SMid PM Sentiment Meter Last month saw a very strong consensus trade within a tough yr for alpha!

Research evidence excerpt

SMid PM Sentiment Meter Last month saw a very strong consensus trade within a tough yr for alpha!

J P M O R G A N Global Markets Strategy

28 May 2026

SMid PM Sentiment Meter

Last month saw a very strong consensus trade within a

tough yr for alpha!

This report aims to assist you in assessing investor sentiment by analyzing the Small/Mid-Cap Strategy

ACpositioning of your peers. It provides you with: 1) what we consider to be the most Eduardo Lecubarri

comprehensive fund and stock ownership data available in the market at present; (44-20) 7134-5916

2) a holistic perspective of how your peer group is positioning, as we explore the eduardo.lecubarri@jpmorgan.com

whole universe of SMid funds across Pan-Europe and around the world; and 3) a J.P. Morgan Securities plc

frequent and consistent way of keeping an eye on your competition, as this report Shrey Solanky

is published monthly. At present, this is what your peer group is doing… (91-22) 6157-3184

shrey.solanky@jpmorgan.com

• Cash levels show SMid PMs have become more bullish... SMid-Cap PMs J.P. Morgan India Private Limited

decreased their cash levels across most regions last month (ex Asia ex-J), Priya Nyati

moving towards a fully invested stance, while Large-Cap PMs remain cash- (91-22) 6157-3802

priya.nyati@jpmorgan.com

rich in Europe and the US and more fully invested in the UK and and Asia Ex-J. J.P. Morgan India Private Limited

• ...but inflows are still elusive. After a more encouraging start to 2026, flows Archit Agarwal

to SMid funds have lost momentum since the start of the conflict. They have (91-22) 6157-3788

continued to experience outflows worse than their Large-Cap peers in the US, archit.x.agarwal@jpmorgan.com

J.P. Morgan India Private Limited