SMid PM Sentiment Meter Investors have headed into the summer short cash having fallen behind their benchmark...

Research evidence excerpt

SMid PM Sentiment Meter Investors have headed into the summer short cash having fallen behind their benchmark...

J P M O R G A N Global Markets Strategy

01 July 2026

SMid PM Sentiment Meter

Investors have headed into the summer short cash

trying to play catch up...

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 PMs J.P. Morgan India Private Limited

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

now stand near historical lows. The same was true for Large-Cap PMs. (91-22) 6157-3802

priya.nyati@jpmorgan.com

• Encouragingly, YTD outflows are comparing more favorably YoY for J.P. Morgan India Private Limited

SMid than for Large, even as actively managed funds in Pan-Europe and the Archit Agarwal

US continue to see outflows. We see a large ownership gap created over the (91-22) 6157-3788

prior 4 yrs in which SMid funds saw cumulative outflows larger than those archit.x.agarwal@jpmorgan.com

J.P. Morgan India Private Limited

experienced in the GFC. This has left SMids heavily under-owned by