Global Factor Performance Summary

研报英文原文证据摘录

Global Factor Performance Summary

J P M O R G A N Global Markets Strategy

13 July 2026

Global Factor Performance

Summary

June 2026

June reinforced a more nuanced global factor backdrop: AI-led earnings and Global Quantitative Strategy

ACcapex momentum kept risk appetite alive, while geopolitical shocks, oil Robert Smith, PhD

volatility, sticky inflation concerns and central-bank repricing made the global (61-2) 9003-8808

risk rally quite varied by region. The tentative easing in Middle East risk helped robert.z.smith@jpmorgan.com

relieve energy-pressure concerns, but higher oil prices still shaped sector and J.P. Morgan Securities Australia Limited

consumer sensitivity, while in Japan the BoJ/rates backdrop and weaker yen added Arun Jain

another layer of macro pressure. Against that backdrop, factor leadership became (1-212) 622-9454

arun.p.jain@jpmorgan.com

less synchronized: Momentum remained supported in the US and Asia by AI and J.P. Morgan Securities LLC

Expansion-style regimes, but Momentum crowding and volatility argued for

Ayub Hanif, PhD

hedges, and as Europe moved into Contraction it weighed global style tones more (44-20) 7742-5620

toward Quality, Value and Low Vol exposure rather than an unqualified High Risk ayub.hanif@jpmorgan.com

trade. J.P. Morgan Securities plc

Masanari Takada

In the US, the June regime remained constructive/mid-cycle, supported by strong (81-3) 6736-8636

AI-capex-led earnings revisions, but the factor setup is increasingly fragile as masanari.takada@jpmorgan.com

JPMorgan Securities Japan Co., Ltd.

positioning has become more extended. The preferred stance is a Quality Growth

Global Head of Quant Strategy+ Low Vol barbell, while crowded Momentum / Low Quality / Speculative

Growth exposures carry the highest reversal risk.