Investment Companies Daily: Equity strategy, GRID Ocker Hill LDES contract provisional award/GSF Middleton misses out, PPET/MTU/GSCT results

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Investment Companies Daily: Equity strategy, GRID Ocker Hill LDES contract provisional award/GSF Middleton misses out, PPET/MTU/GSCT results

C A Z E N O V E Europe Equity Research

29 June 2026

Investment Companies Daily

Equity strategy, GRID Ocker Hill LDES contract

provisional award/GSF Middleton misses out, PPET/

MTU/GSCT results

• Equity Strategy (Mislav Matejka, CFA) - Look for further upside in European Investment Companies

AC Europe in 2H - updating our targets and positioning - Overall, in terms of Christopher Brown

global equity outlook, we remain constructive for 2H, are staying with Cyclical (44-20) 7134-4722

trades and look for certain rotations compared to what was an extremely narrow christopher.brown@jpmorgan.com

leadership in Q2. This is not to say that Mag-7 and SOX are a sell. We believe Adam Kelly, CFA

the recent weakness in the space is largely technical, positioning driven, and (44-20) 7742-9526

will ultimately be bought into. Having said that, we do not believe AI trade will adam.kelly@jpmorgan.com

J.P. Morgan Securities plc

be the only story in town in 2H, and are looking for a broader market

participation. Regionally, European equities have reached our targets, with Investment companies Research

SXXP at ytd high last week, matching our target of 630 set in Year Ahead homepage -click here

outlook, and delivering 13% upside over the period. We update the targets in

this report, looking for further upside from here, ranging from 5-10%. We

believe Eurozone earnings growth is stepping up this year, after 3 flattish years, Largest movers over the last week (%)

at index level. It is encouraging that since the Iran conflict started, 2026 EPS Partners Group Private Equity -14.7

projections for Europe have in fact moved higher.