide about to turn? The Portfolio Managers of the JPMorgan Claverhouse Investment Trust (JCH) believe it won’t be long before the discount narrows. JCH offers a robust choice with diversified exposure to UK high quality large-cap stocks and a track record of 51 years of dividend growth.

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The Mercantile Investment Trust plc: Positioning for a UK consumer comeback

Recent additions to the portfolio and an increase in gearing to the highest level in a decade show how the Mercantile Investment Trust plc is positioning for a stronger UK economy and consumer.

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A half century of dividend growth

Investors seeking to capture the healthy yield of the UK equity market may want to take a closer look at the JPMorgan Claverhouse Investment Trust plc. Claverhouse’s yield is currently about 5% and the trust has achieved consecutive dividend growth for over half a century.

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The Mercantile Investment Trust: Budget outlook and portfolio managers’ views

The Mercantile Investment Trust: Budget outlook and portfolio managers’ views

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The Mercantile Investment Trust: Technology

The Mercantile’s managers seek out small- and medium-sized UK companies set to become the market leaders of tomorrow

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The Mercantile Investment Trust plc: Junior ISA ideas

The Mercantile Investment Trust plc: Junior ISA ideas

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UK small cap stocks send a positive message for investors

The UK economy may still be in the early stages of a recovery, but if stock markets are indeed leading indicators, the UK smaller companies market may be offering some good news for investors.

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Winds of change are propelling smaller UK companies

Lower inflation, an interest rate cut and a new government may be catalysts for UK small and mid-cap stocks.

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The Mercantile Investment Trust: Optimism on the UK is paying off

Is the UK economy in better shape than the valuations of UK equites might suggest? Guy Anderson, portfolio manager of The Mercantile Investment Trust, which invests in UK small and mid-cap equities, sees potential in the stocks that make up the portfolio. In this article, Guy shares his thinking on the stocks and sectors that look set to benefit from an improving UK economy.

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

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

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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

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Global

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.

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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.

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Invest in the heart of America – the case for US smaller companies, Part 1

Investing in smaller companies has historically generated higher long-term returns than in larger companies. This “size premium” has been shown to exist in several important academic studies over the years, which have examined decades of financial market data .

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Driving performance with an all-terrain investment vehicle

JPMorgan Global Growth & Income plc’s global best ideas investment strategy allows the portfolio to go almost anywhere and outperform the broader equity market across market cycles.

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With the economy so strong, why don’t Americans feel better?

With the economy so strong, why don’t Americans feel better?

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Finding US equity opportunities in an evolving market

We’re approaching a pivotal moment for investors in the US. The S&P 500’s impressive rally (up 21% year to October 24) has until recently been dominated by a small number of stocks in the Magnificent Seven.

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Quality and value at the heart of America

The JPMorgan US Smaller Companies Investment Trust plc offers access to one of the deepest market opportunities available anywhere in the world. With a long runway of growth ahead of them, smaller companies tend to outperform over the long term and play a key role in driving productive economic growth. After a period of being overshadowed by the tech driven US large cap market, is it time for US smaller companies to shine?

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Appreciating the stability of critical assets

Investments in infrastructure and transportation have recently performed well vs. real estate and now make up almost half of JPMorgan Global Core Real Assets Limited (JARA) portfolio. Both types of assets offer access to business models with relatively stable and predictable income that makes them attractive now and over the long term. Learn how infrastructure and transportation assets are helping power JARA’s returns.

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Looking towards recovery in real estate

While Asia-Pacific real estate has been resilient, an improving environment in the US may produce a generational opportunity for real estate investors and drive an increase in JARA’s net asset value. The onset of inflation and rising interest rates towards the end of 2022 dramatically changed the landscape for real estate assets.

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Going Global for Growth and Income

One of the key advantages of JGGI is its ability to go anywhere in its search for the most compelling investment opportunities to meet its objective of providing predictable quarterly income and long-term growth. Read our latest article to discover more.

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The Magnificent 2000

Although the action has clearly been elsewhere, there is an appealing alternative option for investors that would prefer a more diversified approach to the US stock market. It is often the case that, when markets become as concentrated as this, there will be another part of the market suffering from investor neglect. Relative valuations suggest that, in current market conditions, it is US smaller companies that have been out of favour with investors.

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Investing in technology trends across the US equity market

The combination of growth and value research teams provides JPMorgan American Investment Trust’s portfolio managers with broad insights into how technological innovation may impact companies across sectors.

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Emerging Markets

Thirty Years of Emerging Markets: Lessons Learned and Future Insights

Austin Forey, portfolio manager, JPMorgan Emerging Markets Investment Trust, reflects on 30 years of investing in emerging markets and the lessons that have shaped his approach to investing.

