My 2c on Financials

研报英文原文证据摘录

My 2c on Financials

Rob O'Dwyer - Specialist Sales - US Financials AC North America Specialist Sales J P M O R G A Nrob.odwyer@jpmorgan.com

J.P. Morgan Securities LLC 18 June 2026

Rob O’Dwyer

+1 2126222673

rob.odwyer@jpmorgan.com

Key Highlights

• Call with Ken W @ 1030am

• Flows & Positioning - careful on being too long MoMo (GS/MS/HOOD) etc, feels good but watch out for moves like

close yesterday

• Alts - Oaktree lower gates / PIK Trends

• Insurance Conversations

TODAY @ 1030AM ET - CALL WITH KEN WORTHINGTON ON BLSH/SECTOR - LET ME KNOW IF YOU’D LIKE

TO JOIN

Morning – it won’t be lost on you that momentum is the most powerful factor in the market by a country mile these days and

that’s extremely frustrating for some of you, especially if you’re of a contrarian inclination. Of course, if you’re long capital

markets beta and short most everything else, it certainly suits but I would flag that the broad fade of financials into the end of the

day on a $7bn selling MOC imbalance into the close tells you just how quickly the trends can work against you if sentiment goes

negative for any reason.

Alts

News on the tape last night that Oaktree is going to fulfill all tender requests for it’s Strategic Credit Fund. When I blasted this in

chats yesterday, I was mostly greeted with cynicism but I think this is a meaningful, positive development in the alts world. We

had already observed some sense of normalization in trading patterns for these stocks and I think this news is best characterized as

a further evidence of that path to stability. As alluded to, conviction in alts is low with most investors seeing the underlying

fundamentals as a “black box” where valuation signals can be noisy, hedge-fund positioning can dominate price action, and the