Flows & Liquidity: Has investors leveraged peaked?

研报英文原文证据摘录

Flows & Liquidity: Has investors leveraged peaked?

J P M O R G A N Global Markets Strategy

24 June 2026

Flows & Liquidity

Has investors leveraged peaked?

Global Markets Strategy

Nikolaos Panigirtzoglou AC

• After reaching extreme levels earlier this year, there are currently signs of (44-20) 7134-7815

retreat in retail investors’ leverage in both options and margin accounts, nikolaos.panigirtzoglou@jpmorgan.com

presenting a potential headwind for tech stocks going forward. J.P. Morgan Securities plc

• Similarly, there are signs of retreat in risk parity fund leverage in recent Mika(44-20)Inkinen7742 6565

weeks following a historical high in mid May. mika.j.inkinen@jpmorgan.com

• Signs of peaking in hedge fund or bank leverage look more tentative. J.P. Morgan Securities plc

• Both corporate and household leverage have been on a declining trend Mayur(91 22) 6157Yeole3872

since the pandemic, thus posing little vulnerability to macro shocks. mayur.yeole@jpmchase.com

• A modest deterioration in the global bond supply-demand balance for J.P. Morgan India Private Limited

2026 is already priced in by bond markets. Krutik P Mehta

(91-22) 6157-5016

krutik.mehta@jpmchase.com

Cross Asset Fund Flow Monitor J.P. Morgan India Private Limited

Current level shows the latest percentile of weekly flows; Min is denoted by 0 and Max by 1. As of 17thJune 26.

Cross Asset Positioning Monitor

Current level shows the latest percentile, Min is

denoted by 0 and Max by 1.

Source: Lipper, ICI, Bloomberg Finance L.P. and J.P. Morgan Flows & Liquidity.

* US LL historical flows are monthly averages converted to weekly for comparison. China onshore A-share ETFs have been excluded.

Source: J.P. Morgan Flows & Liquidity.

Cross Asset Positioning Monitor aggregates across the