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Emerging market dividend payers yield long-term returns

Investing in high-quality emerging market companies with consistent dividends can be a winning strategy across market environments.

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Emerging market equities: Assessing risks and rewards for long-term success

A number of macroeconomic and geopolitical variables are likely to influence the performance of emerging market companies and stock markets, notably the aftermath of elections, both in emerging markets and developed markets. JMG’s portfolio managers prepare for these potentially volatile environments by positioning the portfolio with the strongest businesses they can find at reasonable prices, which have the greatest potential to survive in weaker markets and to thrive in strong ones.

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Navigating crosscurrents in emerging EMEA markets

Geopolitical conflict, rising oil prices and increasing expectations for artificial intelligence (AI) are driving some of the biggest impacts on global stock markets. But depending on the regional market and a portfolio’s positioning, the results can vary widely. That’s been the case for the emerging Europe, Middle East and Africa (EMEA) region.

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Seven truths about emerging market investing

With several decades of experience in emerging market (EM) equities, Austin Forey, portfolio manager of the JPMorgan Emerging Markets Investment Trust plc (JMG), shares his seven truths about successful investing in this diverse asset class.

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Managing the ups and downs in emerging market equities

India’s bull market and China’s sluggish economy create two different challenges in the near term, but JMG’s portfolio managers are finding opportunities everywhere.

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Why a growth and income approach in emerging markets works

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

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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.

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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.

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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.

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Asia

Why active management matters for US equities

Wider valuation and performance dispersion, elevated market concentration and potentially higher-for-longer interest rates underscore the importance of an active approach to engage opportunities and manage risks in the US stock market.

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Thought of the week on Japan

Japan is facing some political uncertainty, read this quick thought for the week for what this could mean for the Japan equity market outlook.

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Bull in a China shop: Assessing the investment case for Chinese equities

Making the case for investing in Chinese equities has not been easy in recent years. While there is no easy fix, we ask whether the intensifying policy response is the signal investors need to re-engage with the world’s second largest stock market.

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Investing in India’s next phase of growth

India recently achieved a significant growth milestone by temporarily surpassing China to become the largest weighting in the MSCI Emerging Market Investable Market Index (MSCI EM IMI) in September. That feat reflects the success of Indian companies in translating economic growth into earnings growth and investors’ confidence in future growth. The portfolio managers of the JPMorgan Indian Investment Trust plc (JII) see this growth as evidence that India is starting to deliver on its long-term potential. They also believe that as the Indian economy continues to evolve, the growth drivers are changing.

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JPMorgan Asia Growth & Income plc: Field report on Asian equities

Based in Singapore and Hong Kong, the portfolio managers of JPMorgan Asia Growth & Income plc (JAGI) incorporate views from analysts based in nine locations across the Asia Pacific region—and also hit the road to visit companies themselves in search of attractive investments in Asia.

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Investing in Asia: Embracing opportunities, managing risk

Investment opportunities in Asia can be found across the region as we head into 2025. However, much rests on the outlook for Asia’s dominant economy, China.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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Europe

Don’t count European equities out

JEGI’s steady investment approach has generated strong annualised returns consistent outperformance through past European macroeconomic challenges and geopolitical uncertainty.

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Why small is beautiful in Europe

JEDT Why small is beautiful in Europe

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JEGI - Europe wakes as the US shakes

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

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Education

Investing In Uncertain Times

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

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

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

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Beyond birthdays: Helping children build wealth through financial gifts

Beyond birthdays: Helping children build wealth through financial gifts

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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.

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Tax-efficient investing for children

Junior ISA Tax-efficient investing for children.

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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.

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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.

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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.

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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.

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Investing for children: From piggy banks to portfolios

JISA Investing for children: From piggy banks to portfolios

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Market Insights

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.

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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.

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Investment Outlook 2025

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

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Portfolio Insights

Global Asset Allocation Views 2Q 2025

As U.S. growth is cooling, but not collapsing, we have trimmed overall risk in our portfolios. We are broadly neutral to modestly overweight equity; we overweight credit with reasonable conviction and mildly overweight duration.

Read the latest views

Global Fixed Income Views 2Q 2025

We see Sub-Trend Growth as becoming more likely at 60%, and have lowered the probability of Above-Trend Growth to 10%. We raised the probability of a Recession to 20% while Crisis remains at 10%.

Read the latest views

Global Equity Views 2Q 2025

The outlook for profits is cloudier, but we still expect modest growth this year. Many of our investors favor quality stocks in the financial and industrial sectors while avoiding high priced defensives.

Read the latest views

Factor Views 2Q 2025

Factors delivered a strong first quarter, offering investors a diversifying source of returns as uncertainty rose about the outlook for equity market performance and economic growth.

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.

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