Investment Companies Daily: Equity Strategy, AERS Investment/Board Dissatisfaction, MTE tender, HAN/HANA correction, PCT Finals/upgrade from UW to OW, ATT downgrade from OW to N

Research evidence excerpt

Investment Companies Daily: Equity Strategy, AERS Investment/Board Dissatisfaction, MTE tender, HAN/HANA correction, PCT Finals/upgrade from UW to OW, ATT downgrade from OW to N

C A Z E N O V E Europe Equity Research

13 July 2026

Investment Companies Daily

Equity Strategy, AERS Investment/Board

Dissatisfaction, MTE tender, HAN/HANA correction,

PCT Finals/upgrade from UW to OW, ATT downgrade

from OW to N

• Equity Strategy (Mislav Matejka, CFA) - Q2 Earnings Preview - robust European Investment Companies

AC corporate profits to offer support to the market -Our bullish 2026 view had Christopher Brown

a strong earnings outlook as one of the key drivers. Despite the spike in (44-20) 7134-4722

geopolitical uncertainty in Q2, it is encouraging that 2026 EPS projections kept christopher.brown@jpmorgan.com

moving higher, something that is seen in all regions, and is not solely the result Adam Kelly, CFA

of IT and Energy. In fact, the majority of sectors in MSCI AC World have seen (44-20) 7742-9526

net upgrades ytd. The Iran conflict is flaring up again, but we think one keeps adam.kelly@jpmorgan.com

J.P. Morgan Securities plc

using the dips driven by this to add, the same stance we have held since 2nd half

of March. We remain constructive on earnings delivery through 2H. In terms Investment companies Research

of market internals, we believe rotation and broadening in leadership is under homepage -click here

way, from what was an extremely narrow participation in Q2, and that it will

likely have legs. This naturally leads to bouts of increased volatility, but it

should not result in prolonged market selloffs, in our view, especially if the Largest movers over the last week (%)

earnings backdrop remains resilient. Now, Q2 earnings growth projections by ICG-Longbow Senior Sec.