APAC Equity Style Positioning Volatile Times: Risk is ON (again)

研报英文原文证据摘录

APAC Equity Style Positioning Volatile Times: Risk is ON (again)

J P M O R G A N Global Markets Strategy

18 May 2026

APAC Equity Style Positioning

Volatile Times: Risk is ON (again)

Risk-on positioning has returned in an extreme fashion both for April and into May. APAC Quantitative Strategy

ACMomentum is leading the charge, delivering outperformance that encourages Robert Smith, PhD

participation (the FOMO trade) even at uncomfortable valuations. The contrast with (61-2) 9003-8808

March is stark; when our defensive pivot into Defensive Value and Low Vol proved robert.z.smith@jpmorgan.com

well-timed as macro-driven drawdowns punished risk-taking. That environment has J.P. Morgan Securities Australia Limited

now reversed entirely. Evan Hu

(852) 2800-8508

Our QMI model has soared back into Expansion and the speed of this transition is evan.hu@jpmorgan.com

alarming. We shifted from deep in Slowdown (nearly approaching Contraction), to J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Morgan Broking (Hong Kong) Limited

full Expansion in a matter of weeks. Such rapid reversals historically caution against

Arpan Singh

assuming durability, but they still require positioning adjustments.

(91-22) 6157-3301

The macro backdrop remains far from benign. Higher-for-longer rate expectations arpan.singh@jpmchase.com

J.P. Morgan India Private Limited

have reasserted themselves as inflation proves stickier than the consensus had hoped,

Chris Chiand the stagflation overhang has not been adequately dismissed. Central banks appear

chris.chi@jpmorgan.com

unwilling to provide the accommodation that would validate current risk appetite. The J.P. Morgan Securities Australia Limited