J.P. Morgan Australia FTM 9 Jun 26 A-REIT Position Pulse and More

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J.P. Morgan Australia FTM 9 Jun 26 A-REIT Position Pulse and More

Asia Pacific Equity Research

Australia First to Market 09 June 2026

Top Stories

A-REIT Position Pulse (Richard Jones, CFA)

Smallest REIT Underweight since we have been tracking it (2019)

Investors increased their REIT exposure in April, with average fund positioning across the ~50 tracked funds increasing 19bp

to 154bp underweight (+47bp y/y), the smallest underweight position since we have been tracking it (2019) as the sector rose

+8.6% in April. SGP moved back into “well-held” territory in April after dropping out during March, whilst GMG and VCX

remained “in-line” and SCG stayed “underheld”. Short interest lifted 10bp in May to 1.3%, now in line with the 10 year average.

Short interest in GMG increased again in May to 2.3% (+20bp m/m), but finished the month below its peak of 2.6% during

the month (which coincided with deletion from the MSCI ESG SRI Index). This is the highest level of shorting in GMG since its

inclusion in the EPRA NAREIT Index in March 2024 (2.8%), and otherwise the highest seen since 2013.

Global Research

Retail Radar (Arun Jain/Shizuka Suga, CFA/Bhupinder Singh/Dubravko Lakos-Bujas)

Jun 3 - MEME Earnings, Trading around IPOs

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Quantitative Research

Oil Markets Weekly (Natasha Kaneva)

Is that it?

As the conflict enters its fourth month, one development stands out: prices have become remarkably calm.

Brent futures have stabilized near $100 per barrel. Dated Brent—the physical benchmark for prompt delivery—has also eased

materially, and its premium to the front-month futures has retraced sharply from a record $36 in early April, when buyers were