JPM PI Monthly Wrap Metrics 2026.07.31 1

J.P. Morgan Positioning Intelligence – July 31, 2026

The below information explores some notable trends in flows/positioning observed across the J.P. Morgan Prime Finance portfolio.

POSITIONING INTELLIGENCE John Schlegel | | Jigar Vakharia | | Sunny Potharaju | |

This material (“Material”) is not a product of J.P. Morgan’s Research Departments and should not be viewed as a research report. The Material is provided by J.P. Morgan’s Prime Finance business for informational purposes only. This note highlights some notable trends observed in positioning within the J.P. Morgan Prime Finance portfolio. This Material includes data and viewpoints from various departments and businesses within JPMorgan Chase & Co., as well as from third parties unaffiliated with JPMorgan Chase & Co. and its subsidiaries. The generalized hedge fund and institutional investor information presented in this Material, including trends referred to herein, are not intended to be representative of the hedge fund and institutional investor communities at large. 1

Section Main Takeaways Page 1 High level / aggregated flows and positioning 1. Tactical Positioning Monitor: 4wk change metric sits at -1.5z at the end of July, and while the July • Tactical Positioning Monitor (TPM) low close to -2z, it was still firmly above late March lows (-2.5z). Aggregate positioning level is • HF Leverage currently at -0.6z (20th %-tile), down from neutral levels a month ago. • Flows & Positioning for Non-HFs (e.g. Retail, ETFs, CTA) 2. HF gross leverage (across All Strategies) ended the month lower at the 81st %-tile over the past 12 months. L/S funds brought Net leverage back up, now at the 68th %-tile LT. 3. US Eq ETF flows were positive and increased a bit MoM. 3 4. Retail investors continued their summer long trend of mainly buying ETFs, with some Single Stock buying as well. 5. CTA net exposure declined materially MoM in the US (39th %-tile vs 60th) and Japan (56th %-tile vs 83rd), while it increased in Europe (75th %-tile vs 63rd), and HK (49th %-tile vs 17th).

2 Region, Strategy, Sector flows and positioning 1. Globally, Hedge Fund net flows finished nearly flat (-0.2z) this month, across regions US (flat), • HF flows and positioning by Region and Strategy Europe (-0.3z) and Asia (-0.2z). Gross was cut in the US (-2z) vs added in APAC (+2z) and EMEA (+0.6z) in July. • US sectors – combined flows across HFs, ETFs, Retail 2. Combined US sector flows (HFs + Retail + ETFs): Financials sector was most bought in July, • HF industry flows and net positioning by region while Cons Disc flipped from most bought to most sold. HF flows in the US (outside of Tech) went to the Financials sector for a second consecutive month, this time also buying Insurance (where net exposure is low) in addition to Services. They sold Energy and Utilities, along with broader ETFs. 13 3. In EMEA, HF buying was strongest in Financial and Health Care Services. Sold TMT groups like Media and Hardware, along with Banks MoM. 4. In AxJ, Industrials (Cap Goods), Consumer Disc (Autos) and Financials (Banks) were most bought while Tech Hardware, Semis and Media were most sold. In Japan, buying was limited to Consumer Disc while Energy led selling. Tech flows were muted MoM, though most sold WoW (Semis).

3 Factor flows & positioning 1. Momentum exposure (among HFs) remains elevated across strategies, despite decent trimming • HF flows in factor baskets by region amidst the drawdown. US and EU Momentum were sold this past month while flows were more mixed in Asia. • Eq L/S and Eq. Quant Value vs. Growth Net Exposures • Asset Mgr Russell 2000 positioning 2. Value & Growth: In the US, HFs bought Value and sold Growth, while doing the opposite in 23 Europe. In Asia, Value was choppy and Growth significantly sold in Japan, while both were bought in AxJ. 3. Russell positioning remains around neutral levels.

4 HF Performance & Alpha 1. Global HF performance was down in July, most of the pain in APAC. HFs are down -2.9% MTD, • HF performance & alpha – overall and by sector pulling down YTD gains to +7.6% (from +11% at June month end). The global equities index was • Alpha trends by strategy down -1.1% in July. • Crowding…